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Predatory lending and the destruction of the African-American dream
Author
Publisher
Cambridge University Press
Publication Date
2020.
Language
English
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Table of Contents
From the Book
Machine generated contents note: 1. Introduction
I. Research Yletliodology for This Book
2. Foreclosure: At What Cost and to Whom?
I. Foreclosure
II. Theoretical Framework and Principles That Inform Deeper Consideration of the Foreclosure Issues
III. A Focus on African Americans as Specific Targets of Predatory Lending
3. Predatory Lending Practices Prior to the Global Financial Crisis
I. Collusion by Market Players
II. "Redlining" and Discriminatory Zoning Set the Stage for Predatory Lending
III. Careless and Predatory Lending Commenced Prior to the Global Financial Crisis
1. Predatory Products
2. One First-hand Account
3. Predatory Refinancing and Loss of Equity
4. Securitization as a Significant Cause of the Sub-prime Meltdown
5. Collateralization Offloaded Risk
6. Third-party Mortgage Servicers Engaged in Egregious Conduct
IV. The Sub-prime Mortgage Market Collapse
1. The Shadow Banking Sector Seriously Exacerbated the Misconduct
2. The Complicity of Credit Rating Agencies
3. The Role of the Government-sponsored Entities in the Sub-prime Meltdown
4. Failure of Regulatory Oversight
4. Predatory Lending Targeted African Americans
I. The Targeting of African Americans
1. Qualified for Traditional Mortgages but Were Steered Inappropriately
2. So-called "Liar Loans"
3. Historical Context Helps Explain Why African Americans Were Targeted
4. Overt Racism Continues Today
II. The Narrative That Blames the Individuals Victimized by Predatory Lending
1. Judicial Contributions to "Victim-blaming"
III. Post-racialism
IV. Continued Victimization: Why No Help for Predatory Lending Targets?
5. The Implications of the Collapse of the Mortgage-backed Securities Market for Consumer Borrowers
I. The Widening Wealth Gap
II. Lack of Relationship with Lenders Exacerbates Financial Hardship
6. A Missed Opportunity
I. Bankruptcy Reform Could Have Provided a Vitally Important Safety Net
7. Financial Crisis Reforms Woefully Inadequate
I. An Inadequate Legislative Agenda to Address Predatory Lending
1. Home Affordable Modification Program Created Incentives for Further Egregious Behaviour
2. Short Sales and Transfers of Deed in Lieu of Foreclosure Exacerbated Inappropriate Incentives
3. Reform Measures Not Sufficient
8. Incomplete Justice: Legal Actions against Predatory Lenders
I. Settlements of Lawsuits for Predatory Lending Brought by the U.S. Department of Justice and State Attorneys General
1. National Mortgage Settlements
2. Understanding the Terms of Settlement
II. The Bank of America Settlements
1. The Conduct of Bank of America, Countrywide Financial and Merrill Lynch
2. Relief to Bank of America's Consumer Borrowers
III. The Citigroup Settlements
1. The Conduct of Citigroup
2. Relief to Citigroup's Consumer Borrowers
IV. The Goldman Sachs Settlement
V. The JP Morgan Chase & Co Settlements
1. Relief to JP Morgan Chase & Co Mortgage Borrowers
2. Consumer Relief under the NMS
VI. The Wells Fargo Settlements
1. Wells Fargo's Conduct
2. Wells Fargo's Relief to Mortgage Borrowers
VII. The Ocwen Financial Corporation Settlement
VIII. The Deutsche Bank Settlements
IX. The Credit Suisse Settlements
1. Credit Suisse's Conduct
2. Relief to Credit Suisse's Mortgage Borrowers
X. The Ally Financial, ResCap, and GMAC Settlements
XI. The Morgan Stanley Settlements
XII. The SunTrust Settlement
1. SunTrust's Conduct
2. Relief to SunTrust's Mortgage Borrowers
3. SunTrust Misconduct Regarding Home Affordable Modification Program
XIII. The HSBC Settlements
XIV. The UBS Settlements
XV. No Way to Tell if Consumer Borrowers Received Any Principal Forgiveness
1. Professionals within the Banks, Brokerages, and Servicing Companies Test Their Own Compliance with the Lawsuit Settlement
XVI. Lawsuits against Predatory Lenders Brought under Anti-discrimination Law
XVII. Settlement Means No Admission or Finding of Liability
9. A Sub-prime Loan by Any Other Name Is Just as Predatory
I. Non-prime Mortgages the New Sub-prime
II. "One Mod" the Latest Iteration of Private Sector "Loss Distribution Strategy"
III. Mortgage Modification Still a Scam
IV. Other Predatory Lending
1. Non-prime Home Equity Loans
2. Contracts for Deed
3. Predatory Auto Loans
4. Continuing Discriminatory Practices
5. "Smart" Loans
6. Public Sector Predation
10. "Forgiveness" rather than Forbearance or Foreclosure
I. Effective Structural Reform Is Only Possible if There Is Widespread Recognition of the Permanence of Racism
II. Impose Rigorous Limits on the Type and Nature of Products and Services
III. Effective Corporate Governance and Oversight Is Needed as Well
1. Worker-sponsored Capital Could Press for Enhanced Corporate Governance and Protection of African-American and Other Consumer Borrowers
2. Tax Incentives Could Also Assist
3. Finding Innovative Ways of Delivering Mortgage and Banking Services
IV. Homes and Hearts.
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More Details
Contributors
Wade, Cheryl L.1956- author
ISBN
9781108496063
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