Consumer Protection: Federal and State Agencies Face Challenges inCombating Predatory Lending

United States. General Accounting Office.

United States. General Accounting Office.

关键词: Government accountability -- United States.;    business regulation and consumer protection;    consumer protection;    chapter report;   

RP-ID  :  GAO-04-280
RP-ID  :  157516

美国|英语

来源: UNT Digital Library

【 摘 要 】

A chapter report issued by the General Accounting Office with an abstract that begins "While there is no universally accepted definition, the term "predatory lending" is used to characterize a range of practices, including deception, fraud, or manipulation, that a mortgage broker or lender may use to make a loan with terms that are disadvantageous to the borrower. No comprehensive data are available on the extent of these practices, but they appear most likely to occur among subprime mortgages--those made to borrowers with impaired credit or limited incomes. GAO was asked to examine actions taken by federal agencies and states to combat predatory lending; the roles played by the secondary market and by consumer education, mortgage counseling, and loan disclosure requirements; and the impact of predatory lending on the elderly."