Credit Crunch Creates Chaos For Homeowners’ HELOCs
Decreasing Property Values Cause Lines of Credit To Be Reduced or Frozen Despite Customer Loyalty
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| Gordon Switzer, a plumbing and heating business owner in Stoneham, had his $180,000 line of credit from Citibank cut to $10,000. The bank cited declining home values for the decision despite that fact that Switzer says he’s never missed a payment. |
By Amy Wyeth
Earlier this month, Stoneham resident Gordon Switzer got an unwelcome letter from his bank.
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