Predatory Lending

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C A R S E Y I N S T I T U T E 7 12 Center for Responsible Lending. 2004. Rural Borrowers More Likely to be Penalized for Refinancing Subprime Home Loans. http://www.responsiblelending.org/pdfs/kf-Rural_Borrowers-0904. pdf 13 These best practice states include North Carolina, New Mexico, and Massachusetts. 14 Center for Responsible Lending. July 2005. Strong Compliance Systems Support Profitable Lending While Reducing Predatory Practices. Issue Paper No. 10. Center for Responsible Lending. 15 For more information, see the Center for Responsible Lending 2006 report “Unfair Lending: the Effect of Race and Ethnicity on the Price of Subprime Mortgages.” This report can be found on the Center’s website at: http://www.responsiblelending.org/pdfs/rr011- Unfair_Lending-0506.pdf 16 The FHLB subsidizes the interest rates for advances (loans) and provides direct subsidies to FHLBank System members engaged in lending for affordable housing. The 12 FHLBanks reserve 10 percent of their collective net income or $100 million, whichever is greater, for use in the Affordable Housing Program. 17 These states include North Carolina, New Mexico, Massachusetts. Acknowledgements We thank Josh Silver and Jim Campen for their helpful external review of this policy brief and Amy Seif of the Carsey Institute, Priscilla Salant, and the Hatcher Group for editorial assistance. The Carsey Institute appreciates early review by the National Community Reinvestment Coalition (NCRC); however, NCRC is not responsible for the findings of this research. Authors Theresa Singleton, Director of Research and Information, Housing Assistance Council. Theresa@ruralhome.org Lance George, Research Associate, Housing Assistance Council. Lance@ruralhome.org Carla Dickstein, Senior Vice-President for Research and Policy Development, Coastal Enterprises, Inc. cbd@ceimaine.org Hannah Thomas, Research Associate, Coastal Enterprises, Inc. Hlt@ceimaine.org The Housing Assistance Council (HAC), founded in 1971, is a nonprofit corporation that supports the development of rural low-income housing nationwide. HAC provides technical housing services, loans from a revolving fund, housing program and policy assistance, research and demonstration projects, and training and information services. Coastal Enterprises, Inc. (CEI) is a community development finance institution that supports small businesses and affordable housing development primarily in Maine through financing, technical assistance, and workforce development. The Carsey Institute partners with HAC and CEI to provide information on predatory lending to policymakers, practitioners and the general public.
8 C A R S E Y I N S T I T U T E BUILDING KNOWLEDGE FOR FAMILIES AND COMMUNITIES IN THE 21st CENTURY. The Carsey Institute at the University of New Hampshire conducts independent, interdisciplinary research and communicates its findings to policymakers, practitioners and the general public. Huddleston Hall 73 Main Street Durham, NH 03824 (603) 862-2821 www.carseyinstitute.unh.edu The Carsey Institute Reports on Rural America are supported by the Annie E. Casey Foundation’s initiative to strengthen rural families, the Ford Foundation, and the W.K. Kellogg Foundation.
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The e-Advocate Monthly …a Compend
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The Advocacy Foundation, Inc. Helpi
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Dedication ______ Every publication
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The Transformative Justice Project
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1. The national average cost to tax
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The Advocacy Foundation, Inc. Helpi
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Biblical Authority ______ Luke 6:34
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Table of Contents …a compilation
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I. Introduction Predatory and Subpr
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have not only misled borrowers but
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Predatory Lending Towards Minority
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Underlying Issues There are many un
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In an article in the January 17, 20
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Ohio, Oklahoma, Oregon, Pennsylvani
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United States Although there is no
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II. The Poverty Industry, Economic
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Individual earnings inequality amon
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Changes in the structure of househo
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substantial privilege". A 2017 repo
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of 30 or above is considered medium
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Theoretical Frameworks Neoclassical
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explain the accumulation of wealth
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economy. Lagerlof and Galor stated
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On the other hand, Jonathan Rothwel
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Economic Development A Kuznets Curv
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Since rent seeking aims to "pluck t
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In their book, Social Epidemiology,
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economic inequality from previous r
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Others dispute the importance of co
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NYU economist William Baumol found
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effects were eliminated by using pa
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Equitable Growth While acknowledgin
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cases, with great economic inequali
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unequal. In both cases, the cause i
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Social Justice Arguments Patrick Di
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Well-targeted income-support polici
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Progressive taxation: the rich are
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cities; often they were also black
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African Americans in those neighbor
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Legislative Action In the United St
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Liquorlining Some service providers
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Mortgages Reverse Redlining occurs
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90s, showing an insensitivity to et
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III. Aprophobia and Economic Discri
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Animosity Racism, sexism, ageism, a
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Most wage discrimination is masked
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Against Businesses Minority owned b
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IV. Payday Lending A Payday Loan (a
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products were not as suggested by t
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orrower him or herself understood t
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Industry Profitability Proponents'
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A 2012 report produced by the Cato
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Australian payday lenders providing
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the practice. The annual percentage
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similar to those of a payday loan;
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V. Refund Anticipation Lending Refu
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would take on average two to three
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Taxpayers themselves will continue
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VI. Title Loans A Title Loan (also
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orrower to visit a store to pick up
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Some lenders can move around the Mi
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VII. Loan Sharks A Loan Shark is a
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lenders with a means of blackmailin
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ootleg lenders could not get credit
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Loan Sharks in Ireland The Central
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money", as well as the debtors' uni
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VIII. Usury Usury (/ˈjuːʒəri/)
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Certain negative historical renditi
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converts to Christianity were no lo
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And for practicing usury, which was
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eceived. The sin rests on the fact
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Federal Regulation On a federal lev
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effort, but is made to bear the ris
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IX. References 1. https://en.wikipe
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Notes _____________________________
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Attachment A What Is Predatory Lend
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How We Can Protect Ourselves from P
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Attachment B Predatory Lending and
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Predatory Lending and the Subprime
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combinations, and only to a specifi
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Our findings have important implica
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ange receive counseling if they cho
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to make approval and/or pricing dec
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operation. To provide some of the f
Page 169 and 170: the effects of the legislation. We
Page 171 and 172: is repeated for the next HB4050-are
Page 173 and 174: performance can be attributed to th
Page 175 and 176: skeptical of this. The treatment ar
Page 177 and 178: significantly lowered borrower appl
Page 179 and 180: standard deviations. Overall, this
Page 181 and 182: mortgages had adjustable-rate contr
Page 183 and 184: while Panel D is based on the match
Page 185 and 186: order to reach an average default r
Page 187 and 188: ased on soft information collected
Page 189 and 190: mortgage origination leading up to
Page 191 and 192: References Abadie, A., Gardeazabal,
Page 193 and 194: Yandle, B., 1983. Bootleggers and B
Page 195 and 196: November 2006: - A group of residen
Page 197 and 198: Table 1. Summary Statistics The tab
Page 199 and 200: Table 1. Summary Statistics (Cont.)
Page 201 and 202: Table 2. Effects of HB4050 on Marke
Page 203 and 204: Table 4. Exit of Lenders Due to HB4
Page 205 and 206: Table 5. The Effect of HB4050 on Bo
Page 207 and 208: Table 5. The Effect of HB4050 on Bo
Page 209 and 210: Table 6. Measuring the Default Rate
Page 211 and 212: Figure 2. HMDA Loan Application Fil
Page 213 and 214: Attachment C Subprime and Predatory
Page 215 and 216: 2 C A R S E Y I N S T I T U T E The
Page 217 and 218: 4 C A R S E Y I N S T I T U T E Fig
Page 219: 6 C A R S E Y I N S T I T U T E •
Page 223 and 224: available come from 357 foreclosure
Page 225 and 226: Advocacy Foundation Publishers Page
Page 227 and 228: Issue Title Quarterly Vol. I 2015 T
Page 229 and 230: Issue Title Quarterly Vol. V 2019 O
Page 231 and 232: LI Nonprofit Confidentiality In The
Page 233 and 234: Vol. XVIII 2032 Public Policy LXXVI
Page 235 and 236: African-American Youth in The May 2
Page 237 and 238: The e-Advocate Quarterly Special Ed
Page 239 and 240: Legal Missions International Page 1
Page 241 and 242: Vol. V 2019 XVII Russia Q-1 2019 XV
Page 243 and 244: The e-Advocate Newsletter Genesis o
Page 245 and 246: Extras The Nonprofit Advisors Group
Page 247 and 248: About The Author John C (Jack) John
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Predatory Lending

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