Does this constitute Predatory Lending Practice

[Joel Fraser]

Does this constitute Predatory Lending Practice, if so what is my recourse????? Back in January 2006, I responded to a mailer from Secured Funding and took a HELOC or Refinance with a 15% interest only loan for $64,122 with a monthly payment $800 to $860. I was reviewing the paperwork recently and notice these odd things: 1) HELOC - Type of mortgage 2) Refinance - Purpose of loan 3) Sent pay stubs to broker which shows actual monthly income of only $5,500 plus-minus 4) Income stated on entered on application by Secured Funding broker was $9,000 With the false income entered on the application by a Secured Funding broker, I was approved for a $64,144 with a monthly payment $800 to $860 on top of my $2954 mortgage I did not even know that this was an adjustable rate that go as high as 18%. This loan was already sold to HSBC. I was having financial problems since Dec 2007 and HSBC lowered the interest to 4.29% with a payment of $240 +-. HSBC told me because this is a HELOC, they could not modify the loan, just reduce the interest rate for a 6 month period, four times during the loans lifetime.