Banks offering home loans and revolving credit...
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Banks offering home loans and revolving credit lines with adjustable rates will have to set a maximum interest rate for the life of the loan under rules adopted by the Federal Reserve Board. The amount of the cap will be up to the lender, but it must be disclosed for all loans and revolving loan agreements signed beginning Dec. 9. The rule, adopted on a 6-0 vote, applies both to adjustable-rate mortgages used to purchase homes and to home equity lines of credit which work like consumer loans.
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