Final answer:
HOEPA loans are high-cost home loans, which differ from the lower interest rate loans facilitated by the Home Owners' Loan Corporation Act and are distinct from the lending environment created by more recent federal regulation changes that aim to make it cheaper and easier for banks to offer home loans.
Step-by-step explanation:
Loans which fall under the scope of the Home Ownership and Equity Protection Act (HOEPA) are high-cost home loans. The Home Ownership and Equity Protection Act (HOEPA) was established to address certain predatory lending practices for loans with high fees and interest rates. These loans typically come with high interest rates and fees, and are often targeted at borrowers who may not qualify for conventional loans.
The Home Owners' Loan Corporation Act provided refinancing for home mortgages, resulting in lower interest rates and monthly payments, in contrast to HOEPA loans that are considered high-cost. Additionally, changes in federal government bank regulations have made it cheaper and easier for banks to make home loans, further distancing these favorable conditions from the high-cost nature of HOEPA loans.