For borrowers who tapped into their home equity in the heady days before
the crisis, odds are good that their bill is about to jump by several
hundred dollars a month. Regulators are worried that this will throw the
neediest borrowers into default. And banks are concerned about what
this means for their bottom line.
“We’ve really been trying to get the word out that this is coming,” said
Bob Piepergerdes, director for retail credit risk at the Office of the Comptroller of the Currency,
which regulates national banks and has been pushing them to help
borrowers whose home-equity lines are about to reset. “Our message is
this: They shouldn’t wait to start addressing it.”
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