An article in today's Washington Post.
washingtonpost.com - nation, world, technology and Washington area news and headlines
Homeowners Losing Equity Lines
As House Values Fall, Some Banks Withdraw Credit
In one brief phone call, Nancy Corazzi's lender yanked away what was left of the $95,000 home equity line of credit that she and her husband took out five months ago.
The lender informed her that her Howard County home had plummeted in value and the company did not want the risk that she would owe more than the house was worth.
"I got off the phone and I was shaking," said Corazzi, who was using the money to pay preschool tuition for her twins ."I was near tears. We needed this credit line to get us through some tough times.".....
Tough times?? Pay for preschool tuition?? Now I don't have kids so maybe I don't understand but how much preschool tuition costs. Maybe we need some federal scholarships to help pay for preschools, so this family doesn't need to tap their home equity. Amazing.
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