WASHINGTON — NCUA and other federal financial regulators have proposed adding additional paragraphs of text at least one chart to consumer statements on subprime mortgage loans.
In a joint release and submission to the Federal Register the five federal financial regulators issued what they called "illustrations" that are meant to help financial institutions better serve consumers seeking subprime and adjustable rate mortgages.
The illustration contains definitions and explanations of terms such as adjustable rate mortgages, balloon payments and prepayment penalties. It also contains charts which will illustrate the difference in monthly payments between a fixed rate and adjustable rate mortgage.
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