29 November 07 - 09:36Study Finds Rampant Predatory Lending
The Nevada Department of Banking released a study on mortgage foreclosures in Nevada Wednesday that found predatory lending in the state is wreaking havoc with homeowners. The study, found that Nevada had one of the highest foreclosure rates in the nation from so-called subprime loans made to people with impaired credit, who are often located in the poorest communities. Although subprime lending is legal and necessary for the flow of credit into poor neighborhoods, consumer groups say the subprime market is often rife with fraud and abuse since subprime borrowers have nowhere else to turn for loans.Consumers can get more information about predatory lending and a legal remedy at: http://mortgage-home-loan-bank-fraud. ...
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27 November 07 - 09:51Right of Rescission/Right to Cancel
Right of Rescission/Right to Cancel
The Right to Cancel or the Right of Rescission is a right given to borrowers within Regulation Z of the Truth in Lending Act. Sometimes known as a “cooling off period,” the right of rescission gives borrowers of certain types of loans three business days (in some cases three years) to cancel the loan and to receive a full refund on any money they’ve already paid up front. It’s an extremely important right, and one that every borrower should be aware of in advance of signing loan papers. Homeowners may recoup the Right of Rescission at any time if the loan is fraudulent. There is no statute of limitations on fraud. See complete report at http://right-of-rescission.com/default.aspx
Website: http://mortgage-home-loan-bank-fraud. ...
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19 November 07 - 16:52Predatory Lending is Illegal
Below are some tips to avoid predatory lenders.
If I pledge my home as security for a consumer loan, what dangers do I face?
If you own a home it is likely to be your greatest single asset. Unfortunately, if you agree to a loan that is based on the equity which you have in your house, you are putting your most valuable asset at risk. You should be careful because certain abusive or exploitive lenders (Commonly called Predatory Lenders) target home owners (particularly the elderly, minorities, low income persons and those with poor credit ratings). Although there are many reputable lenders, the past few years have seen an increase in the Mortgage credit market. Luckily, there is some protection under both federal and state law. First, Congress passed the "Truth in Lending Act" (TILA) in 1968. TILA can be found at 15 U.S.C. 1600 et. seq. It is implemented by the Federal Reserve Board's Regulation Z at 12 CFR, Part 226 and by the Federal ...
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