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    Stop! Illegal Predatory Lending: A Self-Help Guide
    Stop! Illegal Predatory Lending: A Self-Help Guide
    Stop! Illegal Predatory Lending: A Self-Help Guide
    Ebook117 pages1 hour

    Stop! Illegal Predatory Lending: A Self-Help Guide

    By D. Alex-Saunders-Sparks

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    About this ebook


    STOP Illegal Predatory Lending - Self-Help Guide has a dual purpose to inform the public about the crimes of lending predators but also to assist the individual person or families who may go through this ordeal. Thisbook should be in the hands of every person who has aloan or intends to get one. Also,every consumer organization that helps a troubled homeowner should have this book for reference. There are growing resources to help with this problem but when it happens you are never more alone until you take action. This guide is a useful and powerful tool to anchor you against the anxiety and depression that will & can occur when you are abused by the system. The information in this guide can create a mental state of confidence and strength to help you overcome the enormous task of taking action against the illegal money lenders.



    LanguageEnglish
    PublisherAuthorHouse
    Release dateOct 9, 2007
    ISBN9781452076119
    Stop! Illegal Predatory Lending: A Self-Help Guide
    Author

    D. Alex-Saunders-Sparks

    Ms. Alex-Saunders-Sparks has twenty-nine years experience in the real estate field, ten years in mortgage orientation and twenty years in developing homeownership programming inclusive of building new construction. However,   due to wrongful foreclosure, the author has fought off predatory debt collectors  for seven and half years.   The primary reason why this book was published  is lack of self-help and  ready information  to help consumers and attorneys  analyze their mortgage products.A major result is  free-hand abuse  given to debt collectors by the legal system.

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      Book preview

      Stop! Illegal Predatory Lending - D. Alex-Saunders-Sparks

      Contents

      INTRODUCTION

      What is Predatory Lending?

      Who Are the Alligators?

      Foreclosure Mania:news

      What Is Really Going On!

      Analyze Your Mortgage

      Analyze your Lender

      12 Checks For Illegal Predatory Practices

      Know Your Rights

      Steps To Recind Loan After Closing Of September, 1995

      Self-HELP Questions

      for Action Grid

      Self-help Action Grid

      Resources

      Public - eSearch - Lawsuits

      Appendix

      e-Title References

      INTRODUCTION

      STOP Illegal Predatory Lending - Self-Help Guide is a best effort to simplify a very complex and hidden issue of which we shall call ILL(nes). To understand background of & the extension of ILL is to understand fraud and greed.

      Let’s be clear what is known today as predatory lending is not illegal by many state standards. However many of practices are designed fraudulent to steal land by the way of premature foreclosures and slavery to debt. Both external and internal policies of the ILL lenders reveal that essentially the pattern of lending activity is similar to, if not blatant racketeering.

      The question is how can one protect one self? What can be done when your very home, your dreams and livelyhood is threaten by uncaring lenders with getting more money as their chief guide.

      What is Predatory Lending?

      Definition of predatory lending varies. However, more people are beginning to define this type of lending practices as more lawsuits and complaints arise everyday. The mortgage industry has recognized that types of fees that were once viewed as permissible in the past are now prohibited and illegal.

      The following definitions are results:

      Predatory lending is defined as intentionally placing consumers in loan products with significantly worse terms and/or higher costs than loans offered to similarly qualified consumers in the region for the primary purpose of enriching the originator and with little or no regard for the costs to the consumer. 18 October 2004 The California Mortgage Brokers Association

      Definitions of Predatory Lending on the Web:

      • A type of lending that falls between appropriate risk-based pricing and blatant fraud and combines certain products, terms, prices and practices. www.nuestracdc.org/MortgageTerminology.html

      • In the strictest and legal sense, predatory lending refers to secured loans such as home or car loans which are made by the lender with the intention that the borrower will not repay the loan, allowing the lender to seize the car or home and sell it for a profit. Colloquially, the term has been expanded to refer to the practice of convincing borrowers to agree to unfair and abusive loan terms…. en.wikipedia.orq/wiki/Predatory lending

       Who Are the Alligators?

      Subprime Lenders

      To date, various parties have used the term predatory lending to describe a wide range of abuses. Regulators, industry and advocates have not agreed on a single definition, but have used the term individually to refer to different practices and loan terms. This paper describes predatory lending as a set of loan terms and practices that falls between appropriate risk-based pricing by subprime lenders and blatant fraud. Thus, all subprime lending is not predatory, but typically relies on risk-based pricing to serve borrowers who cannot obtain credit in the prime market. The higher degree of risk associated with subprime borrowers requires a higher cost for a subprime loan.

      At the other end of the spectrum, cases of blatant fraud are predatory, but less common and can generally be combated with current criminal statutes. The most difficult cases arc those in which loan terms seem out of line with standard prices. In particular, high-cost loans coupled with unscrupulous practices that pressure a borrower into a loan are predatory. The paper sets forth three potential regulatory and legislative solutions that may address the issue of predatory lending.

      KnowledgePlex.

      Deborah Goldstein Joint Center for Housing Studies

      *********************************

      Payday Advances

      Payday loans are small-dollar, short-term, unsecured loans that borrowers promise to repay out of their next paycheck or regular income payment. Payday loans are usually priced at a fixed-dollar fee, which represents the finance charge to the borrower. Because these loans have such short terms to maturity, the cost of borrowing, expressed as an annual percent rate, can range from 300 percent to 1,000 percent, or more.

      Federal Deposit Insurance Corporation

      ********************************

      Credit Card Abuses

      Credit cards have become a common form of currency for millions of Americans. Between 1989 and 2001, according to Demos, credit card debt in the US almost tripled from $238 billion to $692 billion. Center for Responsible Lending.

      Credit cards issued by retail stores come with interest rates of up to twice as much as bank-issued cards, according to a study of 23 New York retailers. Senator Schumer, who released the study yesterday, said he would call upon the Federal Trade Commission to take action as soon as possible.

      A store credit card is like a wolf in sheep’s clothing, Mr. Schumer said. "You think you’re getting a real bargain at the register, but wait until the bill comes. Study: Stores’ Credit Cards Charge Up to Twice Interest of Bank Cards

      By ALEC MAGNET - Staff Reporter of the Sun

      Rental Centers

      Rent-to-Own companies rent merchandise, although the structure of the transaction is more like a loan because of the interest and credit insurance involved. These businesses charge a weekly or monthly rent for a stated period, after which the property is owned by the consumer. The store does not have to report how much it is charging in interest. If a borrower is late with a payment, there is no legal limit to how much interest the store can charge in finance charges, although the company usually repossesses the rental property. Under a typically rent-to-own contract, a consumer may pay as much as $2,200 over two years to purchase a $500 TV. Center for Responsible Lending.

      Auto Loans

      Ever heard of a yo-yo sale or a 1995 Dodge Neon that costs $45,000? Camp Pendleton’s Maj. Daniel P. Harvey has. He’s also heard of other schemes aimed at the pockets of service members living in San Diego County and elsewhere.

      After a decade of counseling Marines on financial matters, Paul Schumann, president of Vista’s S&P Finance Corp. has seen some pretty bad scams, including car loans with 30 percent interest rate.

      Pawn Shops

      Native Americans Exploited in the Marketplace Reservations are Surrounded by Predatory Businesses

      Native Americans are subjected to predatory and unfair business practices by a host of

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