Why the Poor Pay More PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Why the Poor Pay More PDF full book. Access full book title Why the Poor Pay More by Gregory D. Squires. Download full books in PDF and EPUB format.
Author: Gregory D. Squires
Publisher: Bloomsbury Publishing USA
ISBN: 0313067902
Category : Business & Economics
Languages : en
Pages : 249
Get Book Here
Book Description
The proverbial American dream of owning a home has become an all-too-real nightmare for a growing number of families. The most vulnerable segments of our society—including minorities, the elderly, and working families—are being victimized by financiers who lure them into commitments they cannot fulfill. Collectively known as predatory lending, these practices include offering higher interest rates than can be justified by the risk, high pre-payment penalties that lock families into exploitative loans, and monstrous balloon payments that often result in default and the loss of the home. The net result can be disastrous: damage to one's credit rating, bankruptcy, and even the loss of lifelong savings. Why the Poor Pay More is an incisive exposure of these practices: how they have evolved, why they have become so prevalent in recent years, and how their negative effects can be quantified. It features in-depth analysis from prominent scholars, legal experts, and community leaders, who shed new light on the social, political, and economic consequences of predatory lending. Why the Poor Pay More is much more than an indictment of these insidious discriminatory practices. It is a call to arms for anyone concerned about how the financial-political system can be corrupted to serve the needs of the wealthy. Highlighting community initiatives already underway to combat predatory lending and an extensive listing of practical resources, Why the Poor Pay More outlines active roles that individuals, advocacy groups, financial and legal service providers, and policymakers can play in reversing this destructive trend.
Author: Gregory D. Squires
Publisher: Bloomsbury Publishing USA
ISBN: 0313067902
Category : Business & Economics
Languages : en
Pages : 249
Get Book Here
Book Description
The proverbial American dream of owning a home has become an all-too-real nightmare for a growing number of families. The most vulnerable segments of our society—including minorities, the elderly, and working families—are being victimized by financiers who lure them into commitments they cannot fulfill. Collectively known as predatory lending, these practices include offering higher interest rates than can be justified by the risk, high pre-payment penalties that lock families into exploitative loans, and monstrous balloon payments that often result in default and the loss of the home. The net result can be disastrous: damage to one's credit rating, bankruptcy, and even the loss of lifelong savings. Why the Poor Pay More is an incisive exposure of these practices: how they have evolved, why they have become so prevalent in recent years, and how their negative effects can be quantified. It features in-depth analysis from prominent scholars, legal experts, and community leaders, who shed new light on the social, political, and economic consequences of predatory lending. Why the Poor Pay More is much more than an indictment of these insidious discriminatory practices. It is a call to arms for anyone concerned about how the financial-political system can be corrupted to serve the needs of the wealthy. Highlighting community initiatives already underway to combat predatory lending and an extensive listing of practical resources, Why the Poor Pay More outlines active roles that individuals, advocacy groups, financial and legal service providers, and policymakers can play in reversing this destructive trend.
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 518
Get Book Here
Book Description
Author: Morgan J. Rose
Publisher:
ISBN:
Category : Bank examination
Languages : en
Pages : 44
Get Book Here
Book Description
Author: Janis Sarra
Publisher: Cambridge University Press
ISBN: 1108853331
Category : Law
Languages : en
Pages : 329
Get Book Here
Book Description
Since the Great Recession of 2008, the racial wealth gap between black and white Americans has continued to widen. In Predatory Lending and the Destruction of the African-American Dream, Janis Sarra and Cheryl Wade detail the reasons for this failure by analyzing the economic exploitation of African Americans, with a focus on predatory practices in the home mortgage context. They also examine the failure of reform and litigation efforts ostensibly aimed at addressing this form of racial discrimination. This research, augmented by first-hand narratives, provides invaluable insight into the racial wealth gap by vividly illustrating the predation that targets African-American consumers and examining the intentionally obfuscating settlement terms of cases brought by the U.S. Department of Justice, states attorneys, and municipalities. The authors conclude by offering structural, systemic changes to address predatory practices. This important work should be read by anyone seeking to understand racial inequality in the United States.
Author: Thessalenuere Hinnant-Bernard
Publisher:
ISBN:
Category : Mortgage loans
Languages : en
Pages : 110
Get Book Here
Book Description
This dissertation is composed of two manuscripts, prepared for submission to scholarly journals. The manuscripts relate broadly to discrimination in mortgage lending and more specifically to subprime and predatory lending. The first article is quantitative in nature and is centered around the Home Mortgage Disclosure Act (HMDA) data for the city of Des Moines, Iowa. The second article is a qualitative study using data from Citizens for Community Improvement of Des Moines, Iowa (CCI) and the Iowa Attorney General's office. Each article contributes to the body of research concerning mortgage-lending discrimination. The general purpose of this dissertation was to determine the prevalence and impact of subprime and predatory lending in Des Moines, Iowa. Lending patterns and marketing strategies, were examined. In this research, the strategies that encouraged households to become victims of predatory lenders were studied. The two objectives were to determine the marketing techniques employed by predatory lenders and examine the characteristics of victims of predatory loans and of borrowers with subprime loans. The first article discusses subprime lending in the city of Des Moines using HMDA data. The data identify areas of subprime lending and the probability of reverse redlining based on census tracts of the city. Demographic characteristics of the tracts that would indicate reverse redlining are studied in relation to the lending patterns. The data revealed that African-Americans, low-income applicants, and applicants receiving loans for home refinance had a greater probability of becoming victims of reverse redlining than others. The second article discusses predatory lending and discriminatory marketing techniques utilized in the city of Des Moines, Iowa. Data are generated using interviews conducted by CCI for the CCI/Fannie Mae Anti-Predatory Lending Initiative. Also included in this article is the impact of contract sales, with information from the Attorney General's office. Data generated from interviews conducted by CCI revealed that abusive practices are occurring and that many of these predatory loans are designed with the intention of failing. The marketing tool used most often was repeated telephone calls. Complaints regarding contract real estate sales suggest that abusive contract lending is also thriving in this area.
Author: Deborah Goldstein
Publisher:
ISBN:
Category : Fraud
Languages : en
Pages : 90
Get Book Here
Book Description
Author: Adam B. Ashcraft
Publisher: DIANE Publishing
ISBN: 1437925146
Category :
Languages : en
Pages : 76
Get Book Here
Book Description
Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.
Author: Edward M. Gramlich
Publisher: The Urban Insitute
ISBN: 9780877667391
Category : Business & Economics
Languages : en
Pages : 124
Get Book Here
Book Description
Over the past decade, a new mortgage market offering loans at low interest rates and for little or no money down has given low-income people an opportunity to pursue the American dream of homeownership. The resulting wave in home buying promised to stabilize neighborhoods and families, boost the economy, and reduce crime. In many ways, the optimists were correct, but now, less than fifteen years later, the subprime mortgage market is collapsing, threatening to take the rest of the housing sector along with it.Subprime Mortgages: America's Latest Boom and Bust analyzes how the subprime market emerged, why it is in crisis, and how we can reform public policy to avert disaster. An attendant examination of the rental market also offers recommendations for shoring up what may be the best housing option for some families.
Author: Sumit Agarwal
Publisher:
ISBN:
Category : Economics
Languages : en
Pages :
Get Book Here
Book Description
We measure the effect of an anti-predatory pilot program (Chicago, 2006) on mortgage default rates to test whether predatory lending was a key element in fueling the subprime crisis. Under the program, risky borrowers and/or risky mortgage contracts triggered review sessions by housing counselors who shared their findings with the state regulator. The pilot cut market activity in half, largely through the exit of lenders specializing in risky loans and through decline in the share of subprime borrowers. Our results suggest that predatory lending practices contributed to high mortgage default rates among subprime borrowers, raising them by about a third.
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 408
Get Book Here
Book Description
