Busted: Bankers and The Global Economy

February 2, 2008

Banks Playing Refi Rate Games

Filed under: banking, credit, money — Tags: , , , , , — digitaleconomy @ 9:00 pm

I am posting an emergency notice for those of you that may be refinancing your home loan. In Britain, The Times Online (UK) has revealed that while the Federal Reserve Bank or in this case, the Bank of England, is lowering rates, commercial bankers are not lowering rates or not lowering loan rates at an equivalent rate. Many lenders are apparently trying to recoup losses in any way possible including employing trickery in finance. While this has been revealed and proven in the UK, this has not been proven in the United States. However, considering similar circumstances, the person considering refinancing his or her home should be cautious with all loan paperwork and have the loan rates reviewed by a separate professional or attorney to insure that you are getting the loan rate advertised. Remember, the buyer should beware of rate trickery by banks in an effort to recoup banking losses. ~ E.M.

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