Tag Archives: BadLoans

Consumer Protections Could Be Lessening: Watch Out for Unfair Lending Practices

There are actions being taken in Congress right now to lessen the strength of agencies designed to keep consumers safe from unfair practices, such as the Consumer Financial Protection Bureau (CFPB). Some politicians criticize these agencies, claiming that they are harming businesses that are just trying to operate as they have been. In a country ravaged by unfair lending practices and student debt, consumers need to be very careful when engaging in transactions with these companies. Another target is the Dodd-Frank wall street reform passed in 2010, following the great recession. This rule strengthened regulation on financial industries and lending practices. Unfair lending tactics can be illegal, and learning what they are can help you find out if you are being victimized. Watch Out for These Unfair Lending Practices Loan flipping: This practice occurs when borrowers are convinced to refinance their mortgage with the promise of more money coming back…
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