The predatory lending maze

The term "predatory lending" has been used loosely by different people to cover the entire gamut of lending activities. Unfortunately, this overly inclusive and subjective use of the term undermines legitimate lenders, who provide services which should be welcomed in the underserved subpri...

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Bibliographic Details
Published in:Mortgage Banking 2002-09, Vol.62 (12), p.101
Main Author: Emerson, Bill
Format: Magazinearticle
Language:English
Subjects:
Fraud
Legislation
Loans
Management
Mortgage banks
Mortgages
Predatory lending
Proposals
Subprime lending
Online Access:Get full text
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Summary:The term "predatory lending" has been used loosely by different people to cover the entire gamut of lending activities. Unfortunately, this overly inclusive and subjective use of the term undermines legitimate lenders, who provide services which should be welcomed in the underserved subprime market. Several solutions and government actions have been proposed to address the predatory lending issue: 1. limiting interest rates and fees, 2. licencing, and 3. disclosures. Some areas where the industry might be able to make some headway include: 1. better enforcement, 2. education, and 3. federal pre-emption.
ISSN:0730-0212
1930-5087