Programs that provide information and guidance and/or legal representation for people who believe that they are victims of unscrupulous lending institutions that have pressured them into signing a loan agreement they cannot afford putting them at risk of losing their homes. 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, minorities who are struggling financially, and people residing in communities underserved by traditional banking institutions.
Taxonomy Code: DD-5000.1800-640
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