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Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as ...
The Home Ownership and Equity Protection Act (HOEPA) is a federal law that aims to protect consumers from predatory mortgage lending. HOEPA mainly covers high-cost mortgages, which are defined as ...
The term "equity stripping" has sometimes referred to lending refinance practices that charge excessive fees thereby "stripping the equity" out of the home. The practice more often describes foreclosure rescue scams. While most do not consider equity stripping a form of predatory lending per se, equity stripping is related to traditional forms ...
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While there are no specific laws against predatory mortgage servicing abuses, [6] there are local, state, and federal laws against many of the specific practices commonly identified as predatory mortgage servicing abuses, and various state and federal agencies use the term as a catch-all term for many specific illegal activities in the mortgage servicing industry.
Remember predatory lending? Not long ago the media was full of stories about how unfair and abusive lending practices were cheating people out of their homes. Now, as the economy wobbles down the ...
Predatory lending focused on ethnic minority neighborhoods was a significant factor in the U.S. foreclosure crisis, according to a new study. Predatory lenders offer loans with unreasonable fees ...
Predatory lending is one form of abuse in the granting of loans. It usually involves granting a loan in order to put the borrower in a position that one can gain advantage over them; subprime mortgage-lending [7] and payday-lending [8] are two examples, where the moneylender is not authorized or regulated, the lender could be considered a loan ...