Predatory Lending

Iowa AG Targets Predatory Lending, Subprime Lenders 

Iowa Attorney General Tom Miller unveiled a package of legislative proposals aimed at predatory mortgage lending earlier this week, including a proposal to abolish stated-income lending in the state as well as an effort to limit the discount points borrowers can pay at closing to obtain a mortgage. “Predatory lending exploits consumers,â€? Miller said. “We are trying to outlaw some questionable practices that cause consumers to pay too much and get trapped in high-cost loans. In the worst cases, consumers can’t make their loan payments, and they lose their homes.â€?