The Coalition for Responsible Lending estimated an annual cost to U.S. borrowers of $9.1 billion, including $2.1 billion for credit insurance, $1.8 billion for up-front fees, $2.3 billion for prepayment penalties and $2.9 billion for excess interest rates over what borrowers should be charged based on their credit histories.
Categories:
Finances,Predatory Lending
Reporting Pub:
The New York Times Online
Reporting Date:
7/25/2001
Article
Title:
High-Cost Home Loans Estimated
Article
Author:
Associated Press
Pub's Source:
Source
URL:
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