Feds make banks come clean on mortgage prepayment penalties
BY DEB ABBEY, CONTRIBUTING WRITER
MARCH 21, 2012
The federal government recently announced the Code of Conduct for Federal Regulated Financial Institutions. It’s a series of consumer protection measures for borrowers. One of the changes announced is a new mortgage code that will require that federal financial institutions provide more information about how prepayment charges are calculated. Essentially, these charges...