Math & YOU | 6.3 Home Mortgages

6.3 Home Mortgages

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Section 6.3 illustrates some of the complexities of home mortgages. After the housing bubble of the 1990s and 2000s, new federal rules went into effect in 2010 to help consumers. One of the new rules requires mortgage lenders to provide consumers a good faith estimate. The good faith estimate encourages consumers to shop for the best loan and aids them in comparing loans. There are also online tools, such as this mortgage comparison calculator, to help consumers.
Consumer Suggestion

To see the changes in the housing market from 2000 to 2010 by state, visit VisualizingEconomics.com.
Checkpoint Solution

Foreclosures are bad for banks since they lose money if they can't get enough by selling the house to pay off the mortgage balance. They also lose resources plus even more money dealing with the legal mess that results from foreclosing a home.
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Ron Larson (author)1 decade ago |

Since the housing bubble burst, there have been several million houses in foreclosure. Some analysts predict that it will take years for the situation to improve.

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