predatory lending: Truth In Lending Changes Take Effect July 30, 2009 - 07/08/09 02:41 AM
Truth In Lending Changes Take Effect July 30, 2009Predatory lending practices played a large role in the recent global economic collapse. Those practices included funding loans with falsified information, hidden costs and charges. They also packaged subprime loans as prime loans and resold them to international investors. The resulting negative ramifications have been felt globally as the investments proved to be not what they appeared to be ... for the investor and the borrower. That has resulted in an assortment of laws and/or guidelines, Federal and State, intended to protect the consumer and the investor the latest of which takes effect … (9 comments)