At one point, his staff suspected that a
predatory lender was fleecing a Salvadoran family.
He sits down with William Myers, a 73-year-old worker with Aoa pleated faceAoAuyou can see himAuwho has been living with his wife in a sad trailer park on the edge of Dayton, Ohio, since they fell victim to a
predatory lender.
The problem with this interpretation is that the Greedy,
Predatory Lender explanation cannot explain the foreclosure rate for prime mortgages (Liebowitz, 2009).
The Department of Housing and Urban Development (HUD) provides information on how to avoid
predatory lender practices, such as excessive fees and loan flipping.
In a very general sense any lender can be a
predatory lender simply by adding excessive fees and interest rates to an otherwise mutually beneficial loan, or by excessively or deceitfully pushing an unsuitable loan or loan product on a customer (Fishbein 2006).
All three needed a car to advance economically and improve their lives, but all lacked the credit history they needed to buy one without resorting to a high-cost or
predatory lender.
Legal efforts to enforce Regulation Z generally come from one of two sources--enforcement actions undertaken by the Fed, or private actions undertaken by the individual victims of a
predatory lender.
The
predatory lender stalks consumers, seeking to seize their homes through high-cost, abusive lending practices.
HUD will continue to aggressively pursue any
predatory lender.
In one survey of aspects of financial fitness in San Diego among our military members, 21 percent had used a
predatory lender for a short-term loan, and 80 percent of those who did were in pay grades E-4 to E-6.
While residential mortgage lenders are the most directly affected by predatory lending laws, other lenders who are engaged primarily in commercial lending, but from time to time take a home as additional collateral, may be vulnerable to being attacked as a
predatory lender.
