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.
Rezensionen / Stimmen
'Devastating! Shows how unscrupulous lenders and lax government agencies sold African Americans on dangerous, subprime loans.' Richard Delgado, University of Alabama, Tuscaloosa 'This meticulously researched and truly heartbreaking study documents the targeting of African American and Latinx homebuyers and contextualizes it in the history of racial injustice.' Thomas W. Joo, University of California, Davis 'Sarra and Wade bring brilliant minds and passionate hearts to the complexities of the financial services industry, lucidly probing the historical, legal, economic, and human dimensions of predatory lending. Read this book so that you will never think about homeownership in the same way again.' Kellye Testy, President & CEO of the Law School Admission Council 'Sarra and Wade successfully weave together strands of corporate theory, financial market theory, and critical race theory with poignant personal narratives to produce a powerful and insightful dissection of the racialized harms of predatory lending.' Aaron A. Dhir, Osgoode Hall Law School, York University, Toronto 'Through intricate weaving of corporate law, bankruptcy, and banking regulation, together with critical race theory and affecting narrative, Sarra and Wade illuminate the harsh homeowner loan discrimination foisted upon African American citizens historically, up through the financial market crisis of 2008 that continues predatorily today.' andre douglas pond cummings, University of Arkansas, Little Rock 'Through personal narratives and critical race analysis, this book challenges preconceived notions of the causes of the 2008 foreclosure crisis.' Leonard M. Baynes, University of Houston 'Sarra and Wade offer a detailed, scholarly study of this regrettable situation that will be illuminating for students and researchers alike. Recommended.' T. E. Sullivan, Choice
Sprache
Verlagsort
Zielgruppe
Für Beruf und Forschung
Für höhere Schule und Studium
Illustrationen
Worked examples or Exercises
Dateigröße
ISBN-13
978-1-108-85714-7 (9781108857147)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Klassifikation
1. Introduction; 2. Foreclosure: at what cost and to whom?; 3. Predatory lending practices prior to the global financial crisis; 4. Predatory lending targeted African Americans; 5. The implications of the collapse of the mortgage-backed securities market for consumer borrowers; 6. A missed opportunity; 7. Financial crisis reforms woefully inadequate; 8. Incomplete justice: legal actions against predatory lenders; 9. A subprime loan by any other name is just as predatory; 10. 'Foregiveness', rather than forebearance or foreclosure; Appendix I.
