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Zer Netmouse
February 3rd, 2009
07:12 pm


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Do You Believe in Usury?

(58 comments | Leave a comment)

Date:February 4th, 2009 02:51 am (UTC)
There should be a time limit on prepayment penalties, perhaps as a function of the loan's length (so a 1-year loan might have a 1-month limit, but a 30-year mortgage could have 2 years). (Otherwise, the lender is just going to charge more upfront to cover the costs and risks of early prepayment, and that's bad for the borrower for several reasons, including taxes.)
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