The current problem mostly seems to be folks getting into mortgages they don’t understand, especially the adjustable part. The solution? Make it more financially rewarding for lenders to make sure borrowers understand their mortgage, and less financially rewarding to hide the info.
Note: this is only a solution going forward, it doesn’t really help people who already have a mortgage.
We require schools to test kids to see if they’re learning. Some states have exams for graduation. The SATs test your readiness for college. Now, none of these test are perfect, but they at least point people in the right direction.
So I’m proposing a test for borrowers. At the closing, some impartial representative (the escrow person?) administers a quiz for the borrowers. Each person on the loan must pass the test separately. It will have a set of questions with multiple choice or yes/no answers. I think multiple choice is better than fill-in since most people won’t know the exact answer but should know within a few dollars.
- What will your monthly payment be next month?
- …next year?
- …two years from now?
- Does your payment include taxes?
- If not, how much are they?
- How many years is your loan?
- What is the interest rate on your loan?
- Is your loan fixed or adjustable?
- If adjustable, when and by how much?
- Is it a balloon?
- If so, when and how much?
If the borrower can’t answer, the lender pays a fine and the house doesn’t close (so they don’t get their loan). Mortgage brokers would also get penalized. I think both the individual (the loan officer or mortgage broker) and the company should get fined. So now it’s in their best interest to teach the borrowers all of these things, and repeat them until the borrowers really will remember them.
Carnival of Everything Finance: # 17…
Welcome to the April 22, 2008 edition of Carnival of Everything Finance.
We had over 110 really good articles submitted for this edition. Unfortunately I could not include all of them.
I hope you enjoy reading these articles….
Hello , I like a lot of your blog post especially the article regarding , it looks very interesting. I found you on yahoo while searching for mortgage loan. I just Stumble it on Tuesday!
Hi from New York And thanks for the web site. It was just the thing I had been looking for. It has helped me no end. Thanks again
Bad Credit Loans Auto Loans Mortgage Refinance…
I didn’t agree with you first, but last paragraph makes sense for me…
I really wonder how you could write a post like this on . You really organized all those thing in a very fantastic manner. I really appreciate it.
I found you on yahoo while searching for badcreditloans. I just Stumble it on Thursday!
I happened upon this site while following the links from another site. Your site is wonderful and i bookmarked it. Thank your for the hard work you must have put in to create this wonderful facility. Keep up the excellent work
I was searching for refinance auto loan bad credit at google and got your post in search results. Not very relevant result, but still interesting to read
Amoxicillin….
Amoxicillin. Canine dosage amoxicillin. Amoxicillin soar throat….
just stopped by.Gotta love msn, very fine stuff. Thank you…see ya
Vicodin detox….
Vicodin user message board. Vicodin. Dangers of vicodin. Vicodin without prescription. Mexican vicodin….
All about Digimon Adventure Online Game. Digimon Adventure Fans Blog….
…Digimon is a small virtual pet. You can download and play an online RPG in the Digimon universe. It looks and feels like 2D graphic RPG adventure. You can train and level up your Digimon, make hundreds of quests, and travel through a huge universe a…
Shag Hairstyles and Haircuts…
shag hairstyle basically gotits name from the word “shaggy” since …once the hair is cutand layered it gives off a shaggy look. The shag hairstyle has always been apopular hairstyle, and there are plenty ofshag hairstyles to choose from…
The truth about Arbonne Skin Care Products…
Arbonne is one of the prestigious companies in the world when it comes to beauty and skin care. Its skin care product line is one of the best in the world that many women. The products of Arbonne skin care products are formulated in Switzerland….
Shag Haircuts for Curly & Wavy Hair…
Stylists of the above celebrities are haircut gods, capturing each of their personalities and presenting them in sophisticated fun loving shag haircuts. Wish we’ll see more and more celebrities with their gorgeous shags….
interest rates…
If you are thinking about a mortgage refinance, you should pay attention a lot of mortgage refinance program types. For example, you may look into a 15-year fixed-rate mortgage refinance program. In this plan your mortgage payments higher than a longer…
Anita’s Paper Dolls…
Fashion printable paper dolls – are dolls designed to reflect fashion trends or occasionally fantasy play. The dolls are made of vinyl, and are modeled both as toys and as collectibles. They are enjoyed by many people around the world. The dolls are us…
broadly lower points possibly
After-Work Drinking Culture Increased Smoking…
All kind of cigarette is harmful, no matter how it is packaged, said scientists. For example they found that smoking tobacco described as ‘light’ and ‘mild’ is not better than regular cigarettes. scientists stated that the tobacco industry has prom…
Smoke if You can…
Scientists stated in a study that heart deseases are hitting the overweight people more often than a decade sooner than “normal” weight people….
Swine flu symptoms…
Advices to prevent spread of the swine influenza among people include using standard infection control against influenza. This includes frequent washing of hands with soap and water or with alcohol-based hand sanitizers, especially after being out in p…
The hottest short hairstyles…
Kylie Bax has a very cool new short hairstyle with lots of layers that is very short at the back….
online viagra offers…
Medics stated no relative afferent pupil defect indicating that the right afferent pupil order cheap viagra online pathway was intact and localised the lesion to the right efferent pupil pathway. The differential experiment was therefore Adie’s tonic…
2009 short hair style trends…
A short hairstyle may reveal some facts about your face that you are not quite like. Therefore, this is something to keep in mind for those who might be more introverted about some of our facial features. It is also said that it can take time to get us…
generic viagra review…
The child’s world life needs to buy viagra online support his or her educational goals. An organized, quiet study area is needed. A balance between weight loss, rest, play, and study should be maintained….
Wet Dreams
Sandy Fair
Bootyfull Babes
Pacinos Adventures
Japanese Bukkake Orgy
Anal Centerfolds
HD Adult Webcams
Amoxicillin….
Diagram of amoxicillin. Amoxicillin. Amoxicillin orange suspension….
Augmentin vs amoxicillin….
Buy amoxicillin without prescription. Amoxicillin pregnancy….
Lower back pain and adderall….
Dosage and tolerance to adderall. Adderall xr side effects. Adderall. Adderall xr….
My amoxicillin on line click here….
Amoxicillin. Amoxicillin dosage. Amoxicillin not pink….
Amoxicillin no prior prescription….
Amoxicillin on-line prescription. Buy amoxicillin without prescription. Amoxicillin. Can greyhounds take amoxicillin. Amoxicillin and clv. Safety of amoxicillin and greyhounds. Amoxicillin blood sugar. Amoxicillin online no prescription….
Amoxicillin and strep b….
Amoxicillin pregnancy. Amoxicillin no prescription….
thanks !! very helpful post!
Amoxicillin….
Amoxicillin orange liquid. Amoxicillin. Amoxicillin and vagina. Amoxicillin itch. Bronchitis and amoxicillin. Amoxicillin no prescription. Taking amoxicillin while pregnant. Amoxicillin soar throat….
Acyclovir….
Acyclovir dosages. Acyclovir medication. Acyclovir….
Vicodin no rx….
Vicodin. Vicodin without prescription. Vicodin detox….
Acyclovir….
Acyclovir and poison ivy. Acyclovir. Acyclovir to suppress brown az….
Treatment fo rdiarrhea caused by augmentin….
Augmentin. Class of augmentin….
What is acyclovir used for….
Acyclovir side effects. Acyclovir….
Acyclovir….
Acyclovir rx 606. Acyclovir dosages. Acyclovir medication. Acyclovir….
Augmentin xr 1000mg….
Augmentin 875 mg tablet. Augmentin. Augmentin xr. Augmentin 875. What is augmentin….
Augmentin and estrogen….
Augmentin xr. Side effects of augmentin. Class of augmentin. Augmentin….
Augmentin and strep….
Augmentin 400 5….
Amoxicillin dosage….
Amoxicillin online homepage. Amoxicillin. Amoxicillin trihydrate. Amoxicillin safe when pregnant. Amoxicillin orange suspension….
Amoxicillin….
Amoxicillin. Amoxicillin dosage. Allergies amoxicillin. Amoxicillin side effects. Amoxicillin trial strep pharyngitis….
Can greyhounds take amoxicillin….
Amoxicillin. Amoxicillin dosage. Amoxicillin online. Identify amoxicillin 500 tab. Amoxicillin drug interactions. Amoxicillin order mexico mexican. My amoxicillin on line click here….
Tamiflu warning….
Tamiflu 555. Dosage tamiflu….
Percocet….
Can you snort percocet. No prescription percocet. Cheap percocet….
Xanax….
Xanax….
Xanax….
Xanax. Generic xanax 2 mg no prescription….
Soma dependence….
Soma snakeoil. Soma. Discount soma. Soma silk. Soma muscle relaxant. Cheap soma….
Soma….
Soma online next day. Soma. Soma cube….
Soma….
Watson soma. Soma. The strokes is this it soma lyrics free. Soma without prescription. Drug soma. Soma juice….
Generic soma….
Buy soma online….
Xanax xr crushed….
Xanax. Buy xanax precrition needed. When was xanax created. Xanax effect. Xanax while pregnant….
Xanax….
Xanax online. Generic xanax 2 mg no prescription. Xanax side effects….
Hows it going, nice blog but sometimes I encounter a issue whereby the top nav toolbar cannot be viewed. it’s mainly on the main page Regards
Nice to be here and see this out.
I’ve learned a lot from your blog here,Keep on going,I will keep an eye on it,One more thing,plz visit my websites:Chrome Hearts glasses sunglasses
Hey thankyou for your post.
Well written and expanded.
Glad to be here and check this out.
So cool of you.
Hey thankyou for your note.
Wow, i totally adored this.
Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of players. Why? Because I was happy to discover how well-designed and fun to use the underappreciated (and widely mocked) Zunes are.
Stop paying for backlinks. $50 in free link credits go to http://PRLINKJUICER.INFO and use this Promotion code: CCentiveBest50