Predatory Lending Redefined In 2007
A few years ago our team at Household - HSBC Watch defined predatory lending as “the practice of imposing inflated interest rates, fees, charges, and other onerous terms on home mortgage loans not because the imperatives of the market require them, but because the lender has found a way to get away with them.”
Looking back over the years, and after studying consumer complaints, we took a second look at our definition due to trends we’ve seen in credit card payment processing.
The new definition of predatory lending, as defined by Household - HSBC Watch Consumer Advocates, reads as follows:
“The practice of imposing inflated interest rates, fees, charges, binding arbitration, and other onerous terms on any type of loan not because the imperatives of the market require them, but because the lender found a way to get away with them”
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