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The contributors to the Consumer Law & Policy blog are lawyers and law professors who practice, teach, or write about consumer law and policy. The blog is hosted by Public Citizen's Consumer Justice Project, but the views expressed here are solely those of the individual contributors (and don't necessarily reflect the views of institutions with which they are affiliated). To view the blog's policies, please click here.

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Friday, November 02, 2012

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Comments

Barry

New Zealand followed America in the 1980's by adopting a requirement that an analogue of the APR be disclosed: there was little difficulty for lenders to calculate it, but as of 2003 we abandoned any reliance on disclosure of annual rates, and went for disclosure of the dollar amounts for the costs of credit together with control over the size of all costs, except interest. I worked with our Ministry of Consumer Affairs, who actually have people on the ground dealing with vulnerable borrowers: for them the APR was meaningless.

Michelle Pandy

I have enjoyed reading your blog. I have worked in the mortgage industry for the last 13 years. I think you are exactly right and that there are disadvantages either way. However this issue could be solved by requiring education with a simple 30 to 45 min. video just like we require in the student loan market. Then you could require the borrower to answer questions. However you may want to ask, do the people in this business really want to educate their borrowers.

Michelle Pandy

I have enjoyed reading your blog. I have worked in the mortgage industry for the last 13 years. I think you are exactly right and that there are disadvantages either way. However this issue could be solved by requiring education with a simple 30 to 45 min. video just like we require in the student loan market. Then you could require the borrower to answer questions. However you may want to ask, do the people in this business really want to educate their borrowers. As you can see from our website, we are very interested in educating our borrowers. We are one of few lenders in our community that put calculators (free) right on our website. Please visit us at www.emortgageLouisville.com

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