A national survey of 500 adjustable-rate mortgage borrowers found that 73 percent don’t know how much their monthly mortgage payment will increase the next time the rates go up.
The survey, which was conducted for the AFL-CIO labor union, indicates that borrowers are unprepared for the burden of higher mortgage payments. One in five borrowers don’t know their current loan rate, and 25 percent don’t know when their lender will raise the rate.
That’s disturbing news. I mean, obviously people should be aware of their current and future debt obligations. If there was only someone we could blame for this …
“Predatory lending practices not only involve sticking consumers with bad loans, but also in failing to provide home owners with the basic information they need to survive in this market,” AFL-CIO President John Sweeney said in a statement.
Wait, what does one problem have to do with the other?
Source: Study: ARM Borrowers Don’t Know the Terms – By Patrick Rucker, Reuters, by way of Realtor.org
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