AgentMortgage

Is predatory lending a thing of the past?

New consumer safeguards proposed

Predators have come to the party wearing a variety of hats, yet their intent clearly is common. Webster's gives the definition of "predatory" as "relating to, or practicing plunder, pillage or rapine … showing a disposition to injure or exploit others for one's own gain … " In the home mortgage business, predators historically have jockeyed to the most vulnerable rung of the housing ladder, seeking to "dine and dash" with the least suspecting group of borrowers having to pay the bill. The past few years, more and more borrowers were hit with loan presentations that seemed too good to be true. It's been a big piece of the current mortgage mess. If you don't get loan jargon or don't speak English as your primary language, you can easily find yourself as a target. That's why housing officials are now pushing for more safeguards against predatory lending, hoping to curb the quick-hit artists who have no intention of spending years in the home-m...