This article continues in Part II by defining predatory lending practices, identifying borrowers who are likely to face predatory lenders, and discussing the consequences of predatory lending. Next, Part III provides a background for existing federal regulation, again in reference to RESPA and TILA. Part IV discusses state legislative efforts to curb predatory lending and identifies the problems of inconsistency and federal exemptions that undermine these state statutes. Part V examines the elements of state consumer protection acts and unfair and deceptive acts or practices ("UDAP") statutes and their application to predatory practices. Part VI argues that, because consumer protection statutes have nearly uniform elements in all states, such statutes provide significant protection for borrowers and have a considerable effect on curbing abuses in the mortgage industry. Thus, consumer protection statutes represent an effective alternative to weakened federal and state predatory lending statutes. Part VII concludes this article with the recommendation that predatory lending victims utilize the protection afforded by state consumer protection and UDAP statutes to hold predatory brokers and lenders responsible for engaging in predatory practices.
Jessica Fogel, State Consumer Protection Statutes: An Alternative Approach to Solving the Problem of Predatory Mortgage Lending, 28 SEATTLE U. L. REV. 435 (2004).