In early 2007, the typical subprime mortgage experiencing a first reset had its rate increase from 7 percent to 91/2 percent, producing an increase of 25 percent to 30 percent in the monthly payment. This increase translates into an additional monthly debt obligation of $ per month for the average subprime variable-rate mortgage.
In this connection, I am pleased to note that the AKCP Secretariat has put in a lot of work towards developing a CIS Dispute Resolution Handbook. The AKCP Secretariat will soon be ready to conduct a public launch of its Alternative Dispute Resolution Mechanism and create awareness on the out-of-court settlement process.