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Topic: Predatory lending

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	Predatory lending - Wikipedia, the free encyclopedia
		Predatory lending refers to unconscionable lending practices that take advantage of vulnerable borrowers, such as the elderly or unsophisticated.
		One lending tactic that is generally considered to be "predatory" is making a secured loan, such as home or car loans, with the expectation that the borrower will not repay the loan (i.e.
		Anti-predatory lending organizations such as ACORN argue that predatory loans are usually made in poor and minority neighborhoods where better loans are not readily available, and that the loss of equity and foreclosure can devastate already fragile communities.
	en.wikipedia.org /wiki/Predatory_lending (2054 words)

	Predatory Lending Columbus (Site not responding. Last check: 2007-09-02)
		Predatory Lending takes something away from you that you had before; such as a great mortgage rate, equity in your home, or a longer loan term and replaces it with something that puts you, the homeowner, in a worse position than when you started the refinance process.
		Predatory Lending is not easy to define as it takes all shapes and forms and attacks the rich, poor, educated, uneducated, young, and elderly, and occurs in all types of neighborhoods.
		Predatory Lending is an economic cancer that can rob a homeowner of the equity in their home or take a great interest rate and convert it into a rate that you, the homeowner, cannot afford.
	homeloancolumbus.com /predatory_lending.asp (2482 words)

	What is Predatory Lending? (Site not responding. Last check: 2007-09-02)
		New classes of mortgage lenders known as "sub prime" mortgage lenders are responsible for the vast majority of predatory lending throughout the country.
		Predatory lenders target homeowners who are "cash-poor, but equity-rich." Historically, predatory lenders have targeted redlined neighborhoods, especially the elderly, minorities, and women.
		Finding sub prime lending was a darling on Wall Street and therefore was well funded, predatory lenders began to push high-interest, high-fee loans on an all equity-rich borrowers, no matter what their credit record.
	www.ntic-us.org /issues/predatorylending/pred-what-is.htm (808 words)

	FRB: Speech, Gramlich -- Predatory Lending -- April 14, 2000
		Self-explanatory labels from the predatory markets are "loan flipping" and "equity stripping." Horrifying anecdotes of predatory lending have been standard fare for television exposés and include a notable congressional testimony of a witness with a bag over his head.
		Predatory lending would not exist, or would be relatively rare, if prospective borrowers understood the true nature of their loan contracts.
		Because predatory lenders are less regulated and predatory loans are often difficult to identify and define legally, it becomes both a regulatory and an enforcement challenge to stop predatory practices.
	www.federalreserve.gov /boarddocs/speeches/2000/200004142.htm (2389 words)

	Predatory Lending: Redlining in Reverse
		Instead of contributing to homeownership and community development, predatory lending practices strip the equity homeowners have struggled to build and deplete the wealth of those communities for the enrichment of distant financial services firms.
		Predatory loans, however, charge higher rates and fees than warranted by the risk, trapping homeowners in unaffordable debt and often costing them their homes and life savings.
		The law, which was the first passed by a state government to curb predatory lending, included a ban on prepayment penalties on loans of $150,000 or less and a ban on unnecessary refinancing.
	www.nhi.org /online/issues/139/redlining.html (2339 words)

	Predatory Mortgage Lending Campaign * CRC (Site not responding. Last check: 2007-09-02)
		Predatory mortgage lending is the practice of making high-cost home loans to borrowers without regard to the borrower's ability to repay the loan.
		Predatory mortgage lending is a CRA issue because it undermines positive community development activities.
		Predatory mortgage lending undermines the intent of the CRA which is to promote the community and economic development of traditionally under-served communities.
	www.calreinvest.org /campaigns/predatory.html (723 words)

	Predatory Lending testimony
		Predatory lending practices hide from consumers essential information they need to make decisions about their single greatest asset -- their home -- and the equity they have spent years building.
		Predatory lending practices are particularly devastating because these loans usually are sought at a time of great need, when borrowers are most susceptible to practices that can strip them of substantial sums of money and, ultimately, their homes.
		Predatory lenders stand to make significant profits from credit insurance, not only because the premium itself is very profitable but also because the premium is typically financed as part of the loan, adding to the cost of fees and interest.
	www.ftc.gov /os/2000/05/predatorytestimony.htm (5991 words)

	Predatory Lending (Site not responding. Last check: 2007-09-02)
		Predatory lending means imposing unfair and abusive loan terms on borrowers, often through aggressive sales tactics, taking advantage of borrowers' lack of understanding of extremely complicated transactions, and outright deception.
		Predatory loans turn the dream of homeownership into a nightmare, in the worst instances ending in foreclosure.
		The damage done by Wells Fargo and other predatory lenders is increased by the fact that predatory loans are made in such concentrated volume in poor and minority neighborhoods where better loans are not readily available, and the loss of equity, and foreclosure can devastate already fragile communities.
	www.acorn.org /index.php?id=39 (229 words)

	ACORN: Overview (Site not responding. Last check: 2007-09-02)
		ACORN strives to end these abuses by actively putting pressure on Predatory Lending offenders and advocating for legislation, regulation, education and research to end abusive lending practices.
		Two predatory lending bills are going to be considered soon by the House of Representatives with important consequences for all Americans.
		Representative Robert Ney of Ohio is once again trying to pass a law to weaken federal laws against predatory lending and eliminate all of the state anti-predatory lending laws.
	www.acorn.org /index.php?id=2627 (252 words)

	FRB: Speech, Gramlich -- Subprime Lending, Predatory Lending -- December 6, 2000
		The term "predatory lending", much like the terms "safety and soundness" or "unfair and deceptive practices," is far-reaching and covers a potentially broad range of behavior.
		Apart from outright fraud, predatory lending often entails the abuse of complex mortgage provisions that are generally desirable and advantageous to a borrower, but only when they are fully understood by the borrower.
		Beyond this, we should all recognize that the best defense against predatory lending is a thorough knowledge on the part of consumers of their credit options and resources.
	www.federalreserve.gov /boarddocs/speeches/2000/20001206.htm (2039 words)

	Legislative Issues (Site not responding. Last check: 2007-09-02)
		Predatory lending often involves non-sustainable loans, and frequent refinances without regard to the consumer’s ability to repay.
		Predatory lenders often target the elderly, minorities and the disabled who have accumulated a large amount of equity in their homes.
		The predatory lending aspect includes fraudulent abuse of FHA loans, in which the purchaser states that he or she intends to inhabit the property in both the loan application documents and the resale or purchase agreement
	www.cuna.org /gov_affairs/legislative/issues/2005/pred_lending.html (1078 words)

	Predatory Lending: Subprime Lenders trick homeowners into expensive loans.
		Predatory lending is any unfair credit practice that harms the borrower or supports a credit system that promotes inequality and poverty.
		Predatory lending is becoming more of a problem as the home mortgage market undergoes rapid change.
		But the growth in subprime lending to minorities, when coupled with the decrease in prime lending, leads to concerns that minority borrowers with good credit are being shut out of conventional markets and channeled instead into more expensive, subprime loans.
	www.nhi.org /online/issues/109/bradley.html (2451 words)

	Bill would allow investigation of lenders \| mountvernonnews.com
		She said tightening state law on predatory lending has indeed been on the mind of state legislature for some time now.
		She also said many people think predatory lending is the main cause of foreclosures but there are economic issues to consider as well.
		Predatory lending is commonly listed as the cause or a cause of Ohio ranking as the national leader in foreclosure rates.
	www.mountvernonnews.com /local/111005/lenders.html (1083 words)

	Predatory Lending and Flipping
		Predatory Lending - Predatory lending occurs when a lender targets a homebuyer with a "sub-prime" home loan.
		The Seven Signs of Predatory Lending - The Center for Responsible Lending is a national non-profit dedicated to ending the practice of predatory lending.
		Home Equity Loans: Beware of Predatory Lending - This list of consumer tips from the Maryland Attorney General's Office is an excellent resource on predatory lending.
	www.peoples-law.org /housing/home-ownership/pred-flip.htm (896 words)

	Predatory Mortgage Lending Introduction (Site not responding. Last check: 2007-09-02)
		Prohibits predatory practices in the mortgage loan industry and to increase the authority of the Nebraska Department of Banking and Finance to take action against persons engaged in predatory lending practices.
		Requires lending institutions to prominently disclose all charges and assessments that may be incurred by borrowers through prepayment of a mortgage.
		Creates a special joint committee to perform a comprehensive analysis of predatory lending in Tennessee, including studying the current legislative and regulatory provisions and protections which are applicable to home loans and to those who offer home loans.
	www.ncsl.org /programs/banking/predlend_intro.htm (4030 words)

	The Reinvestment Fund Predatory Lending Research (Site not responding. Last check: 2007-09-02)
		These are the conditions that have given to rise to predatory lending - the targeting of high-cost, unnecessary or deceptive loans, often resulting in default and foreclosure.
		Usually the victims of predatory lending are older, female, and frequently minority group members residing in the lower income or minority areas of a city.
		The goal is to have the program and its associated hotline serve as the basis for a learning process for all involved as well as to track cases and identify patterns of predatory lending as they emerge within the city.
	www.trfund.com /policy/predatory.lending.htm (716 words)

	Predatory Lending: Unfair & Unsound
		Third, the topic of subprime and predatory lending is dealt with in a safety and soundness context.
		The key element to determine whether lending is predatory is whether there is a "commensurate exchange of value" in both directions between lender and borrower.
		A common element in examples of predatory lending is the fact that the loan is based what the lender can make from the transaction without regard to the borrower's benefit.
	www.bankersonline.com /articles/v06n02/v06n02a1.html (1312 words)

	Stolen Wealth - Predatory Mortgage Lending Campaign * CRC (Site not responding. Last check: 2007-09-02)
		Predatory mortgage lending is the ugly side of subprime lending, which is higher cost lending to credit-impaired borrowers who cannot qualify for a conventional bank loan.
		Predatory lending condemns homeowners to a cycle of refinancing, foreclosure, economic ruination, and segregation from conventional, mainstream credit.
		Predatory practices, concentrated in certain neighborhoods, leads to community destabilization through the loss of equity, distressed and vacant properties, and stifled economic development.
	www.calreinvest.org /PredatoryLending/stolenwealth.html (1229 words)

	Predatory Lending - What is Predatory Lending?
		Lending and mortgage origination practices become "predatory" when the borrower is led into a transaction that is not what they expected.
		Predatory lending practices may involve lenders, mortgage brokers, real estate brokers, attorneys, and home improvement contractors.
		However, if the borrower is sold a loan with a variable interest rate disguised as a mortgage loan with a fixed interest rate, the borrower is the victim of a bait and switch or predatory lending practice.
	www.dfi.wa.gov /consumers/predlendwp.htm (244 words)

	Center for Responsible Lending: A Resource for Predatory Lending Opponents
		Predatory lending strips billions in wealth from low-income consumers and communities in the U.S. each year.
		The Center for Responsible Lending is fighting to stop these financial abuses through legislative and policy advocacy, coalition-building, litigation, and industry research.
		The results are in, and they are positive: state laws provide strong protections against predatory mortgages, plenty of access to credit and, it turns out, lower fees and often even lower interest rates.
	www.responsiblelending.org (205 words)

	Peggy Twohig: Predatory Lending Practices in the Home-Equity Lending Market
		I appreciate the opportunity to appear before you today to discuss the serious problem of abusive lending practices in the subprime lending industry, commonly known as "predatory lending." I will provide an overview of predatory lending practices that are occurring in the growing subprime industry and will discuss the Commission's recent activities in this area.
		Predatory lenders stand to make significant profits from credit insurance, not only because the premium itself is very profitable but also because the premium is typically financed as part of the loan, resulting in extra fees and interest.
		Asset-based lending, where a loan is based on equity in a property rather than on a borrower's ability to repay the loan, is among the most harmful of predatory lending practices.
	www.ftc.gov /os/2000/09/predatorylending.htm (7494 words)

	U.S. Catholic Bishops - Social Development & World Peace (Site not responding. Last check: 2007-09-02)
		Predatory mortgage lending, as the name implies, is the practice whereby lenders offer unsuspecting homeowners loans with high interest rates and fees.
		Predatory lending has received considerable attention in the news media, largely because of the efforts of local and national community and consumer organizations.
		These practices termed, predatory lending, trap far too many unsophisticated and vulnerable people, often the elderly, into high cost loans that frequently lead to foreclosure after stripping any equity from the home.
	www.usccb.org /sdwp/national/predatorylendingbg05.htm (339 words)

	Predatory Lending
		Predatory lending is a term that has come to embrace a variety of nefarious practices.
		In describing what it means in actual experience, we will concentrate upon residential mortgage lending, particularly where it involves first mortgage loans for elderly persons who often have substantial equity in their homes but few other assets and only modest incomes.
		In these pages, we address what we believe to be the most significant features of the subprime lending industry and what are predatory practices.
	www.selegal.org /predatory.htm (213 words)

	Predatory Lending
		Subprime borrowers with blemished credit histories are regarded as high risk and, as a result, predatory lenders take advantage of their vulnerability and weak bargaining position, charging them inflated interest rates and loan points, attaching costly "add-ons" like credit insurance, luring them into repeated fee-ridden refinancings and unaffordable repayment plans.
		Despite FTC's effort against Citigroup predatory lending practices and the adoption of some protections in some states, consumer across the nation continue to be victimized by predatory and near predatory lending practices.
		Knowing Congress is a safe-haven against any meaningful federal sanctions on predatory lending, the financial industry-ranging from finance companies to multi-billion dollar banks-will be chipping away at what state protections have been enacted and making sure that the idea of consumer protection doesn't spread to other states.
	www.commondreams.org /views02/1122-02.htm (1001 words)

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