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Article: CAVEAT ISSUED OVER HOME EQUITY LOAN ADS
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- November 26, 1987
- Author:
CopyrightCopyright 1987 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON - A survey of home equity loan advertisements by
a consumer group showed this week that most ads did not disclose
important information about fees, interest rates and repayment
terms.
Consumers Union, the nonprofit publisher of Consumer Reports,
released the survey Tuesday of ads by 20 financial institutions as
Congress considers legislation that would require lenders to
disclose terms of home equity lines of credit.
The American Bankers Association, the chief trade group for
commercial banks, has said it would support some disclosure
requirements but urged Congress to give voluntary industry efforts
a chance to work.
However, Consumers Union said:
- 80 percent of ...