CHARM Booklet has been revised:On December 26, 2006, the Federal Reserve Board and the Office of Thrift Supervision announced that CHARM Booklet (Consumer Handbook on Adjustable Rate Mortgages) has been revised. This booklet provides information to consumers about the features and risks of such loans. In recognition of the growing use of nontraditional mortgage products, the agencies have substantially revised the CHARM booklet to include discussions about “interest-only” and “payment option” mortgages.
Topics Covered Include:
This revised version of the CHARM booklet (or suitable substitute) must be used on or after October 1, 2007. Until then, you have the option to continue using the current version of this booklet or the new one.
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