Washington while the claims should restriction, or at least maximum, punitive prepayment penalties, high rates of interest and you will charge, poor credit insurance rates products, and you can repeated refinancing (“loan flipping”) that doesn’t work for the newest debtor
Consumers should have federal and state safety so they really understand the price of refinancing mortgage compared with the price of taking another mortgage.
AARP believes the government is handle unfair and you will misleading techniques where somebody’s household functions as security for a financial loan. (more…)