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$9.1 Billion: The Economic Cost of Predatory Lending (2001)

July 25, 2001
Mortgage Lending

In 2001, the Coalition for Responsible Lending estimated that several common predatory mortgage practices cost U.S. borrowers $9.1 billion each year. For the most part, these practices were entirely legal under the law at that time. The report concludes that the solution is reforms to state and federal lending laws.