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Author : Janis Sarra,Cheryl L. Wade
Publisher : Cambridge University Press
Page : 329 pages
File Size : 52,7 Mb
Release : 2020-07-09
Category : Law
ISBN : 9781108496063
Examines predatory practices in mortgage markets to provide invaluable insight into the racial wealth gap between black and white Americans.
Author : Charles R. Geisst
Publisher : Unknown
Page : 0 pages
File Size : 45,5 Mb
Release : 2017-04-04
Category : Business & Economics
ISBN : 0815734328
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 : Charles R. Geisst
Publisher : Brookings Institution Press
Page : 275 pages
File Size : 46,7 Mb
Release : 2017-04-04
Category : Business & Economics
ISBN : 9780815729013
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 : D. Alex-Saunders-Sparks
Publisher : AuthorHouse
Page : 128 pages
File Size : 49,9 Mb
Release : 2007-10-09
Category : Education
ISBN : 9781452076119
STOP Illegal Predatory Lending - Self-Help Guide has a dual purpose to inform the public about the crimes of lending predators but also to assist the individual person or families who may go through this ordeal. Thisbook should be in the hands of every person who has aloan or intends to get one. Also,every consumer organization that helps a troubled homeowner should have this book for reference. There are growing resources to help with this problem but when it happens you are never more alone until you take action. This guide is a useful and powerful tool to anchor you against the anxiety and depression that will & can occur when you are abused by the system. The information in this guide can create a mental state of confidence and strength to help you overcome the enormous task of taking action against the illegal money lenders.
Author : United States. Congress. Senate. Special Committee on Aging
Publisher : Unknown
Page : 310 pages
File Size : 42,6 Mb
Release : 2004
Category : Business & Economics
ISBN : PURD:32754075288260
Author : Deborah Goldstein
Publisher : Unknown
Page : 90 pages
File Size : 48,7 Mb
Release : 1999
Category : Fraud
ISBN : STANFORD:36105028486418
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Publisher : Unknown
Page : 518 pages
File Size : 46,9 Mb
Release : 2007
Category : Business & Economics
ISBN : PURD:32754075492730
Author : United States. Congress. Senate. Committee on Indian Affairs (1993- )
Publisher : Unknown
Page : 88 pages
File Size : 50,7 Mb
Release : 2008
Category : Business & Economics
ISBN : PSU:000065503690
Author : Anonim
Publisher : DIANE Publishing
Page : 127 pages
File Size : 53,8 Mb
Release : 2024-06-13
Category : Electronic
ISBN : 9781428935020
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 412 pages
File Size : 46,7 Mb
Release : 2009
Category : Biography & Autobiography
ISBN : PURD:32754081210969
Author : United States. Congress. House. Committee on Financial Services
Publisher : Unknown
Page : 364 pages
File Size : 40,5 Mb
Release : 2009
Category : Business & Economics
ISBN : UOM:39015090375166
Author : United States. Congress. Joint Economic Committee
Publisher : Unknown
Page : 56 pages
File Size : 46,6 Mb
Release : 2010
Category : Discrimination in mortgage loans
ISBN : PURD:32754081260253
Author : Gregory D. Squires
Publisher : Bloomsbury Publishing USA
Page : 249 pages
File Size : 47,5 Mb
Release : 2004-10-30
Category : Business & Economics
ISBN : 9780313067907
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. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 502 pages
File Size : 42,9 Mb
Release : 2002
Category : Business & Economics
ISBN : UCAL:B5124913
Author : Keeanga-Yamahtta Taylor
Publisher : UNC Press Books
Page : 364 pages
File Size : 45,8 Mb
Release : 2019-09-03
Category : History
ISBN : 9781469653679
LONGLISTED FOR THE 2019 NATIONAL BOOK AWARD FINALIST, 2020 PULITZER PRIZE IN HISTORY By the late 1960s and early 1970s, reeling from a wave of urban uprisings, politicians finally worked to end the practice of redlining. Reasoning that the turbulence could be calmed by turning Black city-dwellers into homeowners, they passed the Housing and Urban Development Act of 1968, and set about establishing policies to induce mortgage lenders and the real estate industry to treat Black homebuyers equally. The disaster that ensued revealed that racist exclusion had not been eradicated, but rather transmuted into a new phenomenon of predatory inclusion. Race for Profit uncovers how exploitative real estate practices continued well after housing discrimination was banned. The same racist structures and individuals remained intact after redlining's end, and close relationships between regulators and the industry created incentives to ignore improprieties. Meanwhile, new policies meant to encourage low-income homeownership created new methods to exploit Black homeowners. The federal government guaranteed urban mortgages in an attempt to overcome resistance to lending to Black buyers – as if unprofitability, rather than racism, was the cause of housing segregation. Bankers, investors, and real estate agents took advantage of the perverse incentives, targeting the Black women most likely to fail to keep up their home payments and slip into foreclosure, multiplying their profits. As a result, by the end of the 1970s, the nation's first programs to encourage Black homeownership ended with tens of thousands of foreclosures in Black communities across the country. The push to uplift Black homeownership had descended into a goldmine for realtors and mortgage lenders, and a ready-made cudgel for the champions of deregulation to wield against government intervention of any kind. Narrating the story of a sea-change in housing policy and its dire impact on African Americans, Race for Profit reveals how the urban core was transformed into a new frontier of cynical extraction.