Consumer Mistakes In The Mortgage Market

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Consumer Mistakes in the Mortgage Market

Author : Yoon-Ho Alex Lee
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (131 download)

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Book Synopsis Consumer Mistakes in the Mortgage Market by : Yoon-Ho Alex Lee

Download or read book Consumer Mistakes in the Mortgage Market written by Yoon-Ho Alex Lee and published by . This book was released on 2013 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulatory proposals for protecting consumers in the mortgage markets typically focus on making sure dangerous products are eliminated and consumers make informed product-choice decisions. These are intended to address consumers' product-choice mistakes. But there is another class of mistakes that has received relatively little attention in the current regulatory debate: consumers' failure to switch out of their mortgage products by refinancing in a timely manner. Studies have shown that once consumers choose mortgage products, they are slow to take advantage of reduced interest rates by refinancing efficiently. This is potentially worth several thousand dollars in interest cost savings. Safety or disclosure regulation can do very little to entice borrowers who are not constantly looking to maximize welfare. This Article makes three contributions: first, we rationalize failure-to-switch mistakes, using a neoclassical model of product search and market obfuscation; second, we explain why the market is unlikely to correct failure-to-switch mistakes on its own, based on the lessons we have learned about product-choice mistakes; third, we propose a simple solution that could potentially be effective in addressing sluggish refinancing. Our threshold suggestion is that the Consumer Financial Protection Bureau should establish, certify, and popularize a simple concept or methodology -- much like APR -- which conveys the net wealth and risk effects of refinancing to a given product. By creating a common language for consumers, lenders, and brokers, this approach can reduce consumers' information costs, teach them to demand information in a useful format, combat market obfuscation, and importantly, encourage several market-based solutions in turn.

The 106 Common Mistakes Homebuyers Make (and How to Avoid Them)

Author : Gary W. Eldred
Publisher : John Wiley & Sons
ISBN 13 : 111804634X
Total Pages : 349 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis The 106 Common Mistakes Homebuyers Make (and How to Avoid Them) by : Gary W. Eldred

Download or read book The 106 Common Mistakes Homebuyers Make (and How to Avoid Them) written by Gary W. Eldred and published by John Wiley & Sons. This book was released on 2011-01-31 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: Everything first-timers need to know to avoid the most common mistakes homebuyers make Written especially for first-timers, this eye-opening guide turns you into an educated consumer, ensuring that the home or condo you buy is both a comfortable place to live and a great investment for the future. Compiled from the experience of hundreds of homebuyers, real estate agents, home builders, and mortgage lenders, it shows you the most common mistakes buyers make and illustrates them in practice so you don't fall into the same traps. Now revised and updated for today's hot real estate market, this invaluable resource covers everything from negotiating with sellers and making the down payment to shopping for the best mortgage and handling the closing. The new Fourth Edition also includes totally up-to-date guidance on using the Internet to find properties, secure financing, and collect important data. If you're thinking about buying a home in this overheated market, don't make these mistakes: Researching selling prices and still overpaying Believing everything your agent tells you Buying into an upscale neighborhood that's moving downscale Underestimating utilities and other costs Allowing your agent to negotiate for you Letting fear get the better of you and not buying at all Written by one of the nation's leading real estate experts and packed with hundreds of valuable tips and suggestions, The 106 Common Mistakes Homebuyers Make, Fourth Edition will give you the confidence--and the wisdom--to buy the right home at the right price.

Why Do Borrowers Make Mortgage Refinancing Mistakes?

Author : Sumit Agarwal
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Why Do Borrowers Make Mortgage Refinancing Mistakes? by : Sumit Agarwal

Download or read book Why Do Borrowers Make Mortgage Refinancing Mistakes? written by Sumit Agarwal and published by . This book was released on 2015 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Refinancing a mortgage is often one of the biggest and most important financial decisions that people make. Borrowers need to choose the interest rate differential at which to refinance and, when that differential is reached, they need to take the steps to refinance before rates change again. The optimal differential is where the interest saved by refinancing equals the sum of refinancing costs and the option value of refinancing. Using a unique panel data set, we find that approximately 59% of borrowers refinance sub-optimally - with 52% of the sample making errors of commission (choosing the wrong rate), 17% making errors of omission (waiting too long to refinance), and 10% making both errors. Financially sophisticated borrowers make smaller mistakes, refinancing at rates closer to the optimal rate and waiting less after mortgage rates reach the borrowers' trigger rates. Evidence suggests borrowers learn from their refinancing experiences as they make smaller mistakes on their second refinancing than on their first one.

The 106 Common Mistakes Homebuyers Make (& How to Avoid Them)

Author : Gary W. Eldred
Publisher :
ISBN 13 :
Total Pages : 332 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis The 106 Common Mistakes Homebuyers Make (& How to Avoid Them) by : Gary W. Eldred

Download or read book The 106 Common Mistakes Homebuyers Make (& How to Avoid Them) written by Gary W. Eldred and published by . This book was released on 1998-02-27 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: All the information first-time homebuyers need to understand and avoid the 106 common mistakes in purchasing a home or condo . . . Written especially for first-timers, this eye-opening guide turns you into an educated consumer, ensuring that the home or condo you buy is both a comfortable place to live and an investment that steadily appreciates in value. Compiled from the experiences of hundreds of homebuyers, real estate agents, home builders, and mortgage lenders, it alerts you to the 106 common mistakes in home buying, illustrates them in practice, and shows how to prevent them from happening to you. Now revised and expanded, this invaluable resource covers everything from negotiating with sellers and making the down payment to shopping for the best mortgage and handling the closing. Discover how to save time, money, and frustration by avoiding: Mistake No. 20: We thought we could make higher returns investing in stocks. Mistake No. 36: The sellers named the price, we named the terms. Mistake No. 72: We thought our agent represented us. Mistake No. 74: We didn't know we could withdraw our offer. Mistake No. 83: We pushed to get the absolute best deal we could. Mistake No. 105: We didn't buy. We were afraid of making a mistake. Written by one of the nation's leading real estate experts and packed with hundreds of valuable tips and suggestions, The 106 Common Mistakes Homebuyers Make, Second Edition is the book to have for a smooth, successful, and emotionally rewarding homebuying experience.

Consumer Finance

Author : Adam J. Levitin
Publisher : Aspen Publishing
ISBN 13 : 1543856187
Total Pages : 1043 pages
Book Rating : 4.5/5 (438 download)

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Book Synopsis Consumer Finance by : Adam J. Levitin

Download or read book Consumer Finance written by Adam J. Levitin and published by Aspen Publishing. This book was released on 2022-09-15 with total page 1043 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer Finance: Markets and Regulation is the first law school text to focus on consumer financial services markets and their regulation. Structured around clear expository text and realistic problem sets, the book provides comprehensive coverage of the regulation of consumer credit, payments, and financial data markets by federal, state, and private law, including detailed coverage of the authority of the Consumer Financial Protection Bureau (CFPB), a powerful new federal regulatory agency. The book also acquaints students with the full range of consumer financial products, how they operate, the risks and policy issues they raise, and their regulation. In so doing, the book provides an applied look at how regulatory agencies work, offering students a practical look at how statutes and regulations interact and how regulatory agencies enforce them. New to the Second Edition: Coverage of new Regulation F, implementing the Fair Debt Collection Practices Act Coverage of buy-now-pay-later Coverage of retail installment sales contracts and time-price doctrine Coverage of rent-to-own contracts Expanded coverage of rent-a-bank arrangements Expanded coverage of anti-money laundering regulations Professors and students will benefit from: Detailed coverage of the Consumer Financial Protection Bureau (CFPB), a new federal regulatory agency with broad authority over consumer credit, payment, deposit, and financial data markets. Comprehensive treatment of consumer credit regulation, including mortgages, credit cards, auto loans, student loans, and small dollar loans, as well as credit disclosures, usury, and fair lending regulation. State-of-the-art coverage of consumer payment systems, with detailed coverage of electronic payment systems (credit cards, debit cards, ACH) and mobile wallets. Coverage of topics not found elsewhere in law school curriculum, including anti-money laundering regulations, behavioral economics, fair lending laws, and consumer financial data privacy and data security. Free companion statutory supplement (available on website).

No Shopping in the U.S. Mortgage Market

Author : Alexei Alexandrov
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis No Shopping in the U.S. Mortgage Market by : Alexei Alexandrov

Download or read book No Shopping in the U.S. Mortgage Market written by Alexei Alexandrov and published by . This book was released on 2018 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document and analyze price dispersion in the U.S. mortgage market. We find significant price dispersion in posted prices in the retail channel: for example, a consumer with a prime credit score and with a 20% down payment for a conforming loan might see a spread in interest rates of 50 basis points, controlling for all relevant consumer/property characteristics, including discount points. This amounts to extra 342 dollars per year, for every 100,000 of the loan. We also show, from survey evidence, that close to half of consumers did not shop before taking out a mortgage, and that most consumers do not seem to realize that there is price dispersion. Using a proprietary dataset of lenders' ratesheets, we estimate an equilibrium model of costly search where majority of consumers hold incorrect beliefs regarding price dispersion. In addition to search costs, we show that non-price factors, such as consumer preference of one lender over another, also play an important role in preventing consumers from searching more. In one of our counterfactuals, we show that if 20% of consumers had obtained one extra quote, consumers would save $4 billion dollars a year, most coming from the indirect/equilibrium effect of firms lowering prices in response to more shopping. In another counterfactual, we show that if consumers were to focus on mortgage cost only, they would save about $9 billion dollars a year.

Consumers' Mortgage Shopping Experience

Author : Consumer Financial Protection Bureau (CFPB)
Publisher : CreateSpace
ISBN 13 : 9781508988557
Total Pages : 26 pages
Book Rating : 4.9/5 (885 download)

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Book Synopsis Consumers' Mortgage Shopping Experience by : Consumer Financial Protection Bureau (CFPB)

Download or read book Consumers' Mortgage Shopping Experience written by Consumer Financial Protection Bureau (CFPB) and published by CreateSpace. This book was released on 2015-03-22 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the Great Recession, Congress created the Consumer Financial Protection Bureau (CFPB or Bureau) to protect consumers and help avoid any repeat of the conditions that had led to the financial crisis. It has been widely recognized that dramatic deterioration in underwriting standards led to severe dislocations in the mortgage market, which were transmitted through various mechanisms, including mortgage securitization, into extensive damage to the broader economy. This report examines information related to consumers' mortgage shopping experience, using responses from the National Survey of Mortgage Borrowers. Our focus is on what the data tell us about the early stages of getting a mortgage, particularly the extent to which consumers shopped for mortgages, their knowledge of the mortgage process when they began, and the sources of information they relied on.

Straightening Out the Mortgage Mess

Author : United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law
Publisher :
ISBN 13 :
Total Pages : 172 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Straightening Out the Mortgage Mess by : United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law

Download or read book Straightening Out the Mortgage Mess written by United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law and published by . This book was released on 2009 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Busted: Life Inside the Great Mortgage Meltdown

Author : Edmund L. Andrews
Publisher : W. W. Norton & Company
ISBN 13 : 0393071286
Total Pages : 236 pages
Book Rating : 4.3/5 (93 download)

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Book Synopsis Busted: Life Inside the Great Mortgage Meltdown by : Edmund L. Andrews

Download or read book Busted: Life Inside the Great Mortgage Meltdown written by Edmund L. Andrews and published by W. W. Norton & Company. This book was released on 2009-05-22 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fiasco that sank millions of Americans, including one journalist, who thought he knew better. A veteran New York Times economics reporter, Ed Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. Yet, at the promise of a second chance at love, he succumbed to the temptation of subprime lending and became part of the economic catastrophe he was covering. In surprisingly short order, he amassed a staggering amount of debt and reached the edge of bankruptcy. In Busted, Andrew bluntly recounts his misadventures in mortgages and goes one step further to describe the brokers, lenders, Wall Street players, and Washington policymakers who helped bring that money to his door. The result is a penetrating and often acerbic look at the binge and bust that nearly bankrupted the United States. Enabled by know-nothing complacency in Washington, Wall Street wizards used "collateralized debt obligations," "conduits," and other inscrutable financial "innovations" to put American home financing into hyperdrive. Millions of Americans abandoned the safety of thirty-year, fixed-rate mortgages and loaded up on debt. While regulators insisted that the markets knew best, Wall Street firms fragmented and repackaged unsound loans into securities that the rating agencies stamped with triple-A seals of approval. Andrews describes a remarkably democratic debacle that made fools out of people up and down the financial food chain. From a confessional meeting with Alan Greenspan to a trek through the McMansion bubble of the OC, he maps the arc of the Frankenstein loans that brought the American economy to the brink. With on-the-ground reporting from the frothiest quarters of the crisis, Andrews locates what is likely to be the high-water mark in America's long-term embrace of higher borrowing, higher risk-taking, and the fervent belief in the possibility of easy profits.

Seduction by Contract

Author : Oren Bar-Gill
Publisher : OUP Oxford
ISBN 13 : 0191640387
Total Pages : 296 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis Seduction by Contract by : Oren Bar-Gill

Download or read book Seduction by Contract written by Oren Bar-Gill and published by OUP Oxford. This book was released on 2012-08-23 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumers routinely enter into long-term contracts with providers of goods and services - from credit cards, mortgages, cell phones, insurance, TV, and internet services to household appliances, theatre and sports events, health clubs, magazine subscriptions, transportation, and more. Across these consumer markets certain design features of contracts are recurrent, and puzzling. Why do sellers design contracts to provide short-term benefits and impose long-term costs? Why are low introductory prices so common? Why are the contracts themselves so complex, with numerous fees and interest rates, tariffs and penalties? Seduction by Contract explains how consumer contracts emerge from the interaction between market forces and consumer psychology. Consumers are short-sighted and optimistic, so sellers compete to offer short-term benefits, while imposing long-term costs. Consumers are imperfectly rational, so sellers hide the true costs of products and services in complex contracts. Consumers are seduced by contracts that increase perceived benefits, without actually providing more benefits, and decrease perceived costs, without actually reducing the costs that consumers ultimately bear. Competition does not help this behavioural market failure. It may even exacerbate it. Sellers, operating in a competitive market, have no choice but to align contract design with the psychology of consumers. A high-road seller who offers what she knows to be the best contract will lose business to the low-road seller who offers what the consumer mistakenly believes to be the best contract. Put bluntly, competition forces sellers to exploit the biases and misperceptions of their customers. Seduction by Contract argues that better legal policy can help consumers and enhance market efficiency. Disclosure mandates provide a promising avenue for regulatory intervention. Simple, aggregate disclosures can help consumers make better choices. Comprehensive disclosures can facilitate the work of intermediaries, enabling them to better advise consumers. Effective disclosure would expose the seductive nature of consumer contracts and, as a result, reduce sellers' incentives to write inefficient contracts. Developing its explanation through a general framework and detailed case studies of three major consumer markets (credit cards, mortgages, and cell phones), Seduction by Contract is an accessible introduction to the law and economics of consumer contracts, and a powerful critique of current regulatory policy.

Mortgage Market Turmoil

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher :
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Mortgage Market Turmoil by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs

Download or read book Mortgage Market Turmoil written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Consumers' Mortgage Market

Author :
Publisher :
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.:/5 (953 download)

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Book Synopsis Consumers' Mortgage Market by :

Download or read book Consumers' Mortgage Market written by and published by . This book was released on 2014 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt:

What Consumers Need to Know about Mortgages

Author : Dan Melson
Publisher : CreateSpace
ISBN 13 : 9781507673447
Total Pages : 418 pages
Book Rating : 4.6/5 (734 download)

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Book Synopsis What Consumers Need to Know about Mortgages by : Dan Melson

Download or read book What Consumers Need to Know about Mortgages written by Dan Melson and published by CreateSpace. This book was released on 2015-01-22 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: A step by step guider that prepares you with what you need to know about mortgages as a consumer, tells you how to cut through the nonsense, what is important and what is not Written by a working loan officer with wide-ranging experience and a decade of running a consumer education website, What Consumers Need To Know About Mortgages draws from a depth of experience dealing first-hand with issues that actual consumers have brought to the author for examination, together with common sense solutions that consumers can understand. For the numerically inclined, calculations are included but not required for understanding.

Mortgage Market Problems

Author : United States. Congress. Senate. Committee on Banking and Currency
Publisher :
ISBN 13 :
Total Pages : 244 pages
Book Rating : 4.0/5 (13 download)

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Book Synopsis Mortgage Market Problems by : United States. Congress. Senate. Committee on Banking and Currency

Download or read book Mortgage Market Problems written by United States. Congress. Senate. Committee on Banking and Currency and published by . This book was released on 1955 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Foreclosed

Author : Daniel Immergluck
Publisher : Cornell University Press
ISBN 13 : 0801457580
Total Pages : 265 pages
Book Rating : 4.8/5 (14 download)

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Book Synopsis Foreclosed by : Daniel Immergluck

Download or read book Foreclosed written by Daniel Immergluck and published by Cornell University Press. This book was released on 2011-07-20 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last two years, the United States has observed, with some horror, the explosion and collapse of entire segments of the housing market, especially those driven by subprime and alternative or "exotic" home mortgage lending. The unfortunately timely Foreclosed explains the rise of high-risk lending and why these newer types of loans—and their associated regulatory infrastructure—failed in substantial ways. Dan Immergluck narrates the boom in subprime and exotic loans, recounting how financial innovations and deregulation facilitated excessive risk-taking, and how these loans have harmed different populations and communities. Immergluck, who has been working, researching, and writing on issues tied to housing finance and neighborhood change for almost twenty years, has an intimate knowledge of the promotion of homeownership and the history of mortgages in the United States. The changes to the mortgage market over the past fifteen years—including the securitization of mortgages and the failure of regulators to maintain control over a much riskier array of mortgage products—led, he finds, inexorably to the current crisis. After describing the development of generally stable and risk-limiting mortgage markets throughout much of the twentieth century, Foreclosed details how federal policy-makers failed to regulate the new high-risk lending markets that arose in the late 1990s and early 2000s. The book also examines federal, state, and local efforts to deal with the mortgage and foreclosure crisis of 2007 and 2008. Immergluck draws upon his wealth of experience to provide an overarching set of principles and a detailed set of policy recommendations for "righting the ship" of U.S. housing finance in ways that will promote affordable yet sustainable homeownership as an option for a broad set of households and communities.

What the Fair Credit Reporting Act Should Teach Us About Mortgage Servicing

Author : Peter Swire
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis What the Fair Credit Reporting Act Should Teach Us About Mortgage Servicing by : Peter Swire

Download or read book What the Fair Credit Reporting Act Should Teach Us About Mortgage Servicing written by Peter Swire and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current housing crisis has revealed deep flaws in the way monthly mortgage payments by homeowners are handled by mortgage servicers - the companies that collect monthly mortgage payments from homeowners and forward the payments to investors in those mortgages. This article suggests that the structural flaws in mortgage servicing are directly analogous to the market failures that led to the creation of the Fair Credit Reporting Act of 1970 (FCRA). The FCRA thus serves as a significant model for possible reforms in mortgage servicing. The “robo-signing” scandals of 2010 drew unprecedented public policy attention to the mortgage servicing industry, and that attention has resulted in subsequent consent decrees, enforcement actions, and calls for national mortgage servicing scandals. As a historical matter, the structure of the mortgage servicing market is a recent phenomenon. Historically, most mortgage loans were made locally by thrifts or commercial banks. Where servicing was kept locally, lenders had the usual market incentives to treat borrowers well in hopes of providing other banking services to the family. By the late 1990s and early 2000s, the increased use of mortgage-backed securities and other economic factors meant that a much larger proportion of local lenders sold off the mortgage servicing rights rather than keeping them in-house. In addition, market concentration in the servicing industry skyrocketed, with the 10 largest servicers having 11% market share in 1989, and 40% a decade later. Today, the top four servicers have roughly 70% market share. The comparison between the FCRA and mortgage servicing is straightforward and previously undiscussed. The FCRA emerged in 1970 at a time of rapid concentration in the credit reporting market. Mistakes and decisions about credit can have a large impact on a family, such as whether a loan is approved and on what terms. The clients of the credit reporting agencies, however, are lenders, insurers, employers, and others, but not consumers. The market incentives for credit reporting agencies are to optimize for their corporate clients, rather than worry about how a mistake affects an individual consumer. Mortgage servicing, recently, has seen rapid concentration. Mistakes and decisions by servicers can have a large impact on a family, such as whether to modify a loan or force a foreclosure. The clients of the mortgage servicers, however, are investors rather than the homeowners. The market failures in mortgage servicing, therefore, parallel those in credit reporting. Mortgage servicers lack any legal duty to act in the interest of the homeowners. They also lack any market incentives to act in the interest of homeowners; indeed, a consumer who chooses to exit by refinancing may quite possibly be stuck with the same servicer in any subsequent loan. In light of this structural lack of protection for consumers, new national mortgage standard should address issues such as disclosure, deceptive practices, and conflicts of interest in mortgage servicing.

The 106 Common Mistakes Homebuyers Make (and How to Avoid Them)

Author : Gary W. Eldred
Publisher : John Wiley & Sons
ISBN 13 : 0471126586
Total Pages : 321 pages
Book Rating : 4.4/5 (711 download)

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Book Synopsis The 106 Common Mistakes Homebuyers Make (and How to Avoid Them) by : Gary W. Eldred

Download or read book The 106 Common Mistakes Homebuyers Make (and How to Avoid Them) written by Gary W. Eldred and published by John Wiley & Sons. This book was released on 2002-01-18 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide for first-time home buyers describes what to look for in a real estate agent, how to choose the best mortgage, how to evaluate a neighborhood, and how to detect hidden costs.