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President Obama said that Ms. Chapman had an “excellent payment history” until she was contacted by a broker who told her that she could lower her monthly mortgage payments. Instead, the loan she got increased the principal she owed on her home by about $20,000 in just nine months. Her monthly payments dropped temporarily but recently jumped from $1,625 to $2,900.
“It’s true the crisis we faced was caused in part by people who took on too much debt and took out loans they couldn’t afford,” the President said yesterday. “But my concern are the millions of Americans who behaved responsibly and yet still found themselves in jeopardy because of the predatory practices of some in the financial industry.”
