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Special Report on

Predatory Lending Practice

predatory lending practice special research report Photo by i.ytimg.com
The term used for lenders and loan brokers who capture a whole slew of methods, often times unethical, to benefit the financial institution they represent at the expense of the consumer. Predatory lending is a term used to capture a whole slew of techniques used by lenders to ensure the most beneficial terms for the financing institution at the expense of borrowers. While there may be a preconceived notion of these practices affecting particular subsections of the population, predatory lending is something for everyone to watch out for when buying or selling at home. Many of these types of predatory situations can be resolved by ...
is a term used to describe a broad variety of criminal actions where the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth. In federal courts, mortgage fraud is prosecuted as wire fraud , bank fraud , mail fraud and money laundering , with penalties of up to thirty years imprisonment . See: http://www.usdoj.gov/usao/gan/press/2006/04-19-06b.pdf As the incidence of mortgage fraud has risen over the past few years, states have also begun to enact their own penalties for mortgage ...
REVIEWS AND OPINIONS
Predatory Lending-who Can you Trust?
Rates are up. Home values are down. And to top it all off there are Lenders predicating on consumers. So who do you turn to? Who can you trust? It’s more important than ever to become a knowledgeable consumer if you’re looking to purchase or refinance your home. There are a few things that you as a consumer need to consider before committing to any lending agreement. First be aware of your rights. Learn the basics of mortgage lending so you’ll know when you’re being charged too much for a loan or for things you don’t need. There are a variety of websites that will give you information ... market research, surveys and trends
Are You The Victim Of Loan Fraud Or Mortgage Fraud? | LSP Film ...
If you are upside down on your house, meaning you owe more than the house is worth, and have refinanced your home in the past few years, chances are that you may be a victim of loan fraud or mortgage fraud. In the past few years, predatory lending practices resulted in a significant number of bad loans. These practices have only stopped recently as a result of government regulations, but mortgage fraud and loan fraud still account for a great deal of the foreclosures in this country as well as the amount of people who owe more than their house is worth. While some people are foreclosure victims or are upside down on their ... market research, surveys and trends

SURVEY RESULTS FOR
PREDATORY LENDING PRACTICE

Predatory Lending Bill Back in Congress
The legislation calls for federal certification of mortgage brokers and agents and stiffer penalties for violation of federal law. Additionally, it will authorize funding for Community Development Corporations to provide training and education. "Predatory Lending is a leading cause of foreclosures across this country," said Tubbs Jones. "It compromises the opportunity to own a home and hinders economic stability, creating greater disparities in wealth." The nonprofit Center for Responsible Lending projects that as this year ends, 2.2 million households in the subprime market will either have lost their homes ... industry trends, business articles and survey research
Predatory Lending and the Devouring of the American Dream ...
What is the value of the American Dream? How will the worth of that dream be altered after absorbing hundreds of billions of dollars in losses incurred from the subprime mortgage crisis, along with the accompanying rising unemployment, global stock market declines, and forecast recession? And in what ways has the term predatory lending shaped perceptions and attitudes of the subprime mortgage crisis, giving rise to images of large, avaricious institutions gobbling up not only American homeowners, but the American Dream itself? Subprime mortgages are home loans made at higher rates of interest to borrowers who represent higher ... industry trends, business articles and survey research
RELATED NEWS
MONTGOMERY v. FORD MOTOR CREDIT COMPANY
Appellant, Virgie Montgomery, challenges the trial court's rendition of summary judgment in favor of appellee, Ford Motor Credit Company ("Ford Credit"), in her suit against Ford Credit for "unconscionable conduct," breach of contract, deceptive trade practices, [ 1 ] and conversion. In two issues, Montgomery contends that the trial court erred in calculating the date of the accrual of her claims and concluding that her claims were barred by limitations. We affirm. In 2002, Montgomery and her husband purchased a new car, which they financed through Ford Credit for a period of sixty months. In the retail ... market trends, news research and surveys resources
What Wall Street reform means for your mortgage
NEW YORK (CNNMoney.com) -- Predatory lending would likely become a thing of the past if proposed regulatory reform rules are put into practice. And that may mean that mortgages get more expensive and more difficult to get, lenders warn. The new rules, which Congress is expected to vote on this week , require that financial institutions ensure that borrowers can afford to repay the mortgages they are sold. Lenders would also have to tell borrowers the most they might pay on an adjustable rate mortgage and explain that payments will vary when the interest rate changes. "These rules should help make sure people aren't put into ... market trends, news research and surveys resources

INFORMATION RESOURCES

Outline for Report to Congress
(2) The term `predatory lending practice' means an unfair or abusive loan or credit sale transaction or collection practice. The report will be presented in ... technology research, surveys study and trend statistics
Staff Report on Predatory Lending Practices
In recent months, many news stories have reported an increasing regulatory concern with "predatory lending." The Federal and state financial regulators, as well as federal and state legislators, have made a variety of proposals to "combat predatory lending." (1) In addition, the federal regulators have established task forces to study the issue. In October 1999, the Federal Reserve Board convened a nine-agency working group (2) "to tighten enforcement of existing statutes, to identify those predatory practices that might be limited by tightened regulations or legislative changes, and in general to ... technology research, surveys study and trend statistics
Subprime and Primary Lending in Rural America: Mortgage lending ...
to address predatory lending practices at the federal and state levels. .... predatory mortgage lending practices cost borrowers at ...
REAL TIME
PREDATORY LENDING PRACTICE
  1. profile image NAHREPchair Predatory lending would likely become a thing of the past if proposed regulatory reform rules are put into practice. http://ht.ly/28r3k...
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QUESTIONS AND ANSWERS
WikiAnswers - Can you sue a bank for predatory lending practice
Yes, but unless the plaintiff has unlimited financial and legal resources it could prove to very difficult to prevail. Rather than a personal lawsuit against a lending institution the person might wish to consider the possibility of a class action suit and enlisting the assistance of the state and/or federal banking regulators. http://www.sec.gov Although as the situation gets worse many judges are not letting the lenders, brokers and others get away with business as usual. Many home owners are filing suit. According to http://www.mortgagelawyergroup.com the initial stage of the litigation generally involves a $5,000 fee an ...
WikiAnswers - How do you know if you are a victim of predatory lending
There is the occasional unscrupulous loan officer who misrepresents his or her product to make a buck. He or she may try to sell you something you don't understand, such as a product with a great introductory rate ("teaser rate") that later skyrockets into a massive liability. He or she may offer you what seems to be a competetive loan rate, which suddenly doubles once you add fees and administrative costs and his or her commission. This is predatory lending. You are a victim of predatory lending if you could not (or did not) understand what you were agreeing to, and a loan officer took advantage of that. There ...