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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: MJ who wrote (71353)8/31/2009 11:53:08 PM
From: SGJ  Read Replies (1) of 224749
 
Who is responsible for the cuts in the values of the home equity loans. The cuts in home equity loans happened overnight------they were part of the total package as described by the Mortgage Brokers who sold the mortgage and equity loans ----marketed to help with home improvements and at lower interest rates than the mortgages.

I am assuming this is a closed end loan and not a line of credit. Is the loan or portion of it being called? Has the loan to value gone over the limit for the agreement due to a drop in market value? I find it unusual that a closed end residential loan would be called for this reason, if the loan was paying as agreed. But technically its possible, depending on the language in the contract.

In most all cases the responsible parties are the borrower and the lender who entered the loan contract.
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