Financial Crisis and Predatory Lending Term Paper

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Many laws have been successful in restricting such practices in order to avoid a similar situation in the future. Today, "when a mortgage borrower wins a rescission case in court, the bank loses the right to foreclose, and has to give up all profits from interest and fees on the loan" (Carter, 2012). However, just a few years after predatory lending caused so much damage, there are already movements to once again make it a possible scenario for contemporary lenders. The research posits that "under the Fed's new proposal, however, borrowers would be required to pay off the balance of the loan before the bank loses its right to foreclose -- that means borrowers could still lose their homes, even in cases where banks have broken the law" (Carter, 2012).

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Only time will tell whether or not law makers attempt at reining in financial predators will actually work. As of right now, we are still within the depths of the recession and have a long way to go before we can think of ourselves as fully healed.

Conclusion

Typically, "new-home building and sales of existing homes historically have been leading economic indicators, pointing the way to robust recovery after a downturn. In the current cycle, however, that hasn't happened" (Geffner, 2012). In fact, the housing market is now a scary realm to many was just trying to piece their lives back together. Hopefully the future will bring with it financial stability for all Americans, from the average everyday person to the multinational corporations......

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"Financial Crisis And Predatory Lending" (2012, December 11) Retrieved May 21, 2024, from
https://www.aceyourpaper.com/essays/financial-crisis-predatory-lending-77024

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"Financial Crisis And Predatory Lending" 11 December 2012. Web.21 May. 2024. <
https://www.aceyourpaper.com/essays/financial-crisis-predatory-lending-77024>

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"Financial Crisis And Predatory Lending", 11 December 2012, Accessed.21 May. 2024,
https://www.aceyourpaper.com/essays/financial-crisis-predatory-lending-77024
   

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