“John G. Walsh, a senior official at the federal Office of the Comptroller of the Currency, recently described his agency’s concerns about poorly informed borrowers who don’t realize that their artificially low monthly payments won’t continue indefinitely.
“We’ve had consumers tell us they didn’t know that after making 60 minimum payments on [a payment-option loan], they would owe more than they did when the loan was brand-new. They should certainly understand the basic bargain: the price of a low payment now is a much higher payment later,” his statement said. “
