Journal Article

High profile predatory lending cases

Abstract: This article provides an update on litigation to address predatory lending. The Federal Trade Commission (FTC) has been leader in the fight against deceptive and abusive mortgage lending and has consistenly waged a vigorous enforcement effort to eradicate predatory practices by lenders. The National Association of Attorney General (NAAG) has also been a major force combating predatory lending through a combined and coordinated effort by state officials. Further, some cases have been settled through a joint effort of the governmental agencies and private plaintiffs' counsel. In the past year, over $784 million in consumer redress was obtained for deceptive lending practices. Following are summaries of the highest profile cases.

Keywords: Mortgages; Predatory lending;

Bibliographic Information

Provider: Federal Reserve Bank of Chicago

Part of Series: Profitwise

Publication Date: 2003

Issue: Spr

Pages: 2-5