Predatory lending
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Predatory lending refers to deceptive practices used by lenders to take advantage of borrowers. During the subprime mortgage bubble of the past few years, many first-time homebuyers ended up with mortgage payments they could not afford, because the terms and conditions of the loans were confusing or misleading. Predatory mortgage lending was a major contributor to the surge in home foreclosures in 2008, as well as the current economic and financial crisis.[1]
References
- ↑ Credit Crisis Glossary, Predatory Lending. econ4u.org.
