Designing solutions for problems of 'predatory lending' first requires understanding when it exists
Thursday, September 4, 2008 - 11:49
in Mathematics & Economics
There is not a universally accepted definition of predatory lending by policy makers, regulators or people involved in the mortgage business. Predatory lending has been equated to mortgage abuse, mortgage fraud, loans with hidden prepayment penalties or even the legally acceptable loans that simply offer higher interest rates, or any other unethical practices in a mortgage transaction.