New York Times Cautions Borrowers
On Sunday August 7th, the New York Times cautions borrowers about hidden swap fees. The Pulitzer – prize winning columnist, Gretchen Morgenson, revealed that banks are charging commercial borrowers substantial undisclosed fees amounting to between 1% and 5% of their loan amounts. These hidden fees are being passed by inflating interest rate swaps without advising the borrowers.
New York Times Cautions Borrowers About Hidden Bank Fees
In the article posted in the Business section of the Sunday paper, approximately 2/3 of the way into the article, Ms. Morgenson cites the beneficial work done by Swap Negotiators on behalf of borrowers and extensively quotes our Managing Member, Greg Warren. We are proud to attach this article, entitled Wall Street’s Tax on Main Street from the New York Times website.