Sub-prime borrowers qualify for prime rates
Someone who borrows $100,000 for 30 years at 8 percent interest will pay about $150 more a month than a borrower who receives the same size loan at an interest rate of 5.75 percent.
An estimated thirty to forty percent of borrowers that received a sub-prime loan qualfied for a regular loan. Instead, they pay an extra $150 per month.
Predatory lending is not driven by higher risk. It is predatory because the lender is getting away with something because they can. When the lender scams the elderly it becomes a matter of national concern.
Household International scammed, evicted, and ultimately forgave a loan to an 89 year old. It was the start of Household’s $484 million nationwide settlement.
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