RISKS OF CALCULATION AND DISCLOSURE ERRORS BY ADJUSTABLE RATE MORTGAGE CREDITORS

Authors
KING JP NIGHT SG TATE WE
Citation
Jp. King et al., RISKS OF CALCULATION AND DISCLOSURE ERRORS BY ADJUSTABLE RATE MORTGAGE CREDITORS, The Banking law journal, 111(1), 1994, pp. 55-66
Citations number
2
Categorie Soggetti
Law,"Business Finance
Journal title
The Banking law journal → ACNP
ISSN journal
00055506
Volume
111
Issue
1
Year of publication
1994
Pages
55 - 66
Database
ISI
SICI code
0005-5506(1994)111:1<55:ROCADE>2.0.ZU;2-4
Abstract
Reports of widespread errors in the calculation and disclosure of inte rest rates under adjustable rate mortgage loans (ARMs) have heightened concerns among mortgage lenders and servicers. Regulatory warnings an d enforcement actions, as well as private class action lawsuits seekin g damages in favor of consumer borrowers, have become more prevalent. The authors discuss the significant legal risks for creditors posed by ARM calculation and disclosure errors.