Lawyers: Just what IS "predatory lending"?

[BlooInBloo]

About the only thing my non-legal mind can come up with is "lending with the intent/reasonable expectation that the borrower not be able to pay back the loan".

But that's a "intent"-centric kind of concept. Is there a non-intentocentric legal notion of "predatory lending"?

[Squatch]

1. From Wikipedia

"the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against."

[notadmblnd]

2. payday advance stores are an example of predatory lenders

[Egalitariat]

6. Except they're not deceptive. They tell people exactly how they're going to screw them up front***

nm

[NNN0LHI]

3. Used to call then loan sharks

Now we call them credit card companies.

Don

[sandnsea]

4. Pushing a loan with an ARM

when the borrower qualifies for a fixed rate that is nearly the same in order to make more money off of the ARM or other high risk loan. They should be required to provide all options.

[fed-up]

5. in my case it was bait and switch-application shows fixed rate-at title co papers said ARM

also mortgage broker tried to get me to take out more than I needed to pay off CC debt
I was terrified I couldn't get another loan so I signed anyway, yes, foolish on my part

also NO documentation of my income was needed-

luckily I sold my home when it reset at end of 2006 and bought down, I am one of the lucky ones that listened to the posters on DU saying - Get out of debt

I was panicking and struggling to make those few 50% higher payments when it reset

also loan ap shows that payment would remain same on reset-huge lie

what I should have done was file for bankrupcty when I couldn't pay off cc's

but I knew I had run up the bills when sick and was trying to be a "good person"

now I am stuck in a non-disclosed to me former meth lab with no funds for a lawyer to rescind the contract :(