April 30, 2020 / 8:15 PM / a month ago

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

April 30 (Reuters) - Wells Fargo & Co 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 temporarily stopped accepting new applications for home equity lines of credit on April 17.

Reporting by Imani Moise; Editing by Sandra Maler

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