We can't really comment [on the impact of the decision]. We just let the letters speak for themselves.
Because banks were having trouble deciding what was reasonable, we have gravitated toward 1 percent of the principal. This is not a hard and fast rule, and banks may establish other payment amounts.
What is a reasonable amount? One percent of the balance was what was decided to be reasonable.
Copyright © 2024 Electric Goat Media. All Rights Reserved.