Question

The Home Ownership and Equity Protection Act does not:______. a. consider optional credit insurance as a finance charge. b. gives borrowers with high-cost loans three business days to rescind the loan. c. amends the Homeowners Protection Act. d. permits negative amortization only for the first five years of a loan.

Answer 1

Answer:

b. gives borrowers with high-cost loans three business days to rescind the loan.

Explanation:

• The was a law that was presented on sept in the year 1994 by the Bill Clinton and singed into a law of the homeownership and the equity protection act that needs a certain disclosure and clamps the restrictions on the high values loans.

• And this law gives the federal reserve's boards the power to administer the acts and adjusted implementation and regulations.