Quote:
Originally Posted by mikester
Still, the article is about banks who do not conform to the TILA and not about people who may or may not be stupid. A bank cannot change the terms of the loan after the paperwork is signed.
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Again, I'm missing the part about what a bank did wrong wrt the TIL. If the start rate was 1.95%, that means it was some kind of Option ARM or MTA and there would definitely be a lot of paperwork explaining the terms for adjustment. Plenty of people misunderstand the differences between start rates, note rates, fully amortized rates, etc. It doesn't mean the bank lied or changed the terms just because a loan officer told you something and your payment coupon says something else. Somewhere in between, the borrower more than likely skipped over a lot of stuff in the paperwork. Those disclosures are so commonplace now that most of them have bar codes on them. I doubt a bank left themselves open to interpretation by a borrower or judge.