Predatory lending is a general term used to describe several deceptive and fraudulent business tactics used by the mortgage industry. Much of the real estate boom in the last decade may be attributed to relaxed lending standards and questionable loan practices. Among those practices include illegal or fraudulent acts by banks to approve loans to generate fees, abusive loan terms, high prepayment penalties, and loans targeted at fringe groups. These groups include minorities, non-english speaking populations, and senior citizens. If you or someone you know purchased a home in the last five years and their original loan was questionanable, they may be a victim of predatory lending. For more information on predatory lending and whether you have a valid cause of action, contact the Riverside Attorneys at De Novo Law Firm.
