Why the Poor Pay More: How to Stop Predatory Lending

Squires, Gregory D.

ISBN 10: 027598186X / ISBN 13: 9780275981860

Published by Praeger, 2004

First edition in very good used condition. The Friends of the Bridgeport Public Library use these funds to promote literacy in the community and in the Bridgeport Public Schools. Seller Inventory # 007044

Synopsis:

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.

About the Author: GREGORY D. SQUIRES is Professor of Sociology and Chair of the Department of Sociology at The George Washington University. Currently on the Board of Directors of the Woodstock Institute and the Advisory Board of the John Marshall Law School Fair Housing Legal Support Center in Chicago, he has served as a consultant and expert witness for fair housing groups and civil rights organizations around the country and as a member of the Consumer Advisory Council of the Federal Reserve Board. He has written for several academic journals and general interest publications, including Social Science Quarterly, Urban Affairs Review, the New York Times, and the Washington Post. His recent books include Insurance Redlining, Color and Money, Urban Spraw, and Organizing Access to Capital.

Bibliographic Details

Title: Why the Poor Pay More: How to Stop Predatory...
Publisher: Praeger
Publication Date: 2004
Binding: Hardcover
Condition: Very Good
Dust Jacket Condition: Very Good
Edition: 1st Edition