New CHARM Booklet

Posted By: Lavender

New CHARM Booklet - 03/12/07 01:45 PM


Would someone please provide me with a brief synopsis of what changed?

Thank you in advance!
Posted By: pjs

Re: New CHARM Booklet - 03/12/07 02:07 PM

The changes include expanded explanations and warnings to consumers about how adjustable rate programs work and explanations about non tradtional mortgage products. Included in the changes are discussions about "interest only" mortgages, "payment option" mortgages and "hybrid ARMS" that involve an initial fixed period followed by a variable rate period. The changes are aimed at providing consumers with more information about these popular products and the increased risks they present.