c.i. wrote-
Quote: we've just taken out an equity line of credit to finance major renovations on our home.
I've been reading about equity lines of credit for financing things--all sorts of things--in J.K.Galbraith's famous book The Great Crash. I thought it might be useful for me to re-read it in view of the things I hear and see these days. I admire his literary style as well as his insights.
From our new knowledge about these things it seems that all the equity lines of credit, such as yours, are parcelled up in lots and sold on to others such as Northern Rock which, in case you don't know, foundered recently midst scenes of naked greed and panic and has had to be taken into public ownership and is, as a consequence, the safest place to stick your stash. Sub-primes were dodgy equity lines of credit and Northern Rock were the ones who had a hold of a large parcel when the music stopped.
Artistically-it is beautiful. Really.