Home Ownership And Equity Protection Act

The dodd frank act made substantial amendments to this act.

Home ownership and equity protection act. The act amending the truth in lending act establishes disclosure requirements and prohibits equity stripping and other abusive practices in connection with high cost mortgages. Hoepa protects consumers from deceptive and unfair practices in home equity lending by establishing specific disclosure requirements for certain mortgages that have high rates of interest or assess high fees and points. The home ownership and equity protection act is a federal law that discourages banks and other financial institutions from predatory lending when they fund mortgages and home equity loans.

The home ownership and equity protection act hoepa was enacted in 1994 as an amendment to the truth in lending act tila to address abusive practices in refinances and closed end home equity loans with high interest rates or high fees. The law requires certain disclosures and clamps restrictions on lenders of high cost loans. The home ownership and equity protection act hoepa was enacted in 1994 as an amendment to the truth in lending act tila to address abusive practices in refinances and closed end home equity loans with high interest rates or high fees.

The home ownership and equity protection act hoepa was enacted in 1994 as an amendment to the truth in lending act.