Understanding Predatory Lending PDF Download
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Author: Deborah Goldstein
Publisher:
ISBN: 9780756707637
Category :
Languages : en
Pages : 0
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Book Description
The term "predatory lending" (PL) describes a wide range of abuses. Regulators, industry and advocates have not agreed on a single def'n. This report describes PL as a set of loan terms and practices that falls between appropriate risk-based pricing by subprime lenders and blatant fraud. Thus, all subprime lending is not predatory, but typically relies on risk-based pricing to serve borrowers who cannot obtain credit in the prime market. The higher degree of risk assoc. with subprime borrowers requires a higher cost for a subprime loan. Cases of blatant fraud are predatory, but less common and can generally be combated with current criminal statutes. Tables.
Author: Deborah Goldstein
Publisher:
ISBN:
Category : Fraud
Languages : en
Pages : 90
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Book Description
Author: Janis Sarra
Publisher: Cambridge University Press
ISBN: 1108853331
Category : Law
Languages : en
Pages : 329
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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: Gregory D. Squires
Publisher: Bloomsbury Publishing USA
ISBN: 0313067902
Category : Business & Economics
Languages : en
Pages : 249
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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: Deborah Goldstein
Publisher:
ISBN:
Category : Discrimination in mortgage loans
Languages : en
Pages : 82
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Book Description
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 562
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Book Description
Author:
Publisher:
ISBN:
Category : Civil rights
Languages : en
Pages : 2
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Book Description
Author: Charles R. Geisst
Publisher: Brookings Institution Press
ISBN: 0815729014
Category : Business & Economics
Languages : en
Pages : 275
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Book Description
Predatory lending: A problem rooted in the past that continues today. Looking for an investment return that could exceed 500 percent annually; maybe even twice that much? Private, unregulated lending to high-risk borrowers is the answer, or at least it was in the United States for much of the period from the Civil War to the onset of the early decades of the twentieth century. Newspapers called the practice “loan sharking” because lenders employed the same ruthlessness as the great predators in the ocean. Slowly state and federal governments adopted laws and regulations curtailing the practice, but organized crime continued to operate much of the business. In the end, lending to high-margin investors contributed directly to the Wall Street crash of 1929. Loan Sharks is the first history of predatory lending in the United States. It traces the origins of modern consumer lending to such older practices as salary buying and hidden interest charges. Yet, as Geisst shows, no-holds barred loan sharking is not a thing of the past. Many current lending practices employed today by credit card companies, payday lenders, and providers of consumer loans would have been easily recognizable at the end of the nineteenth century. Geisst demonstrates the still prevalent custom of lenders charging high interest rates, especially to risky borrowers, despite attempts to control the practice by individual states. Usury and loan sharking have not disappeared a century and a half after the predatory practices first raised public concern.
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Mortgage loan servicing
Languages : en
Pages : 132
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Book Description
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Financial services industry
Languages : en
Pages : 268
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Book Description
Author: James D. Scurlock
Publisher: Simon and Schuster
ISBN: 141653864X
Category : Social Science
Languages : en
Pages : 257
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Book Description
Foreclosures are hitting record highs; Americans are declaring bankruptcy at rates ten times that during the great Depression; more college students drop out because of debts than due to poor grades; reports of debtor suicides proliferate in the media. In other words, it's a great time to be in the banking business. Maxed Out takes us on a road trip that is sometimes hysterical and often horrifying: from Las Vegas to the Bible Belt, from the backwoods to inner cities, where the world's largest financial giants troll for their next victims. Welcome to a country populated by debt pirates, corporate predators, human credit card billboards, debt evangelists, megamillion-dollar spec homes, and, of course, trillions of dollars of easy credit. Combining startling facts with even more startling examinations of individuals, institutions, the government, and modern religion, James Scurlock separates the myths (there is "good debt" and "bad debt") from the harsh reality (corporations partner with colleges to target today's youth; credit reports are riddled with errors that will never be fixed; and death, for many of those in trouble, is the only way out). At a time when the financial industry posts ever-higher profits even as its clients drown in the flood of easy credit, Scurlock exposes very real, potentially disastrous systems and policies that are consuming millions of Americans. Maxed Out takes readers on a wickedly smart and entertaining tour of what one interviewee calls "the last taboo."
