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BRIEFLY

November 04, 1987

Bank of America economists forecast that $5 billion in new home equity loans will be granted to California consumers in 1988, a growth of 13% in the popular form of borrowing. B of A also said its research found that loss rates on home equity loans are less than one-seventh of the rate on traditional revolving credit. In response, the bank introduced a new package that combines a home equity loan with a revolving line of credit tied to home equity. The package, called the Home Equity Combo, offers up to $500,000 in home-secured credit, including a minimum $5,000 home equity loan and a $10,000 revolving line of credit.

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