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and they shouldA Battle Brews Over Negative Rates on Mortgages
Consumer groups said banks are contractually obligated to stick to the terms of a variable-rate loan, which by definition rises and falls with changes in interest rates. If rates fall far enough below zero, these groups said, the banks should make interest payments to borrowers, just as they would charge clients more if interest rates rose.
A Battle Brews Over Negative Rates on Mortgages
Consumer groups said banks are contractually obligated to stick to the terms of a variable-rate loan, which by definition rises and falls with changes in interest rates. If rates fall far enough below zero, these groups said, the banks should make interest payments to borrowers, just as they would charge clients more if interest rates rose.
That would be sweet. But I think the language in the loan docs probably precludes this.
If not it will now.
damn"In Spain and Portugal, bank executives said they would pay borrowers when pigs fly."