Discuss ARMs and their regulation
The Federal Reserve Board amended Regulation Z to deal with variable or adjustable rate mortgages (ARMs). The ARM disclosure rules apply to any loan that is a closed-ended consumer transaction, secured by the consumer's principal residence, longer than one year, and subject to interest rate variation. The disclosures must be made when a creditor furnishes an application to a prospective borrower or before the creditor receives payment of a nonrefundable fee, whichever occurs first. The ARM disclosure rules require that the creditor provide the consumer with a consumer handbook on ARMs and a loan program disclosure statement covering the terms of each ARM that the creditor offers.
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Answer the following statement true (T) or false (F)
Grace is a manager in a medical office. It seems that every year when she evaluates employees for wage increases, Kevin and Taneesha always receive raises, while most other employees do not. The other employees accuse Grace of having favorites, and believe Kevin and Trisha are unfairly rewarded. Grace feels Kevin and Taneesha deserve their raises, and that she makes that determination based on facts, not on whom she favors. How can Grace best convince her other employees that she is being fair in her determinations?
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Indicate whether the statement is true or false