Federal Agencies Publish Consumer Brochure on Predatory Lending
The federal Interagency Task Force on Fair Lending has published a new brochure that alerts consumers to potential borrowing pitfalls, including high-cost home loans, and provides tips for getting the best financing deal possible. The brochure, Putting Your Home on the Loan Line Is Risky Business, warns that regardless of whether a home equity loan is for a home repair, bill consolidation, or some other purpose, it is important to shop around.
Borrowing from an unscrupulous lender, especially one that offers a high-cost loan using the home as security, could result in the loss of the borrower's home and money. The brochure cautions that certain lenders--often called "predatory lenders"--target homeowners with low incomes of credit problems, including the elderly, by deceiving them about loan terms or giving them loans they …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Federal Agencies Publish Consumer Brochure on Predatory Lending. Contributors: Not available. Journal title: Federal Reserve Bulletin. Volume: 89. Issue: 11 Publication date: November 2003. Page number: 465+. © 1999 Board of Governors of the Federal Reserve System. COPYRIGHT 2003 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.