The Home ATM
aka Mortgage Equity Withdrawal (MEW)
During the housing bubble, many homeowners borrowed heavily against their perceived home equity - jokingly calling it the “Home ATM” - and this contributed to the subsequent housing bust, since so many homeowners had negative equity in their homes when house prices declined.
According to the Fed’s Financial Accounts of the United States - Z.1 (sometimes …
Keep reading with a 7-day free trial
Subscribe to CalculatedRisk Newsletter to keep reading this post and get 7 days of free access to the full post archives.