Profile: mark.homer.50
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What's Happening Now
September 2, 2012 8:46 am
Thank you for sharing your story, mark.homer.50, and welcome to Regulation Room. CFPB is certainly interested in giving ARM borrowers opportunities to refinance and more information about refinancing. Do you think that having earlier notice of the first rate change and more information regarding prepayment penalties would have helped people in the situation you described?
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The wording does not get it right. When our family went through this, the people representing the lender told us: “don’t worry about ARM’s, you can always refinance later” Of course, once the collapse hit, refinancing became not an option for many. The wording should specifically say something like: “WARNING: you may not be able to refinance later, so you should expect to have to make the higher rate payments later”