Tag Archives: Predatory Lending

California legislators are pushing for the formation of a new watchdog agency to protect consumers from bad loans by “predatory lenders.”  California Assembly member Monique Limón told National Public Radio (NPR) that since the COVID outbreak, consumer complaints about financial wrongdoing in her state are ...

The new changes announced by Ginnie Mae are meant to protect veterans from predatory loan practices and ensure fair lending.

The lawsuit alleges that Wells Fargo refused to refinance these high-cost loans to minorities on the same terms for which they refinanced loans to white borrowers, which resulted in a disproportionate number of foreclosures that subsequently led to abandoned properties and neighborhood blight

Cook County says that the bank's alleged predatory lending practices resulted in a higher number of foreclosures, increased blight, and lower property taxes in urban Chicago. Bank of America was seeking to have the suit dismissed, claiming that the county lacked standing to sue and waited too long to initiate litigation. The bank also says the county did not prove that the bank violated the Fair Housing Act, according to reports.