MARC Record from Library of Congress

LEADER: 02263cam a22003497a 4500
001 2005619299
003 DLC
005 20100730082547.0
007 cr |||||||||||
008 050706s2005 mnu sb f000 0 eng
010 $a 2005619299
040 $aDLC$cDLC$dDLC
043 $an-us---
050 00 $aHB1
100 1 $aHo, Giang.
245 14 $aThe impact of local predatory lending laws$h[electronic resource] /$cby Giang Ho and Anthony Pennington-Cross.
260 $a[St. Louis, Mo.] :$bFederal Reserve Bank of St. Louis,$c[2005]
490 1 $aWorking paper ;$v2005-049A
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/6/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Local authorities in North Carolina, and subsequently in at least 23 other states, have enacted laws intending to reduce predatory and abusive lending. While there is substantial variation in the laws, they typically extend the coverage of the Federal Home Ownership and Equity Protection Act (HOEPA) by including home purchase and open-end mortgage credit, by lowering annual percentage rate (APR) and fees and points triggers, and by prohibiting or restricting the use of balloon payments and prepayment penalties. Empirical results show that the typical local predatory lending law tends to reduce applications and rejections, while having little impact on the flow of credit and only a modest impact on interest rates. However, the strength of the law, measured by the extent of market coverage and prohibitions, can have strong impacts on<br />both the flow and cost of credit"--Federal Reserve Bank of St. Louis web site.
650 0 $aPredatory lending$xLaw and legislation$zUnited States.
650 0 $aConsumer credit$xLaw and legislation$zUnited States.
650 0 $aMortgage loans$zUnited States.
650 0 $aDiscrimination in mortgage loans$zUnited States.
700 1 $aPennington-Cross, Anthony.
710 2 $aFederal Reserve Bank of St. Louis.
830 0 $aWorking paper (Federal Reserve Bank of St. Louis : Online) ;$v2005-049A.
856 40 $uhttp://research.stlouisfed.org/wp/more/2005-049/