Mortgage Fraud and Predatory Lending. HUD Brochure oanfraudbroc.pdfhttp://www.hud.gov/offices/hsg/sfh/buying/l.

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Mortgage Fraud and Predatory Lending

HUD Brochure oanfraudbroc.pdfhttp:// oanfraudbroc.pdf

Predatory Lending Deception, fraud Manipulating borrowers through aggressive sales tactics Taking unfair advantage of borrowers Loan terms that are abusive Occurs primarily in the subprime lending market

Predatory Lending--Practices Loan flipping Asset flipping Excessive fees or packing Lending without regard for ability to repay Loan terms that are abusive Collusion among players in the market

Predatory Lending--Examples Misrepresenting loan terms Encouraging borrowers to misrepresent income, etc. Providing borrowers equity from the seller

Predatory Lending Best defenses – education of borrowers – making sure all transactions are arms length –creating a competitive climate in your program –education/ awareness of program managers