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California Bans Neg Am Loans
Tuesday, October 20, 2009
California Governor Arnold Schwarzenegger signed a flurry of bills designed to reign in abuses in the mortgage market today.
The new laws eliminate the use of negative amortization features in “high-priced loans,” which are those charging more three percentage points above a U.S. Treasury bond of the same duration.
Neg am (also known as pay option or pick-a-payment loans) allowed borrow...
Original article from http://www.businessweek.com/the_thread/hotproperty/archives/2009/10/california_bans.html
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