Summary
At the retail level, this system depended on a far-flung industry to create those assets, which involved deceptive products like sub-prime loans, hidden credit-card charges, and predatory forms of consumer credit such as payday loans with annual interest rates in excess of 400 percent. The abuses of that era included overt discrimination against women and minorities. [...] the 1960s, it was entirely legal to deny a black family a mortgage because they were black, or to refuse to count a wife's income in a mortgage application on the premise that she might become pregnant.
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Extract
Reforming Credit
America's financial crisis and the related recession are not hitting everyone equally. While many well-to-do investors have lost wealth in the plunging stock market, lower-income Americans were the first victims of the calamity, taken in by rapacious sub-prime mortgages and other predatory forms of consumer credit.
As many as 10 million families will lose their home before this crisis is resolved. Tens of millions more are finding that t...See the full content of this document
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