Wells Fargo to stop granting home equity lines amid uncertainty: sources

Reuters

Published Apr 30, 2020 04:20PM ET

(Reuters) - Wells Fargo & Co (N:WFC) said on Thursday it will temporarily stop accepting applications for home equity loans given the economic uncertainty fueled by the COVID-19 pandemic.

Banks have been making moves to tighten credit quality in response to the novel coronavirus which has threatened to plunge the global economy into a deep recession.

Rival bank JPMorgan Chase & Co (N:JPM) temporarily stopped accepting new applications for home equity lines of credit on April 17.