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Sign The
Petition
To Require
Monthly Statements For
Installment Loans And Mortgages
Consumer Advocate
Denise Richardson is sponsoring a bill that requires lenders
to send monthly statements to consumers instead of using
coupon payment books.
Why? People with
mortgages or student loans are being robbed blind by lenders
because they can't see how their payments are applied until
the end of the loan.
As Ms. Richardson
points out, "Where else do we pay such large amounts of money
over 15 or 30 years, and not expect receipts?" She paid ahead
on her mortgage for years only to find that a lot of the money
wasn't credited to her account. And since she had no monthly
statements to check, it was impossible to correct the problem.
She, like so many other people, was robbed of several thousand
dollars!
She cites a study
by HUD that shows consumers have been robbed of over 1.5
BILLION dollars due to escrow account errors.
Without monthly
statements, how do people know how much of their money is
applied toward principal and how much is applied toward
interest? How do people know that their money isn't being
applied toward late fees when their payments were never
late?
So, please sign the
petition! Make
a difference! Speak Out Against Corporate
Misconduct! | 
