PREDATORY LENDING

 

Predatory lending  "...is the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against."*

RESOURCES FOR PREDATORY & SUBPRIME LENDING

Center for Responsible Lending - This website it brought to you by the Center for Responsible Lending, which is a nonprofit, nonpartisan research and policy organization. Their website contains information regarding lending practices, such as, research & publications, legislation & policy, ways to get involved or to get help and much, much more.

"Families in Crisis: Facing the Subprime Disaster" Video - This video, created by National Association of REALTORS® and the Center for Responsible Lending, was designed to educate our members and consumers about the risks of abusive subprime lending.  The video features 2007 NAR Pat V. Combs and CRL President Mike Calhoun, who discuss abuses in subprime mortgage market from their own viewpoints. The video also feautres two families who have lost their homes, a former mortgage broker talking about abuses he saw from the inside, and other policy leaders.

How to Spot and Avoid Predatory Lending - This document was provided courtesy of David Gold a Mortgage Development Officer with Sovereign Bank.

Protect Yourself from Predatory Lending - This document was provided courtesy of the Connecticut Association of REALTORS Attorney Judith Johannsen.

Signs of Predatory Lending - This document was provided courtesy of David Gold a Mortgage Development Officer with Sovereign Bank.

State of Connecticut Department of Banking -  On this website you can verify licenses, search for a bank or credit union, find banking, securities and related statutes and regulations and find information regarding filing a complaint, etc.

Ten Questions to Ask your Lender -  This document was provided courtesy of David Gold a Mortgage Development Officer with Sovereign Bank.

U.S. Department of Housing and Urban Development - This page on HUD's website has information regarding, fair lending, subprime lending, filing a complaint, etc.

What REALTORS® Need to Know to Reduce the Risk from Predatory Lending - This document was provided courtesy of the Connecticut Association of REALTORS® Attorney Judith Johannsen.

Wikipedia Definition of Predatory Lending - This webpage defines and explains the several different types of predatory lending, etc.

*Note 1- This definition was provided by www.wikipedia.com.