Household Finance Loans
Household finance loans can be a very useful tool for people who want to get a loan to buy a car or for other purposes. However, it is important to be aware of some of the risks associated with getting a loan. These include a number of misrepresentations regarding the terms of the loan, as well as the costs of prepayment penalties.
Settlement details
Household has reached a settlement with the states to address unfair lending practices in the subprime market. The settlement details include restitution to consumers, and limits on prepayment penalties. It will also establish new lending standards.
The settlement details are expected to be finalized soon. In the meantime, more than 35 states have agreed to participate in the settlement. However, the exact number of states that will join is still uncertain.
The settlement will be administered by the National Association of Attorneys General, which will oversee the Financial Services and Consumer Protection Enforcement, Education and Training Fund. In addition, $15 million will be set aside for a State Financial Regulation Fund.
The restitution funds will be used to help homeowners with underwater mortgages. In addition, the settlement will set aside $3 billion for refinancing undervalued homes.…
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