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Negative Amortization Loans to be banned in California

Negative Amortization Loans to be banned in California effective 01/01/2010.

http://www.sacramentograpevine.com/blog/view/id_184/

Posted by Sindee Thomson on 10/13/2009 05:19 AM

Comments (4)

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4 Comments on Negative Amortization Loans to be banned in California

OCT

It is about time for this. Negative Amortization loans created problems way back when rates were high and they were created to allow people to get into homes with the teasers. They turned out to be bad, but at least when rates were over 16% for a government loan there was a logic behind them. Now at these rate levels there is no reason for their existence. I say good riddance.

Dave,

They I agree should of done this years ago.

Sindee, to me they never made much sense. Today they make no sense. Maybe the other States will follow.

OCT

Michael,

Lets hope so.

You would of thought that the bakns would remember their mistakes for the 80's when they had the same problem.

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