Wells Fargo stops issuing home equity lines of credit

CHARLOTTE, N.C. — Wells Fargo & Co. said Thursday that it will no longer accept new applications for home equity lines of credit, signaling that the economic outlook is too cloudy even for one of the nation’s largest mortgage lenders.

“Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit after April 30,” the bank said in a statement. “The decision to temporarily suspend the origination of new HELOCs reflects careful consideration of current market conditions and the uncertainty around the timing and scope of the economic recovery.”

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