Question:

How is HUD fighting to restrict predatory lending practices?

Answer:

HUD has been involved in curbing predatory lending since 1999. They have been trying to combat it through consumer education and research, legislation, enactment against lenders, underwriters and brokers.

Victims of predatory lending practices are advised to contact federal agencies that specialize in limiting predatory lending.

According to HUD, how to act in case of predatory lending?

File a discrimination complaint. If you feel you have been discriminated in the mortgage process, as happens to Hispanics and Afro-Americans, you can file a discrimination complaint, according to the Fair Housing Act. Contact HUD's Office of Fair Housing to receive help and information how to file a complaint.

File a complaint against your lender in case RESPA disclosure requirements are not met. To inform yourself of GFE, HUD-1 and escrow account requirements, make sure you read RESPA settlement procedures.

If your lender threatens to foreclose on your home, contact HUD or a housing counseling agency.

The Federal Trade Commission and the Federal Reserve Board are the agencies to report predatory lending practices on the part of the lender for non-FHA loans. For FHA loans, contact FHA.

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