- Supreme Court rules cities can sue banks for predatory lending
- Predatory Lending and Unfair Practices
Supreme Court rules cities can sue banks for predatory lending
Global Reach. Contact Our Firm. Predatory Lending, Equity Stripping And Deceptive Lending Practices In recent years, more and more banks have been engaged in predatory lending, equity stripping and other questionable practices. Lawyers Experienced In Banking Litigation Our attorneys are experienced in consumer protection involving deceptive lending practices.
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Discuss Your Legal Needs. Connect With Us. You need to protect your home, your family, and your future if you have been taken advantage of through predatory lending.
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Turn to our Orange County real estate lawyers who know the law and can petition for your rights. Our experienced firm can work to help keep you in your home, put a stop to all foreclosure proceedings while the suit is pending, keep the lender from reporting negative information to credit reporting agencies, and obtaining financial damages for you.
sebugetuxi.tk Make sure you have a highly-skilled Los Angeles real estate attorney with you who understands how litigation works to ensure your home. While some laws and regulations do exist to protect the borrower, they are complicated and limited in their reach.
Here are some of the protections afforded by current law:. Protections from Abusive Lending Practices. While this law goes a long way to prevent predatory lending, unfortunately it only applies to certain purchase-money mortgages, refinances; closed-end home equity loans; and open-end credit plans. Protections Against False or Misleading Statements.
TILA also creates specific rules for close-end accounts such as home or auto loans and open-ended accounts such as credit cards , but the law does not restrict the amount of interest the bank may charge or require the bank to extend credit. For consumers who are refinancing a residential mortgage, TILA gives the borrower the right to rescind—or cancel—the loan within three days without losing any money.
Predatory Lending and Unfair Practices
Additionally, many states have laws that forbid fraudulent or deceptive business practices. These laws could give a borrower a cause of action if the lender made all of the required disclosures, but also made fraudulent statements or other misrepresentations that tricked the borrower into signing the loan.
Protections Against Discriminatory Lending.