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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 o ...
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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 a ...
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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),
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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 financi ...
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Inner City Press
Inner City Press is a public interest organization founded by Matthew Lee, who serves as executive director. Inner City Press is best known for its investigations of the banking industry's treatment of low-income communities of color, at first within the United States and more recently around the world, for example with regard to HSBC, Deutsche Bank and others. In the spring of 2013, in the US, Inner City Press / Fair Finance Watch has raised fair lending issues regarding Investors Bank. In 2018, Inner City Press / Fair Finance Watch challenged a merger by People's United Bank. In 2018, Inner City Press' resident correspondent status at United Nations (UN) was downgraded to non-resident correspondent. In August 2018, Lee was permanently banned from the UN premises because of his non compliance with the restrictions of his new non-resident correspondent status History Inner City Press was founded in 1987 in the South Bronx of New York City. Its first projects involved under-h ...
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AARP
AARP (formerly called the American Association of Retired Persons) is an interest group in the United States focusing on issues affecting those over the age of fifty. The organization said it had more than 38 million members in 2018. The magazine and bulletin it sends to its members are the two largest-circulation publications in the United States. AARP was founded in 1958 by Ethel Percy Andrus, a retired educator from California, and Leonard Davis, who later founded the Colonial Penn Group of 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. History According to the group's official history, AARP evolved from the National Retired Teachers Association (NRTA), which Dr. Ethel Percy Andrus had established in 1947 to promote her philosophy of productive aging, and to promote health insurance for retired teachers. In seeking group insurance coverage for retired tea ...
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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 movements for greater equality." Its current executive director Executive director is commonly the title of the chief executive officer of a non-profit organization, government agency or international organization. The title is widely used in North American and European not-for-profit organizations, though ... is Jeanette Huezo. References External links * {{official, http://www.faireconomy.org/ Economic advocacy groups in the United States Anti-globalization organizations ...
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American Civil Liberties Union
The American Civil Liberties Union (ACLU) is a nonprofit organization founded in 1920 "to defend and preserve the individual rights and liberties guaranteed to every person in this country by the Constitution and laws of the United States". The ACLU works through litigation and lobbying, and has over 1,800,000 members as of July 2018, with an annual budget of over $300 million. Affiliates of the ACLU are active in all 50 states, the District of Columbia, and Puerto Rico. The ACLU provides legal assistance in cases where it considers civil liberties to be at risk. Legal support from the ACLU can take the form of direct legal representation or preparation of ''amicus curiae'' 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 that have been established by its board of directors. Current positions of the ACLU include opposing the deat ...
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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 prio ...
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Association Of Community Organizations For Reform Now
The Association of Community Organizations for Reform Now (ACORN) is an international collection of autonomous community-based organizations that advocated 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 thro ...
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Balloon Payment
A balloon payment mortgage is a mortgage which 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.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 payments based on a thirty-year amortization.
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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 percenta ...
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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 "Tom" Denning, Baron Denning (23 January 1899 â€“ 5 March 1999) was an English lawyer and judge. He was called to the bar of England and Wal ...
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