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Agenda - 04-15-2008-3d
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Agenda - 04-15-2008-3d
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8/29/2008 3:25:09 PM
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8/28/2008 9:59:14 AM
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BOCC
Date
4/15/2008
Document Type
Agenda
Agenda Item
3d
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Minutes - 20080415
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\Board of County Commissioners\Minutes - Approved\2000's\2008
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. Orange County, North Carolina - AIFCH - 2007 <br />Many AFS locations offer "payday loans"; also known as check advance loans, postdated check <br />loans, delayed deposit loans and deferred presentment loans. While they have many names, <br />they all have the same predatory result. Typically, consumers write personal checks payable to <br />the lender for a future date when they are due to repay the loan, usually their next payday. <br />Like payday loans, car-title loans are marketed as small emergency loans, but they are usually <br />made without regard to borrowers' ability to repay. A typical car-title loan has atriple-digit <br />annual interest rate, requires repayment within one month, and is made for much less than the <br />value of the car. These loans put vehicles-an asset essential to the well-being of working <br />families -at high risk Additionally'S, borrowers frequently cannot pay the full amount due on <br />the maturity date. They find themselves extending or "rolling over" the loan repeatedly, <br />becoming trapped in a cycle of debt, paying fees well in excess of the amount they originally <br />borrowed. <br />The cost for these "convenience" loans can be extremely high. In some states, a company can <br />charge a maximum of $15 on a $10 loan for atwo-week period, which calculates to a 390% <br />annual percentage rate (APR). Often, borrowing $500 results in $75 in fees and interest. <br />6.3 Orange County Lending <br />This report concentrates on mortgage lenders in Orange County based on 2004 Loan <br />Application Register (LAR) reports from individual lenders. <br />The statistical data base used for the analysis contained in this report is from the FFIEC <br />(Federal Financial Institutions Examination Council) data. Due to changes in HMDA reporting <br />and the availability of useful data, the information in this section is provided in three <br />geographies: (1) Orange County MSA, (2) Orange County, and (4) Census Tract. Information is <br />provided based on the race and income of applicants, and other important parameters. <br />This analysis should be used as a tool to determine only the lending performance of lenders in <br />the specific area, and not to determine or identify discriminatory practices by <br />individual lenders. The HMDA database does not include comparisons of loan terms and <br />conditions, patterns of branch openings and closings, and records of community development <br />investing. However, this analysis does consider race, and racial population, applicant income, <br />and income of census tracts. Unregulated lenders who are not required to submit HMDA reports <br />are not monitored and have not been included in this analysis. <br />6.4 Analysis <br />The focus of this report is on all applications (all types and purpose) and on Conventional Home <br />Purchase applications, originations and denials. As noted above, the Federal Financial <br />Institutions Examination Council's (FFIEC) HMDA data is based on MSA, County and Tracts. <br />14 <br />
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