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Wachovia Limiting Home Equity Credit Lines
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Published: August 19, 2008
TAMPA - Wachovia Corp. has begun cutting home equity credit lines for a small percentage of its customers, the company said today.
Kathy Harrison, Wachovia's corporate communications manager in Florida, said the Charlotte, N.C.-based bank began sending out letters a few days ago to less than 3 percent of its home equity credit line customers.
The letters notify the customers that the bank is suspending or reducing the customers' credit lines in cases in which there has been at least a 50 percent decline in the home equity that secures the loan, Harrison said.
Harrison noted that some of the bank's competitors took similar steps several months ago. She said the letters are being sent throughout the bank's operating territories, including Florida.
She said she did not know how many customers are receiving the notices.
Reporter Michael Sasso can be reached at (813) 259-7865 or msasso@tampatrib.com.
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