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Jay Ramras

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Alaska Legislators to Consider Refunding Interest on Mortgage Reserves HW+

Jan 10, 2007By

Representative Jay Ramras (R-Fairbanks) pre-filed legislation late Monday that would seek to give back interest on a residential homeowners’ mortgage reserve account, a move that state legislators say could save Alaskans millions of dollars a year in bank- or lender-held mortgage reserves. ”Banks and other institutions hold a portion of a mortgage payment every year in reserve to pay for homeowners’ property taxes, insurance, or other obligations for a loan, but more often than not, banks fail to pay any interest to their borrowers and consequently they hold hundreds of millions of dollars interest-free and lend that money back to homeowners,” Ramras said.

3d rendering of a row of luxury townhouses along a street

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