I just got an amazingly moronic letter from Suntrust Bank. I certainly can understand why banks are in such deep trouble, given that they appear to be staffed by a pack of monkeys.
For a little background, I own a home with a 4.375 percent 15 year conventional mortgage I got 6 months ago courtesy of the meltdown. Thats a great mortgage no doubt. I have substantial equity in my house, even after the presumed loss of value. I have perfect credit.
The letter I received yesterday advised me that my (unused) home equity line of credit was frozen immediately due to "market conditions". What the letter didn't say, but I confirmed on the phone just now is, even though I am frozen out of my credit line they still will keep a $90,000 lien on the house. And if I want to cancel it, it will cost me $1500.
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