To find a model for national legislation, many lawmakers need look no further than their own backyards. People who live in states with strong laws against predatory lending are more likely to get responsible mortgages at a lower cost.
Our findings show that state laws enacted to prevent predatory mortgage lending work as intended to reduce abusive loan terms without impeding credit. Strong state laws have been good for consumers while supporting a thriving subprime lending market. They provide credit-strapped families with plenty of access to responsible home loans at typical -- or even lower -- costs. At least 24 states have passed specific anti-predatory lending laws to supplement federal protections aimed at ending abusive mortgage lending practices.
The Best Value in the Subprime Market: State Predatory Lending Reforms
Contributing Organization(s): Center for Responsible Lending
Author(s)/Creator(s): Wei Li; Keith S. Ernst
Publishing Date: 2006-02-01
Issue Areas: Economic Development; Government Reform; Housing and Homelessness
Ownership/Rights Info: Copyright 2006, Center for Responsible Lending
File info: 31 pages; 435.15 KB file size
Access this research:
Votes: 4 | Average Rating: 2
Click to add your rating!
Click to add your rating!
Related Research
Explore related research listed in the same issue areas.
Related research:
- Property Values and Taxes in Southeastern Wisconsin
- Understanding Predatory Lending: Moving Toward a Common Definition and Workable Solutions
- Where Will the Pain Be? OCPP's subprime maps can help legislators target education about foreclosure scams addressed by HB 3630
Share and Share Alike
The golden rule at IssueLab ... share the knowledge, share the love!
