Predatory Lending Consumer Protection Act of 2000

[AI summary unavailable — showing source text] Predatory Lending Consumer Protection Act of 2000 - Amends the Truth in Lending Act guidelines governing certain credit transactions secured by the consumer's principal dwelling (high-cost mortgage), including: (1) the annual percentage rate of interest that shall be taken into account; (2) total points and fees incumbent upon the consumer at closing; and (3) the criteria defining a high-cost mortgage lender as creditor. (Sec. 3) Requires additional disclosures to the consumer that the consumer is contracting to pay a much higher loan than most people pay. Sets forth additional proscriptions against prepayment penalties. Prohibits all balloon payments (currently restricted to mortgages with a term of less than five years). Requires a creditor to make a case-by-case assessment of a consumer debtor's ability to pay that is based upon financial resources without taking into account equity in the dwelling which is the security for the credit. Subjects an assignee or holder of a high-cost mortgage which was made, arranged, or assigned by persons financing consumer home improvements to all the affirmative claims and defenses which the consumer may have against specified parties regarding…