BANKING AND FINANCE Credit or Loan Discrimination; Define and Prohibit Abusive Home Loan Practices; Provide for Prohibited Practices and Limitations for Covered Home Loans and High-Cost Home Loans Create Consumer Protections for Covered Home Loans and High-Cost Home Loans; Provide for Penalties and Enforcement; Provide Exceptions for Unintended Violations; Provide for Severability
Harris, Leetra & Nichols, Brian
Abstract
The Act defines and prohibits abusive home loan practices, commonly termed predatory lending. It prohibits certain practices and limits others on covered home loans and high-cost home loans. It creates consumer protections regarding these loans and provides for penalties and enforcement while creating exceptions for unintended violations.