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Predatory Lenders Beware

July 2, 2002

Law Designed To Protect California Home Buyers From Unscrupulous Lenders Now In Effect

Inman News Features

A California state law designed to protect home buyers from predatory lenders is effective beginning today.

The legislation, AB 489, was signed by Gov. Gray Davis last fall and aims to ban lenders who ignore the financial ability of a borrower to repay a loan, hide the cost of credit insurance into the loan, encourage a consumer to default on an existing loan in order to refinance and who fail to make all required disclosures about the loan, according to the California Association of Mortgage Brokers.

CAMB is a non-profit organization that represents nearly 2,000 industry associates throughout California and provides ongoing education to industry members, maintains industry standards and supports efforts to increase consumer understanding of mortgage broker services.

Copyright: Inman News Service

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