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Predatory Lending Awareness Programs

Code: BH-3700.6500

Programs that provide information and guidance which protect consumers who are considering homeownership, refinancing a mortgage loan or making major repairs from unscrupulous lending institutions which attempt to pressure them into signing loan agreements they cannot afford thus 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.

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