CARDIN INTRODUCES BILL TO REDUCE EXCESSIVE INTEREST PAYMENTS ON FHA-BACKED HOME MORTGAGES

WASHINGTON, DC – March 8, 2011 – (RealEstateRama) — U.S. Senator Ben Cardin (D-MD) has introduced legislation that would prohibit banks and other lenders from charging interest payments through the end of the month on loans that have been paid off earlier. Currently, Federal Housing Administration (FHA) regulations allow lenders to collect interest from homeowners through the end of the month, even if the homeowner has paid off the loan earlier in the month.