United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2004-01-30 monographic deposited born digital 127 p. GA 1.13:GAO-04-280 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-04-280 P0b002ee18038d88f f:d04280 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-04-280 machine generated eng fdlp REPORT GAOREPORTS-GAO-04-280 GAO-04-280 Consumer education Consumer protection Elderly persons Federal law Fraud Information disclosure Lending institutions Loan interest rates Mortgage loans State law Truth-in-lending law Other Written Product A09188

While there is no universally accepted definition, the term "predatory lending" is used to characterize a range of practices, including deception, fraud, or manipulation, that a mortgage broker or lender may use to make a loan with terms that are disadvantageous to the borrower. No comprehensive data are available on the extent of these practices, but they appear most likely to occur among subprime mortgages--those made to borrowers with impaired credit or limited incomes. GAO was asked to examine actions taken by federal agencies and states to combat predatory lending; the roles played by the secondary market and by consumer education, mortgage counseling, and loan disclosure requirements; and the impact of predatory lending on the elderly. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-280/html/GAOREPORTS-GAO-04-280.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-280/pdf/GAOREPORTS-GAO-04-280.pdf GAO-04-280 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-04-280 Other Written Product GAO-04-280; Consumer Protection: Federal and State Agencies Face Challenges in Combating Predatory Lending; Consumer education Consumer protection Elderly persons Federal law Fraud Information disclosure Lending institutions Loan interest rates Mortgage loans State law Truth-in-lending law Title 12 Section 1818 12 U.S.C. 1818 Volume 108 Page 2190-2198 108 Stat. 2190-2198 Public Law 103-325 Public Law 106-102 Public Law 108-159