AREAS OF PRACTICE

 

Lending & Credit Abuses

 

- Predatory Lending

 


 

Class Action Litigation

 

Lending & Credit Abuses

 

Consumer Fraud

 

 

We see the term “predatory lending” a lot these days, and the practices it represents have become all too common. These are most obviously seen in the mortgage market, but such abusive business practices do occur in other financial transactions.

 

Predatory abuses can often be simple and direct, such as steering a consumer into a more expensive transaction than is necessary, or adding unnecessary or inappropriate insurance coverage to a loan. Lenders have also been identified as manufacturing more complicated scenarios, mortgage transactions where, over time, the consumer loses all equity and ends up owing amounts that are far out of line with the original debt.

 

There is no actual law that specifically addresses or defines the term “predatory lending,” but such cases often fall under the Truth-in-Lending-Act and the Fair Debt Collections Practices Act. At Michael P. Malakoff, we have substantial experience representing consumers under both acts.

 


 

New matter?

If you feel you have a situation that may be remedied by consumer class action litigation, please contact us, and we will be happy to talk with you about your situation. You will be under no obligation whatsoever.

 

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