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So You've Been Preempted-What Are You Going to Do Now?: Solutions for States Following Federal Preemption of State Predatory Lending Statutes

I. INTRODUCTION

Home ownership is the foundation upon which the "American dream" is built; the goal of owning a home remains high on the list of priorities for Americans young and old.1 In April 2000, 70.7 million American families (67.1%) owned their homes, more than ever before in our nation's history.2 Although many factors likely contributed to those record levels, the increased availability of subprime credit was one important cause;3 the ability of individuals with blemished credit histories to obtain credit was never greater. The total dollar amount of subprime loans increased fourfold from $40 billion in 1994 to $160 billion in 1999,4 with the subprime market comprising "a little ...

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