Why Is Bank Of America Slashing HELOCs?

That's what's happening according to the LA Times article, Bank of America yanks Countrywide Financial customers' credit lines.

A Credit Bubble Stocks correspondent speculates that this was a calculated move by BofA, due to some combination of (1) heavy draws on HELOCs by borrowers to finance everyday consumption (i.e. stay afloat) and (2) information gained from mortgage modification applications showing the dire straits of legacy borrowers.