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Clarity on subprime loans
The Federal Reserve Bank and other US lending regulators today issued a proposed disclosure form that would better explain to borrowers of adjustable-rate subprime mortgages the terms and conditions of these loans.
Coming amidst a enormous increase in the number of foreclosures of subprime mortgages, the regulators hope the new disclosure form will prompt potential borrowers to have a more realistic, clear-eyed understanding of the debt they're about to shoulder.
The sample rate chart showing the difference between a fixed-rate mortgage and adjustable is pretty eye-opening.
One warning: the interesting stuff begins on page 8 of the linked document.
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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate
and business issues.
Rona Fischman is a buyer's agent who provides a look at the local housing scene, from basements to attics.
