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Predatory Lending Issues in Canada
Predatory lending is the practice whereby a lender deceptively persuades a borrower to agree to abusive loan terms. It is closely tied to the concept of subprime mortgage lending, which is the practice of making loans to borrowers who do not qualify for the best market interest rates. In the United States, the expansion in subprime mortgage lending led to a rise in predatory lending. This project examined whether this pattern could repeat itself in Canada and, if it did, whether our laws would be able to assist victims of predatory lending.
Keywords: debt, consumer, consumer protection, seniors, older adults, financial institutions, banks, credit unions, loans and lending, predatory lending, mortgages, interest, unconscionable transactions, cost of credit disclosure, buying a home
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