By [http://ezinearticles.com/?expert=Nigel_Kerry]Nigel Kerry Maine State is all gearing up for the introduction of a landmark bill that can put brakes on predatory lending practices. Speaking on this issue, supporters of this bill have said that if introduced, this bill would be the first in the country addressing such a long-term national crisis. The bill is cosponsored by more than 100 legislators and around 40 consumers, lending, religious and other organizations. According to House speaker Glenn Cummings, D-Portland, who is the bill's chief sponsor, predatory lending is a crime because of which not only individuals who opt for such loans, but even their subsequent generations are going to be affected. Even communities would not be spared from its ill-effects. Predatory lenders use various strategies to trap homeowners and make quick profits. Some of these include troubling homeowners with balloon payments, hidden fees and unreasonable increase in the interest rates. Due to this, several people are now at the risk of losing their homes due to foreclosure and bankruptcy. According to a study conducted by Coastal Enterprises Inc. the rate of foreclosures in Maine State have been constantly increasing in the last four quarters. Sen. Dana Dow of Waldoboro believes that these types of predatory lending practices are not carried out by local banks or local credit unions of Maine. According to him, this situation of loan abuse is due to an increased number of out-of-state brokers and lenders doing business in the state. Under this new legislation, borrowers would be given increased protection in case of high rate loans. Several practices such as flipping loans or persuading borrowers to get their debt refinanced in case of defaults would be abolished. Apart from this, there would be an increased restriction on the fees charged to the borrowers. The lenders would be directed to approve loans only to customers who will be able to repay the loan. About the writer: Nigel Kerry is an American free lance
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