Question

The Home Ownership and Equity Protection Act (HOEPA) and the Higher Priced Mortgage Loan Act (HPML):

A) Regulate Mortgage Rates and Terms
B) Provide Financial Assistance to Homebuyers
C) Protect Consumers from Unfair Lending Practices
D) Offer Tax Benefits to Homeowners

Answer 1

The Home Ownership and Equity Protection Act (HOEPA) and the Higher Priced Mortgage Loan Act (HPML) protect consumers from unfair lending practices.

Step-by-step explanation:

The Home Ownership and Equity Protection Act (HOEPA) and the Higher Priced Mortgage Loan Act (HPML) protect consumers from unfair lending practices.

HOEPA aims to protect homeowners from high-cost loans with unfavorable terms, such as high interest rates or excessive fees. It requires lenders to provide additional disclosures and prohibits certain abusive practices.

HPML, on the other hand, focuses on loans with higher interest rates and stricter underwriting standards. It requires lenders to provide special disclosures and escrow accounts for property taxes and insurance.