Experian, one of the three national consumer financial data firms, reported a coming wave of drawdowns in home equity loans could provide both a risk to the overall financial system as well as an opportunity for financial institutions that are able to help consumers address the challenge.
The data firm reported that the majority of HELOCs opened between 2005 and 2008 will begin to enter their drawdown periods soon, and they represent $265 billion in indebtedness overall.
"This analysis is critical as we want to not only help lenders prepare and understand the payment stress of their borrowers, but also give consumers an opportunity to understand what the impact may be to their financial status and how to be better prepared for it," Michele Raneri, Experian's vice president of analytics and business development, said.
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