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Special Report on

History of Predatory Lending

history of predatory lending special research report Photo by www.thedefendersonline.com
This is just one of our articles referencing HSBC complaints about mortgages, credit cards, auto loans, fees, late payment processing, and more: In a lesson plan, designed to teach about predatory and subprime lending, we asked this question of students in 2005: “What is the impact on a country’s economy if predatory lending is left unchecked?” Three years later the answer is clearly obvious. As of today the world has seen over $515 billion (USD) in write-offs and markdowns. Not only was predatory lending unchecked, but it became the mainstream. Predatory lending, which was a big part of the subprime debacle, ...
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank , either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. In many countries, though not all ( Iran and Bali, Indonesia are two exceptions), it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries ...
REVIEWS AND OPINIONS
Keeping an Eye on Lake County Illinois: Loan Shark Hosts Dold Funder
On Saturday, Jeffrey Brincat opened his mansion in Lake Forest for "fiesta" for Bob Dold, candidate for Congress from the 10th District. Brincat, in case that name doesn't ring a bell, is part of a loan-sharking family that has been offering ultra-high-interest pay day loans to servicemen for almost 20 years. He currently owns Consumer Financial Services Corp., one of whose locations is a quick cab ride from Great Lakes naval base in North Chicago. In the meantime, Brincat's father, John, is serving 10 years in the federal penitentiary for what the Tribune called "a two-billion book-cooking scheme" ... market research, surveys and trends
The Rubber Is Meeting The Road
I really like this guy , Matt Taibbi, who writes for the Rolling Stone magazine.  He again has a great article this month on the continued  betrayal of the American people.  The article is called “ Wall Street Strikes Back” and the table of contents description on Page 5 tells a lot of the story: “Congress looked serious about financial reform until the country’s biggest banks unleashed an army of 2000 paid lobbyists”. In the body of the article, Matt talks about the watering down of the Restoring American Financial Stability Act and ends with a few points that In feel are important to mention ... market research, surveys and trends

SURVEY RESULTS FOR
HISTORY OF PREDATORY LENDING

The Long, Bitter History of Predatory Lending against African ...
Just over a half century ago my father, attorney Mark J. Satter, wrote an editorial about the “Million Dollar a Day Cost of Being Black” that exposed how real estate speculators were draining the wealth of Chicago’s black population. He had learned of these scams from his clients, African Americans who had been grossly overcharged by real estate agents. In the 1950s, speculators combed white neighborhoods, purchasing property from whites and then reselling them to blacks—at double to quadruple market value. Even worse, they sold these overpriced properties “on contract,” that is, on the installment plan. Black buyers made a down ... industry trends, business articles and survey research
Race, Ethnicity, and the Subprime Mortgage Crisis
According to one recent news report, the “High-cost subprime mortgages have often been framed as loans that catered to people with blemished credit records or little experience with debt.  There has been less attention paid to the concentration of these loans in neighborhoods that are largely black, Hispanic, or both.” (“What’s Behind the Race Gap?,” New York Times, November 4, 2007)  “The Federal government has long encouraged homeowner ship, with a variety of important incentives like the mortgage interest tax deduction.” – David Listokin Racial covenants, redlining, ... industry trends, business articles and survey research
RELATED NEWS
Editorial: Best of the Blogs
Among the guests invited to watch President Obama sign the historic financial regulation bill into law Wednesday was Philadelphia City Council Majority Leader Marian B. Tasco. The new law includes safeguards against the types of predatory lending practices that Tasco has fought against for years. Obama was first briefed on the subject by Tasco in 2004, when he was an Illinois state senator running for the U.S. Senate. As far back as 1994, Tasco had worked with community organizations to educate city residents about the dangers of easy money offered by loan sharks. In 2001, Tasco worked hard to get her Council colleagues to pass ... market trends, news research and surveys resources
Wiser rules for the financial realm: editorial
Like almost any piece of "reform" legislation that is developed and passed in the wake of a major crisis, the financial regulation bill that President Barack Obama signed into law Wednesday is an attempt to repair what just went wrong -- in this particular case, a cascade of high-risk and downright dishonest practices on Wall Street that plunged the economy into recession more than two years ago. By that standard, this bill appears to get a lot of things right. Banks will have to hold additional capital, especially if they choose to engage in higher-risk activities. Some of the most exotic investments at the root of ... market trends, news research and surveys resources

INFORMATION RESOURCES

GAO-07-1148R Military Personnel: DOD's Predatory Lending Report ...
Aug 31, 2007 ... history of predatory lending products and research studies. — A Consumer Federation of America representative stated she provided ... technology research, surveys study and trend statistics
History of Predatory Lending Statute
In the winter of 1999, Senator Glen McConnell conducted public hearings on Predatory Lending. Through these heartbreaking stories of predatory lending victims, the gross abuses suffered by South Carolina citizens were brought to the forefront. On January 11, 2000, Senator Darrell Jackson introduced Senate Bill 996, the “Predatory Mortgage Loan Prevention Act.” Due to enormous opposition, this bill did not make it out of Committee. Senators Jackson and McConnell introduced Senate ... technology research, surveys study and trend statistics
Racial Predatory Lending and African American Wealth Accumulation
Charles Lewis Nier III, the Shadow of Credit: the Historical Origins of Racial Predatory Lending and its Impact upon African American Wealth Accumulation, 11 Journal of Law and Social Change131-194, 131- 135, 191-194 (2007-2008) (416 footnotes omitted) Abstract Responding to a controversy regarding incendiary remarks that surfaced in the media from his former pastor, Reverend Jeremiah A. Wright Jr., United States Senator and Democratic presidential candidate Barack Obama came to the City of Philadelphia to deliver a major address on the issue of race in the United States. In a remarkable and widely-praised speech ...
REAL TIME
HISTORY OF PREDATORY LENDING
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QUESTIONS AND ANSWERS
WikiAnswers - How do you know if you are a victim of predatory lending
There is the occasional unscrupulous loan officer who misrepresents his or her product to make a buck. He or she may try to sell you something you don't understand, such as a product with a great introductory rate ("teaser rate") that later skyrockets into a massive liability. He or she may offer you what seems to be a competetive loan rate, which suddenly doubles once you add fees and administrative costs and his or her commission. This is predatory lending. You are a victim of predatory lending if you could not (or did not) understand what you were agreeing to, and a loan officer took advantage of that. There ...
What is the defination of government predatory lender?
Unscrupulous actions carried out by a lender to entice, induce, and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, strips the borrower of equity, or places the borrower in a lower credit rated loan to the benefit of the lender. As with most things of a dishonest nature, new and different predatory lending schemes frequently arise. Investopedia Says: Many states have anti predatory lending laws. A dedicated consumer who shops around for a mortgage is unlikely to be taken by predatory lending. Additionally, becoming more financially literate helps borrowers spot red flags and avoid ...