Report: Cost of Predatory Lending
Posted by on October 28, 2005
The Coalition for Responsible Lending, in this report, quantifies the cost of several predatory lending practices to American homeowners. Using the best data available to us, w e estimate that U.S. borrowers lose $9.1 billion annually to predatory lending practices. For the most part, these practices are entirely legal under existing law; only changes to federal and state laws and regulations will significantly reduce this figure. Further, the magnitude of the problem, we believe, demonstrates that the most important lending issue today is no longer the denial of credit, but rather the terms of credit.
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