September 16, 2014 / 2:16 PM / 5 years ago

BRIEF-NY financial services regulator probing possible predatory lending by 'hard money' lenders

Sept 16 (Reuters) - * New York financial regulator says launches investigation into potential

predatory practices by “hard money” lenders * Ny financial services superintendent benjamin lawsky says sends subpoenas to

9 companies for documents including loan policies, marketing materials * Lawsky says probing possible predatory lending by companies that make

short-term, high-interest loans secured by borrowers’ homes or other real

estate * Lawsky says probing whether companies are intentionally structuring hard

money loans with onerous terms such that borrowers are driven into default * Lawsky says probing complaints that lenders are requiring borrowers to sign

deeds-in-lieu of foreclosure, denying them the protections of foreclosure

process when they miss payments

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