How serious is predatory lending?
In the US predatory lending has been seen as bilking people out of almost $10 billion a year. Predatory lenders can create situations for people that result in the loss of their homes, businesses, vehicles or other property. In addition, predatory lenders can create financial disasters for people unable to pay their loans off at all. In some of the most serious cases of predatory lending the elderly or retirees, groups of people unfairly targeted by these businesses, are duped out of their entire retirement savings or their homes that theyve lived in for decades. People who have saved money their entire lives can have it all disappear in a matter of months. Because of the high concentration of the elderly and immigrant families who are unfamiliar with the laws of the US the Southern California region has seen a significant rise in predatory lending practices.
