Term Predatory Lending Assistance
Code DM-1800.6400
Definition Programs that provide assistance for people who believe they are victims of unscrupulous lending institutions that have pressured them into signing a loan agreement they cannot afford. Predatory lending tactics include high pressure sales techniques; misleading or fraudulent direct mail campaigns; failure to disclose unusually high interest rates, hidden transaction costs, excessive fees and punitive penalty clauses such as balloon payments; and loan agreements that are based on home equity rather than a realistic ability to repay. Predatory lenders frequently target the most vulnerable consumers including older adults, low income individuals, and people residing in communities underserved by traditional banking institutions.
Created 3/10/10
Changed 1/26/11
Use References Loan Shark Victim Assistance
See Also References Foreclosed Property Redevelopment Programs (TB-3000.2000)
Foreclosure Prevention Loan Modification/Refinancing Programs (BH-3500.3400-300)
Loan Counseling (DM-4000)
Mortgage Delinquency and Default Counseling (DM-1800.5000)
Mortgage Fraud Reporting (FN-1700.1470-520)
Mortgage Modification Scam Reporting (FN-1700.1470-523)
Predatory Lending Awareness Programs (BH-3700.6500)
External Classification Terms Financial (ACH F-01)
Financial Counseling (NPC P05.15)
Financial Counseling (NTE P51)
Income Support/Assistance (AIRS IC-330)
Income Support/Financial Assistance (CAN IC-330)
Personal Financial Management Counseling (UW 1.4.16.01)
Related Concepts Ex-Offender/Reentry Services
Financial Services/Benefits
Facet Service
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Bibliographic References

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