Predatory Lending Blamed for Pennsylvania Foreclosures
By Patricia Sabatini, Pittsburgh Post-Gazette
RISMEDIA, March 18 – (KRT) – The chief of Pennsylvania’s banking department said he will push for a host of reforms, including tougher laws and penalties, to reduce a growing crush of people losing their homes to foreclosure.
Banking Secretary Bill Schenck tied much of the problem to so-called “predatory lenders” using “immoral, illegal and unethical practices” to collect fees and commissions selling mortgages to borrowers who have no hope of keeping up.
Those practices have led to Pennsylvania having one of the highest foreclosure rates in the country, he said.
Some of those practices include financing the highest possible loan without regard to the payment ability of the borrower; hiding or inadequately explaining fees, costs or rates being charged; imposing excessive fees or “packing” extras into the loan such as credit life or disability insurance; falsifying information on the loan application or inflating real estate appraisals to get the loan approved; and lending in connection with home improvement scams.
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WHICH STATES FILED SUIT WHO IS NAMED IN THE SUITS, ETC.
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B MARKS
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