Sentences with phrase «unaffordable loans»
"Unaffordable loans" refers to loans that are too expensive or difficult to repay because the borrower cannot afford the monthly payments or the overall cost of the loan. Full definition
But consumer groups said the legislation would allow banks to make unaffordable loans with triple - digit APRs.
americanbanker.com
He spoke in response to a question about an earlier Seattle Times story saying that Clayton trapped borrowers into unaffordable loans on depreciating homes.
From there, you can play around with the filters, changing your location and vocation so that you are matched with a lender that will do business with you as well as things like your monthly budget so that they don't waste your time with unaffordable loans.
Borrowers must beware of the potential for unaffordable loan payments once the initial loan term ends.
Stop mortgage lenders from giving consumers unaffordable loans.
Ability to repay: Many policymakers have viewed the lack of an explicit federal requirement for lenders to consider a borrower's ability to repay as a critical flaw in the housing finance system prior to the crisis, which enabled lenders to make unaffordable loans to borrowers.
As the suburbs expanded out from Washington, DC more and more individuals purchased homes in the last three years under lenient mortgage guidelines which allowed them to get into unaffordable loans.
It is so ironic that people jump for the deferred payment option when they can least afford to pay the loan but it just makes the unaffordable loan bigger still.
Servicers often offer forbearance options which just increase the debt and make an unaffordable loan even more unaffordable.