|
Predatory Lending
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined. Though there are laws against some of the specific practices commonly identified as predatory, various federal agencies use the phrase as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not be confused with predatory mortgage servicing which is mortgage practices described by critics as unfair, deceptive, or fraudulent practices during the loan or mortgage servicing process, post loan origination. One less contentious definition ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loan Origination
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process. Loan servicing covers everything after disbursing the funds until the loan is fully paid off. Loan origination is a specialized version of new account opening for financial services organizations. Certain people and organizations specialize in loan origination. Mortgage brokers and other mortgage originator companies serve as a prominent example. There are many different types of loans. For more information on loan types, see the loan and consumer lending articles. Steps involved in originating a loan vary by loan type, various kinds of loan risk, regulator, lender policy etc. Application process Applications for loans may be made through several different channels an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Refund Anticipation Loan
Refund anticipation loan (RAL) is a short-term consumer loan in the United States provided by a third party against an expected tax refund for the duration it takes the tax authority to pay the refund. The loan term was usually about two to three weeks, related to the time it took the U.S. Internal Revenue Service to deposit refunds in electronic accounts. The loans were designed to make the refund available in as little as 24 hours. They were secured by a taxpayer's expected tax refund, and designed to offer customers quicker access to funds. The costs to the borrower could be significant compared to other lending and some consumer organizations warned consumers of the risk involved in this type of loan. They are a largely discontinued financial product and beginning with the 2013 tax filing season, they have been largely replaced with the similar refund anticipation checks (RAC), [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HSBC Finance
HSBC Finance Corporation is a financial services company and a subsidiary of HSBC Holdings. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States. HSBC Finance Corporation was formed from the legal entity that had been known as Household International—shortly after Household International settled for US$486 million in charges pertaining to predatory lending, after burning through $389 million in legal fees and expenses—and is now expanding its consumer finance model via the HSBC Group to Brazil, India, Argentina and elsewhere. HSBC Finance Corporation's subsidiaries primarily provide real estate secured loans, auto finance loans, MasterCard and Visa credit card loans, private label credit cards, personal non-credit card loans and specialty insurance products to middle-market consumers. History Origins Household Finance Corp. was founded in 1878 by Frank MacKey of Minneapolis, Minnesota. It claims that in 1895 it was the first financ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inner City Press
Matthew Lee is an American public interest lawyer, author of the self-published novel ''Predatory Bender'', and founder of two non-profit organizations, Inner City Press and Fair Finance Watch. Lee is known for breaking stories and in recent years for live-tweeting Manhattan federal court trials. Other journalists have described him as being prone to conspiracy theories, derailed by clunky writing, unorthodox methods, and questionable news judgment. Some of Lee's former colleagues have accused him of printing gossip, rumors and lies. The President of the United Nations Correspondents Association said Lee is "brilliant" but his behavior was increasingly unpredictable and he "can ask smart questions, but accuses people of things that don’t exist." Confrontations with Lee have led to journalists calling the police and United Nations security. Personal life Lee was born in Washington, D.C., to parents of Chinese and Anglo descent. His father was in the U.S. Foreign Service. A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AARP
AARP, formerly the American Association of Retired Persons, is an interest group in the United States focusing on issues affecting those 50 and older. The organization, which is headquartered in Washington, D.C., said it had more than 38 million members as of 2018. The magazine and bulletin it sends to its members are the two largest-circulation publications in the United States. AARP was formed in 1958 by Ethel Percy Andrus, a retired educator from California, and Leonard Davis, who later founded Colonial Penn's insurance companies. It is an influential lobbying group in the United States. AARP sells paid memberships, and markets insurance and other services to its members. Overview AARP is a nonpartisan 501(c)(4) nonprofit that advocates for older Americans on a number of federal health and fiscal issues such as Medicare and Social Security, and at the state and local level for better community healthcare services and lower utility rates. It fights age discrimination ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United For A Fair Economy
United for a Fair Economy (UFE) is an American left-leaning nonprofit organization. Co-founded by Chuck Collins and Felice Yeskel in 1995, it describes itself as "raising awareness that concentrated wealth and power undermine the economy, corrupts democracy, deepens the racial divide, and tears communities apart...supporting and helping build social movement A social movement is either a loosely or carefully organized effort by a large group of people to achieve a particular goal, typically a Social issue, social or Political movement, political one. This may be to carry out a social change, or to re ...s for greater equality." Its current executive director is Jeanette Huezo. References External links * {{official, http://www.faireconomy.org/ Economic advocacy groups in the United States Anti-globalization organizations 1995 establishments in the United States ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Civil Liberties Union
The American Civil Liberties Union (ACLU) is an American nonprofit civil rights organization founded in 1920. ACLU affiliates are active in all 50 states, Washington, D.C., and Puerto Rico. The budget of the ACLU in 2024 was $383 million. The ACLU provides legal assistance in cases where it considers civil liberties at risk. Legal support from the ACLU can take the form of direct legal representation or preparation of ''amicus curiae'' brief (law), briefs expressing legal arguments when another law firm is already providing representation. In addition to representing persons and organizations in lawsuits, the ACLU lobbies for policy positions established by its board of directors. The ACLU's current positions include opposing the Capital punishment in the United States, death penalty; supporting Same-sex marriage in the United States, same-sex marriage and the LGBT adoption in the United States, right of LGBTQ+ people to adopt; supporting reproductive rights such as Birth c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Housing And Urban Development
The United States Department of Housing and Urban Development (HUD) is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. It is headed by the secretary of housing and urban development, who reports directly to the president of the United States and is a member of the president's Cabinet. Although its beginnings were in the House and Home Financing Agency, it was founded as a Cabinet department in 1965, as part of the " Great Society" program of President Lyndon B. Johnson, to develop and execute policies on housing and metropolises. History The idea of a department of Urban Affairs was proposed in a 1957 report to President Dwight D. Eisenhower, led by New York governor Nelson A. Rockefeller. The idea of a department of Housing and Urban Affairs was taken up by President John F. Kennedy, with Pennsylvania Senator and Kennedy ally Joseph S. Clark Jr. listing it as one of the top seven legislative pri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Association Of Community Organizations For Reform Now
The Association of Community Organizations for Reform Now (ACORN) is a left-wing community-based organization that advocates for low- and moderate-income families by working on neighborhood safety, voter registration, health care, affordable housing, and other social issues. They, along with a number of other community unions, are affiliated under ACORN International. Organization In the US, ACORN was composed of a number of legally distinct nonprofit entities and affiliates including a nationwide umbrella organization established as a 501(c)(4) that performed lobbying; local chapters established as 501(c)(3) nonpartisan charities; and the national nonprofit and nonstock organization, ACORN Housing Corporation. ACORN's priorities included: better housing and wages for the poor, more community development investment from banks and governments, better public schools, labor-oriented causes and social justice issues. ACORN pursued these goals through demonstrations, negotiatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balloon Payment
A balloon payment mortgage is a mortgage that does not fully amortize over the term of the note, thus leaving a balance due at maturity.Wiedemer, John P, ''Real Estate Finance, 8th Edition'', p 109-110 The final payment is called a ''balloon payment'' because of its large size. Balloon payment mortgages are more common in commercial real estate than in residential real estate today due to the prevalence of mortgages with longer periods of amortization, in particular, the 30-year fixed-rate mortgages.Fabozzi, Frank J. (ed), ''Handbook of Mortgage-Backed Securities, 6th Edition'', p 1125 A balloon payment mortgage may have a fixed or a floating interest rate. The most common way of describing a ''balloon loan'' uses the terminology ''X'' due in ''Y'', where ''X'' is the number of years over which the loan is amortized, and ''Y'' is the year in which the principal balance is due. An example of a balloon payment mortgage is the seven-year Fannie Mae Balloon, which features monthly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negative Amortization
In finance, negative amortization (also known as NegAm, deferred interest or graduated payment mortgage) occurs whenever the loan payment for any period is less than the interest charged over that period so that the outstanding balance of the loan increases. As an amortization method the shorted amount (difference between interest and repayment) is then added to the total amount owed to the lender. Such a practice would have to be agreed upon before shorting the payment so as to avoid default on payment. This method is generally used in an introductory period before loan payments exceed interest and the loan becomes self-amortizing. The term is most often used for mortgage loans; corporate loans with negative amortization are called PIK loans. Amortization refers to the process of paying off a debt (often from a loan or mortgage) through regular payments. A portion of each payment is for interest while the remaining amount is applied towards the principal balance. The percentag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Best Evidence Rule
The best evidence rule is a legal principle that holds an original of a document as superior evidence. The rule specifies that secondary evidence, such as a copy or facsimile, will be not admissible if an original document exists and can be obtained. The rule has its roots in 18th-century British law, at a time when copies would be rewritten by hand and hence more vulnerable to inaccuracies. History and description The best evidence rule has its origins in the 18th century case ''Omychund v Barker'' (1780) 1 Atk, 21, 49; 26 ER 15, 33. Wherein Lord Harwicke stated that no evidence was admissible unless it was "the best that the nature of the case will allow." According to Blackstone's Criminal Practice, the best evidence rule in England and Wales, as used in earlier centuries, "is now all but defunct." Lord Denning Alfred Thompson Denning, Baron Denning, (23 January 1899 – 5 March 1999), was an English barrister and judge. He was called to the Bar of England and Wales in 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
