Comments on: Links 4/14/08 http://www.nakedcapitalism.com/2008/04/links-41408.html Mon, 23 Nov 2009 11:49:51 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/04/links-41408.html#comment-6781 Anonymous Mon, 14 Apr 2008 05:21:00 +0000 http://www.nakedcapitalism.com/2008/04/links-41408/#comment-6781 Title 12: Banks and Banking<br/>PART 226—TRUTH IN LENDING (REGULATION Z)<br/>http://ecfr.gpoaccess.gov/cgi/t/…0.1.1.7& idno=12<br/>§ 226.5b Requirements for home equity plans.<br/>(A) The value of the dwelling that secures the plan declines significantly below the dwelling’s appraised value for purposes of the plan;<br/>6. Significant decline defined. What constitutes a significant decline for purposes of §226.5b(f)(3)(vi)(A) will vary according to individual circumstances. In any event, if the value of the dwelling declines such that the initial difference between the credit limit and the available equity (based on the property’s appraised value for purposes of the plan) is reduced by fifty percent, this constitutes a significant decline in the value of the dwelling for purposes of §226.5b(f)(3)(vi)(A). For example, assume that a house with a first mortgage of $50,000 is appraised at $100,000 and the credit limit is $30,000. The difference between the credit limit and the available equity is $20,000, half of which is $10,000. The creditor could prohibit further advances or reduce the credit limit if the value of the property declines from $100,000 to $90,000. This provision does not require a creditor to obtain an appraisal before suspending credit privileges although a significant decline must occur before suspension can occur.... Title 12: Banks and Banking
PART 226—TRUTH IN LENDING (REGULATION Z)
http://ecfr.gpoaccess.gov/cgi/t/…0.1.1.7& idno=12
§ 226.5b Requirements for home equity plans.
(A) The value of the dwelling that secures the plan declines significantly below the dwelling’s appraised value for purposes of the plan;
6. Significant decline defined. What constitutes a significant decline for purposes of §226.5b(f)(3)(vi)(A) will vary according to individual circumstances. In any event, if the value of the dwelling declines such that the initial difference between the credit limit and the available equity (based on the property’s appraised value for purposes of the plan) is reduced by fifty percent, this constitutes a significant decline in the value of the dwelling for purposes of §226.5b(f)(3)(vi)(A). For example, assume that a house with a first mortgage of $50,000 is appraised at $100,000 and the credit limit is $30,000. The difference between the credit limit and the available equity is $20,000, half of which is $10,000. The creditor could prohibit further advances or reduce the credit limit if the value of the property declines from $100,000 to $90,000. This provision does not require a creditor to obtain an appraisal before suspending credit privileges although a significant decline must occur before suspension can occur….

]]> By: Anonymous http://www.nakedcapitalism.com/2008/04/links-41408.html#comment-6779 Anonymous Mon, 14 Apr 2008 04:55:00 +0000 http://www.nakedcapitalism.com/2008/04/links-41408/#comment-6779 Re: (I for one am still gobsmacked that the Joint Economic Committee hearings on the Bear bailout failed to send a shot across the Fed's bow).<br/><br/>Amazing!!! Re: (I for one am still gobsmacked that the Joint Economic Committee hearings on the Bear bailout failed to send a shot across the Fed’s bow).

Amazing!!!

]]> By: Yves Smith http://www.nakedcapitalism.com/2008/04/links-41408.html#comment-6777 Yves Smith Mon, 14 Apr 2008 04:30:00 +0000 http://www.nakedcapitalism.com/2008/04/links-41408/#comment-6777 Sorry. Should work now. Sorry. Should work now.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/04/links-41408.html#comment-6776 Anonymous Mon, 14 Apr 2008 04:25:00 +0000 http://www.nakedcapitalism.com/2008/04/links-41408/#comment-6776 Ben Stein Watch: April 13, 2008 Felix Salmon<br/><br/>Bad link Ben Stein Watch: April 13, 2008 Felix Salmon

Bad link

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