Banks are freezing credit lines

If this hasn't already happened to you, then beware. Lenders say they're reducing existing home-equity lines of credit in markets that have been experiencing significant declines in property values. I have 6 clients that have already received notices. One of my clients withdrew the money before the account was frozen, an equityline at 6%, and put it in a CD. Now he has emergency cash (cash to buy the next property maybe?). Many of my clients have received letters from their lenders telling them of the value their bank THINKS their property is worth in explaining why the line is frozen, or substantially reduced. Banks including BofA and WaMu say there's a process in place for customers to appeal these decisions, but I don't know of anyone that tried. Maybe this is a "a blessing in disguise" since a home isn't supposed to be an ATM.