Predatory Lending And The Destruction Of The African American Dream
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Author |
: Janis Sarra |
Publisher |
: Cambridge University Press |
Total Pages |
: 329 |
Release |
: 2020-07-09 |
ISBN-10 |
: 9781108853330 |
ISBN-13 |
: 1108853331 |
Rating |
: 4/5 (30 Downloads) |
Synopsis Predatory Lending and the Destruction of the African-American Dream by : Janis Sarra
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.
Author |
: Janis Sarra |
Publisher |
: Cambridge University Press |
Total Pages |
: 329 |
Release |
: 2020-07-09 |
ISBN-10 |
: 9781108496063 |
ISBN-13 |
: 1108496067 |
Rating |
: 4/5 (63 Downloads) |
Synopsis Predatory Lending and the Destruction of the African-American Dream by : Janis Sarra
Examines predatory practices in mortgage markets to provide invaluable insight into the racial wealth gap between black and white Americans.
Author |
: Laura Gottesdiener |
Publisher |
: Zuccotti Park Press |
Total Pages |
: 210 |
Release |
: 2013 |
ISBN-10 |
: 9781884519215 |
ISBN-13 |
: 1884519210 |
Rating |
: 4/5 (15 Downloads) |
Synopsis A Dream Foreclosed by : Laura Gottesdiener
A moving exploration of homeownership, freedom, and the American Dream in light of the ongoing financial crisis and mass foreclosure.
Author |
: Carlton D. Floyd |
Publisher |
: Rowman & Littlefield |
Total Pages |
: 325 |
Release |
: 2022-11-14 |
ISBN-10 |
: 9781793634122 |
ISBN-13 |
: 1793634122 |
Rating |
: 4/5 (22 Downloads) |
Synopsis The American Dream and Dreams Deferred by : Carlton D. Floyd
The American Dream and Dreams Deferred: A Dialectical Fairy Tale shows how rival interpretations of the Dream reveal the dialectical tensions therein. Exploring often neglected voices, literatures, and histories, Carlton D. Floyd and Thomas Ehrlich Reifer highlight moments when the American Dream appears both simultaneously possible and out of reach. In so doing, the authors invite readers to make a new collective dream of a better future, on socially just, multicultural, and ecologically sustainable foundations.
Author |
: Michael W. Hudson |
Publisher |
: Macmillan |
Total Pages |
: 397 |
Release |
: 2010-10-26 |
ISBN-10 |
: 9781429940047 |
ISBN-13 |
: 1429940042 |
Rating |
: 4/5 (47 Downloads) |
Synopsis The Monster by : Michael W. Hudson
Who killed the economy? A page-turning, true-crime exposé of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history "It's hard to have a guilty conscience if you don't have a conscience. Anything that benefited production - that benefited me and benefited my wallet - I'd do it." The sales force at Ameriquest Mortgage took this philosophy to heart. They watched the Hollywood white-collar-crime flick "Boiler Room" as a training tape, studying how to pitch overpriced deals to unsuspecting home owners. They learned how to forge signatures on mortgage paperwork and create fake documents in "cut-and-paste" operations they dubbed "The Lab" or "The Art Department." In this stunning narrative, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the subprime mortgage business by chronicling the rise and fall of two corporate empires: Ameriquest and Lehman Brothers. As the biggest subprime lender and Wall Street's biggest patron of subprime, Ameriquest and Lehman did more than any other institutions to create the feeding frenzy that emboldened mortgage pros to flood the nation with high-risk, high-profit home loans. It's a tale populated by a remarkable cast of the characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; Wall Street executives with an insatiable desire for product; struggling home owners ensnared in the most ingenious of traps; lawyers and investigators who tried to expose the fraud; politicians and bureaucrats who turned a blind eye; and, most of all, the drug-snorting, high-living salesmen who tell all about the money they made, the lies they told, the deals they closed. Provocative and gripping, The Monster is a searing exposé of the bottom-feeding fraud and top-down greed that fueled the financial collapse.
Author |
: Financial Crisis Inquiry Commission |
Publisher |
: Cosimo, Inc. |
Total Pages |
: 692 |
Release |
: 2011-05-01 |
ISBN-10 |
: 9781616405410 |
ISBN-13 |
: 1616405414 |
Rating |
: 4/5 (10 Downloads) |
Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author |
: Rev. Dr. Donna Taylor |
Publisher |
: Balboa Press |
Total Pages |
: 132 |
Release |
: 2018-01-17 |
ISBN-10 |
: 9781504393874 |
ISBN-13 |
: 1504393872 |
Rating |
: 4/5 (74 Downloads) |
Synopsis Financial Empowerment in the African American Church by : Rev. Dr. Donna Taylor
This work captures the historical and cultural context for financial literacy in the twenty-first century in view of the Great Recession of 2008 to 2009.
Author |
: Aaron Glantz |
Publisher |
: HarperCollins |
Total Pages |
: 448 |
Release |
: 2019-10-15 |
ISBN-10 |
: 9780062869555 |
ISBN-13 |
: 0062869558 |
Rating |
: 4/5 (55 Downloads) |
Synopsis Homewreckers by : Aaron Glantz
“[I] can’t recommend this joint enough. ... An illuminating and discomfiting read.” —Ta-Nehisi Coates "Essential reading." —New York Review of Books A shocking, heart-wrenching investigation into America’s housing crisis and the modern-day robber barons who are making a fortune off the backs of the disenfranchised working and middle class—among them, Donald Trump and his inner circle. Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: “I sort of hope that happens because then people like me would go in and buy,” he said. But our future president wasn’t alone. While millions of Americans suffered financial loss, tycoons pounced to heartlessly seize thousands of homes—their profiteering made even easier because, as prize-winning investigative reporter Aaron Glantz reveals in Homewreckers, they often used taxpayer money—and the Obama administration’s promise to cover their losses. In Homewreckers, Glantz recounts the transformation of straightforward lending into a morass of slivered and combined mortgage “products” that could be bought and sold, accompanied by a shift in priorities and a loosening of regulations and laws that made it good business to lend money to those who wouldn’t be able to repay. Among the men who laughed their way to the bank: Trump cabinet members Steve Mnuchin and Wilbur Ross, Trump pal and confidant Tom Barrack, and billionaire Republican cash cow Steve Schwarzman. Homewreckers also brilliantly weaves together the stories of those most ravaged by the housing crisis. The result is an eye-opening expose of the greed that decimated millions and enriched a gluttonous few.
Author |
: Sanjai Bhagat |
Publisher |
: Cambridge University Press |
Total Pages |
: 259 |
Release |
: 2017-03-10 |
ISBN-10 |
: 9781316764343 |
ISBN-13 |
: 1316764346 |
Rating |
: 4/5 (43 Downloads) |
Synopsis Financial Crisis, Corporate Governance, and Bank Capital by : Sanjai Bhagat
In the aftermath of the 2007–8 crisis, senior policymakers and the media have blamed excessive risk-taking undertaken by bank executives, in response to their compensation incentives, for the crisis. The inevitable follow-up to this was to introduce stronger financial regulation, in the hope that better and more ethical behaviour can be induced. Despite the honourable intentions of regulation, such as the Dodd–Frank Act of 2010, it is clear that many big banks are still deemed too big to fail. This book argues that by restructuring executive incentive programmes to include only restricted stock and restricted stock options with very long vesting periods, and financing banks with considerably more equity, the potential of future financial crises can be minimized. It will be of great value to corporate executives, corporate board members, institutional investors and economic policymakers, as well as graduate and undergraduate students studying finance, economics and law.
Author |
: Keeanga-Yamahtta Taylor |
Publisher |
: UNC Press Books |
Total Pages |
: 364 |
Release |
: 2019-09-03 |
ISBN-10 |
: 9781469653679 |
ISBN-13 |
: 1469653672 |
Rating |
: 4/5 (79 Downloads) |
Synopsis Race for Profit by : Keeanga-Yamahtta Taylor
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.