Many consumers who bought a sub-prime mortgage may now be finding themselves in a world of hurt. They may be realizing that they really couldn't afford to buy that home and shouldn't have refinanced to get the money to pay down credit card debt. Furthermore, they may lose their house if their adjustable rate mortgage goes up.
As an Eighth District banker, how can you help? Use the following resources with your customers:
In addition, federal and state regulators are working together to conduct targeted consumer-protection compliance reviews of selected non-depository lenders with significant sub-prime mortgage operations. The pilot project is designed to help improve supervision of sub-prime mortgage lenders.