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The Nitty Gritty of it All

Started by washingtonindependent · 10 months ago

I’ve just been to Florence Thomas’ loan restructuring. I’ll spell out all the details in a minute, but let’s just sum it up like this: It’s not pretty.

Thomas, a single mother with three children from Upper Marlboro, Md., lo ... Continue reading »

1 comment

  • joan

    9 months ago

    I'd like to know how what are the adjusted interest rates that sub-prime borrowers are seeing after the period for the initial rate expires. Is there any limit on what the lenders can charge in interest? I heard a BANKER say that is at risk of losing her house. She can't afford the payments that are now $600 higher than they started out at. At the time she took the loan, her broker assured her that her payments would never increase by more than $200. She took the loan because she was confident she could handle an increase of this size, should it come about.

    I don't know where to look to find out what rates people are facing. Can the Fed Govt or Congress FORCE lenders to reduce their interest rates on these variable rate loans to levels at or only slightly above the typical rate currently offered to people taking fixed rate loans?
    reply

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