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In view of this, the only accrual of interest on the loans is for the portion of each month the loan is earning interest until the first of the following month when the funds are released from the restricted account. Government agencies and consumer groups have been vocal and effective in drilling this lesson home, aided by passage of the Fair and Accurate Credit Transactions Act which, last year, made it mandatory for the three major credit reporting agencies to each provide one free credit report each year to any vigilant consumer who requests one. Eleua - February 22, 2007 What they don t look at are all the benefits of having a mortgage. Housing seems to have the wind at its back with long-term interest rates, which were already in the low- to mid-sixes, falling slightly after last week's Fed announcement, so it's surprising to see that purchase activity actually tapered in the last week," said Bob Walters, chief economist at Quicken Loans, an online mortgage lender in Livonia, Mich.
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