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HELOC Holders May Be In for Payment Shock When Loans Reset

HELOC

Looking ahead, things don't get much better, according to Black Knight Financial Services. Beyond the next three years, Black Knight Financial Services predicts still-high payment increases as the next phase of HELOCs resets. Borrowers with HELOCs scheduled to reset in 2019 are using an average of about 40 percent of their available credit and will incur payment increases of about $200 per month based on their current rates.

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Bank of America Requests Dismissal of ‘Hustle’ Case Verdict

money-four

The case revolves around mortgages originated through Countrywide's High Speed Swim Lane (HSSL, or "Hustle") program that were later sold to Fannie Mae and Freddie Mac. The complaint against Bank of America alleged that Countrywide—which the bank purchased in 2008—threw out quality controls in pursuit of higher volumes and then misrepresented those loans to the GSEs.

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