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The expansion of accessible credit can come with a downside of exclusion as people with poor credit (those that are considered high risk by credit scoring systems) become dependent on short-term alternatives such as licensed money lenders (the home credit industry), pawn brokers, payday lenders, and even loan sharks. [20]
To force a defaulter into paying, the lender might threaten legal action. This was a bluff, since the loan was illegal. The lender preyed on the borrower's ignorance of the law. Alternatively, the lender resorted to public shaming, exploiting the social stigma of being in debt to a loan shark. They were able to complain to the defaulter's ...
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Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
Before the formation of the CFPB in July 2010, the Federal Trade Commission had this authority and, in 2009, wrote rules that required lenders to report credit card limits to the credit bureaus ...
Not all lenders report to credit bureaus ... Limitations for how money can be used. ... Police ID 15-year-old female suspect found dead by suicide in Wisc. school shooting.
The report can start with any employee of a financial services institution. The employees are trained to be alert for suspicious activity, such as situations where people are trying to wire money out of the country without identification, or activity by someone with no job who starts depositing large amounts of cash into an account.
A convicted New York drug dealer and predatory lender who walked free from a 10-year federal prison sentence after it was commuted in 2021 by then-President Donald Trump has been arrested on ...