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- Title
The Failure and Promise of Mandated Consumer Mortgage Disclosures: Evidence from Qualitative Interviews and a Controlled Experiment with Mortgage Borrowers.
- Authors
Lacko, James M; Pappalardo, Janis K
- Abstract
This article discusses the failure of mandated consumer mortgage loan disclosures to explain terms, costs, and risks of the loans to consumers. The real estate loan crisis that began in 2007 has resulted in record numbers of defaults and foreclosures and research has found that many of the consumers were unable to decipher the information contained in the disclosure documents. The article notes that research has also found that disclosure documents failed to include important loan information and much of the information was confusing.
- Subjects
UNITED States; MORTGAGE loans; SETTLEMENT costs; HOUSE buying -- Costs; FINANCE; REAL property; UNITED States. Real Estate Settlement Procedures Act of 1974; UNITED States. Truth in Lending Act; REAL estate bubbles; CONSUMER protection
- Publication
American Economic Review, 2010, Vol 100, Issue 2, p516
- ISSN
0002-8282
- Publication type
Article
- DOI
10.1257/aer.100.2.516