US: Home Equity Line of Credit (HELOC) in trouble

calculatedrisk.blogspot.com/2008 … -rise.html

Doubled since December!

Sale prices on bundled HELOCs are as low as 1 cent on the dollar between banks. They are worthless!

As posted above, there’s $1 trillion in HELOCs and second (subordinate) mortgages. If ruthless default becomes popular, that’s gonna be a lot of dough.