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Article: New Home-Equity Loan Requirements
- Article from:
- The Washington Post
- Article date:
- October 28, 1989
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The official rules governing home-equity loans change nationwide
Nov. 7, so you may want to postpone signing up for any new lines of
credit until then.
When the federal Home Equity Loan Consumer Protection Act goes
into effect at all lending institutions, you will less likely be
suckered in by teaser ads, "free money" come-ons and other
enticements now commonplace in equity financing.
Pushed through Congress by Rep. David Price (D-N.C.) and Sen.
Christopher Dodd (D-Conn.), the legislation forces commercial banks,
savings and loans, finance companies, mortgage brokers and other
equity lenders to tighten up their practices or face stiff federal
penalties.
Among the key requirements ...