Burlington-Camden County NJ Real Estate

Study: State Laws Against Predatory Mortgage Lending Work Without Cutting Off Credit

Posted at 10:41 AM, Feb. 28, 2006

RISMEDIA
Author: Beth Bresnahan
Publishing date: 02/27/06

RISMEDIA, Feb. 28 A study by the Center for Responsible Lending proves that laws against predatory lending thwart abusive lenders while in many cases increasing availability of credit for people who need it most.

"The Best Value in the Subprime Market: State Predatory Lending Reforms" is the most comprehensive study of its kind. Researchers examined more than 6 million subprime mortgages from 1998 through 2004, or three-quarters of all the loans in the subprime market during those years.

States with the strongest laws -- Massachusetts, New Jersey, New Mexico, New York, North Carolina, and West Virginia -- showed the largest declines in loans with predatory terms.

For the complete article go to:
http://tinyurl.com/po3k8

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