To: President Donald Trump
Lenders: Fix the Adjustable Rate Mortgages
The lenders should refinance the adjusted interest rate mortgage to fixed interest mortgage without the appraiser of the property. It is not the fault of the borrower for the downfall of the property values. They are making payments honestly for the loans against their properties. Also the trap for adjustable mortgages was created by the lenders that most borrowers did not understand. The lenders should make the right of their wrong doings.
Why is this important?
Adjustable Rate Mortgages: When the interest rates go up, there will be more households loosing their homes because their monthly mortgage payments skyrocket.