Why the Poor Pay More: How to Stop Predatory Lending
Besorgung - Lieferbarkeit unbestimmt
BeschreibungThe 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--and showcases community efforts to combat them along with outlining active roles that individuals, advocacy groups, financial and legal service providers, and policymakers can play in reversing this destructive trend.
Pressestimmen"A successful and creative mix of research, personal stories, policy prescriptions, and an agenda for change about people who are caught in the merciless trap of predatory mortgage loans. These loans, characterized by exhorbitant interest rates and fees and grossly dishonest marketing are robbing average citizens of the key American asset building tool, homeownership, and exposing some of them to financial ruin. Editor Greg Squires has assembled a stellar cast of national researchers and activists to probe the problem. The book is a must read for anyone interested in understanding the dimensions of this crippling practice and how to stop the predatory financial companies that rob honest, hard-working homeowners."-Malcolm Bush President, the Woodstock Institute
Untertitel: New. Sprache: Englisch.
Verlag: PRAEGER FREDERICK A
Erscheinungsdatum: Oktober 2004
Seitenanzahl: 248 Seiten