HUD battles predatory lending
Lynne Schreiber / Special to The Detroit News
While the U.S. Department of Housing and Urban Development (HUD) has made great efforts to stop what is known as predatory lending, it still exists and buyers must beware. More and more people are gaining access to mortgage capital in an attempt to help Americans become homeowners, according to the HUD Web site, www.hud.gov.
Yet, despite such progress, "too many families are suffering because of a growing incidence of abusive practices in a segment of the mortgage lending market," it said.
"Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that are beginning to enjoy the fruits of our nation's economic success."
For seven years, HUD has been trying to actively combat such practices. The Web site offers research and reports on this problem.
Victims of such fraud can be helped by several government agencies, which can be accessed through the HUD Web site or by calling these local agencies:
The Detroit Alliance for Fair Banking, 76 Lothrop, Detroit, MI 48202. (313) 871-9050
State of Michigan Attorney General Predatory Lending Hotline, (800) SOLVE88.
Don't Borrow Trouble. (313) 823-8610.
Article Submitted By:
John Lopez
Budget Realty
Livonia, MI
Cell: 313-258-1001
Top Secret Fax: 480-393-4049
RealEstateMichigan@Yahoo.Com
www.MichiganInvestorNetwork.com
Lynne Schreiber / Special to The Detroit News
While the U.S. Department of Housing and Urban Development (HUD) has made great efforts to stop what is known as predatory lending, it still exists and buyers must beware. More and more people are gaining access to mortgage capital in an attempt to help Americans become homeowners, according to the HUD Web site, www.hud.gov.
Yet, despite such progress, "too many families are suffering because of a growing incidence of abusive practices in a segment of the mortgage lending market," it said.
"Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that are beginning to enjoy the fruits of our nation's economic success."
For seven years, HUD has been trying to actively combat such practices. The Web site offers research and reports on this problem.
Victims of such fraud can be helped by several government agencies, which can be accessed through the HUD Web site or by calling these local agencies:
The Detroit Alliance for Fair Banking, 76 Lothrop, Detroit, MI 48202. (313) 871-9050
State of Michigan Attorney General Predatory Lending Hotline, (800) SOLVE88.
Don't Borrow Trouble. (313) 823-8610.
Article Submitted By:
John Lopez
Budget Realty
Livonia, MI
Cell: 313-258-1001
Top Secret Fax: 480-393-4049
RealEstateMichigan@Yahoo.Com
www.MichiganInvestorNetwork.com
posted by Ralph Marcus (Mark) Maupin | 5:33 PM
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