Question:

What actions take state predatory lending task force teams?

Answer:

Due to multiplying foreclosure levels, federal and state authorities combine forces with the purpose of combating predatory lending. States are forming their own predatory lending task force to assist federal attempts to back up defaulted homeowners. Beside allocating funds to assist lenders and homeowners, states are passing their own legislation intended to limit subprime predatory lending opportunities.

Actions Taken By State Predatory Lending Task Force

Predatory lending task forces generally include government officials, housing attorneys, members from non-profit organizations, some state mortgage brokers and realtors.

States need to allocate millions of funds to support homeowners facing foreclosure and allow private lenders help homeowners through refinancing defaulted loans into more reasonable rates and terms. Beside mortgage assistance, state predatory lending task force teams focus on educating borrowers about homeownership, mortgages and predatory lending. Also, the increasing exposure to internet lenders has increased borrowers' chances to familiarize themselves with different mortgage instruments, but increases the exposure to internet mortgage fraud and scams.

In some states the Department of Labor has passed legislation against predatory lending.

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