What Constitutes a High-Interest Loan, as Defined by HOEPA

question 24

Essay

What constitutes a high-interest loan, as defined by HOEPA?

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Definitions:

Fundamental Attributional Error

The fundamental attributional error is a cognitive bias that leads individuals to overemphasize personality traits and underestimate situational factors when explaining others' behaviors.

Stable Characteristics

Traits or attributes of an individual that are consistent over time and across situations.

Internal Characteristics

Traits, qualities, or features that originate from within an individual, shaping their behavior and personality.

Kelley's Covariation

A theory proposed by Harold Kelley that suggests an individual determines the cause of an event by considering whether the observed behavior covaries or changes across time, place, or actors.