At its heart, the Dodd-Frank Wall Street Reform and Consumer Protection Act, often referred to as Dodd-Frank, was written to protect consumers from being cheated out of what may be the largest asset they will ever acquire: their homes.
Unfortunately, during the foreclosure crisis, millions of Americans lost their homes, many because they were ultimately unable to meet their obligations under the loans they were sold to finance them. For some, the homes they chose were simply beyond their means. But for others, the loan products themselves caused the problem.
Adjustable rate mortgage loans (ARMs) with extremely low down payments were attractive to many home buyers. Unfortunately, those low rates disguised a future risk. When these ARMs adjust upward, the monthly loan payments may suddenly be too much for homeowners to afford. In some cases, the borrower may have qualified for a fixed-rate loan with a monthly payment they could afford for years into the future, but they were sold other products that made the loan originators more money. The rest is history.
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