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Home » Store » Taxable » Groups Say CMBA’s Proposed Definition of PL is ‘Too Narrow’

Groups Say CMBA’s Proposed Definition of PL is ‘Too Narrow’

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Fair lending advocates are opposing an attempt by the California Mortgage Brokers Association to define “predatory lending.” The California Reinvestment Coalition found the proposed definition “too narrow” and urged the state broker group to revise it. The CMBA proposes to define predatory lending as “intentionally placing consumers in loan products with significantly worse terms and/or higher costs than loans offered to similarly qualified consumers in the region for the primary purpose of enriching the originator
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