Predatory Banking Practices
Behrend & Ernsberger, PC - Attorneys at Law, Pittsburgh, PA
Predatory banking practices start when banks stopped servicing their own debt
The Truth in Lending Act (TILA) is a federal law passed in 1968 to ensure that consumers are treated fairly by businesses in the lending marketplace and are informed about the true cost of credit. The TILA requires lenders to disclose credit terms in an easily understood manner so that consumers can confidently comparison shop interest rates and conditions.
Lenders must provide a Truth in Lending (TIL) disclosure statement that includes information about the amount of your loan, the annual percentage rate (APR), finance charges (including application fees, late charges, prepayment penalties), a payment schedule and the total repayment amount over the lifetime of the loan.
Banks Are Not Above The Law and You Have Rights
Banks have not always used Predatory Sales Practices.
Not so long ago, banks issued loans to individuals and then collected the money back over a number of years through mortgage payments. The bank had to issue a good loan, or it would never be paid back. The modern banking practice is to issue a loan to an individual and then discount, or sell, that loan to someone else. If the loan goes bad, then it was some one else’s problem. That is to say – it is your problem. When your house is sold at sheriff’s sale, you must pay the difference between the original bank loan and the sheriff sale price. You are saddled with a debt on a house you do not own.
Call the legal team at Behrend & Ernsberger, P.C. today at (412) 391-2515 for the help you need against a predatory lender!
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Address: 355 Fifth Ave 12th floor, Pittsburgh, PA 15222
Phone: (412) 391-2503
email: BehrendLawyers@aol.com
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Law Firm Established in 1966
For nearly 55 years, Behrend & Ernsberger’s Lawyers have handled hundreds of important cases for our valued clients.
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