Predatory Lending

More documents

Recommendations

Info

Effects on Social Welfare In most western democracies, the desire to eliminate or reduce economic inequality is generally associated with the political left. One practical argument in favor of reduction is the idea that economic inequality reduces social cohesion and increases social unrest, thereby weakening the society. There is evidence that this is true (see inequity aversion) and it is intuitive, at least for small face-to-face groups of people. Alberto Alesina, Rafael Di Tella, and Robert MacCulloch find that inequality negatively affects happiness in Europe but not in the United States. It has also been argued that economic inequality invariably translates to political inequality, which further aggravates the problem. Even in cases where an increase in economic inequality makes nobody economically poorer, an increased inequality of resources is disadvantageous, as increased economic inequality can lead to a power shift due to an increased inequality in the ability to participate in democratic processes. Capabilities Approach The capabilities approach – sometimes called the human development approach – looks at income inequality and poverty as form of "capability deprivation". Unlike neoliberalism, which "defines well-being as utility maximization", economic growth and income are considered a means to an end rather than the end itself. Its goal is to "wid[en] people's choices and the level of their achieved well-being" through increasing functionings (the things a person values doing), capabilities (the freedom to enjoy functionings) and agency (the ability to pursue valued goals). When a person's capabilities are lowered, they are in some way deprived of earning as much income as they would otherwise. An old, ill man cannot earn as much as a healthy young man; gender roles and customs may prevent a woman from receiving an education or working outside the home. There may be an epidemic that causes widespread panic, or there could be rampant violence in the area that prevents people from going to work for fear of their lives. As a result, income and economic inequality increases, and it becomes more difficult to reduce the gap without additional aid. To prevent such inequality, this approach believes it's important to have political freedom, economic facilities, social opportunities, transparency guarantees, and protective security to ensure that people aren't denied their functionings, capabilities, and agency and can thus work towards a better relevant income. Policy Responses Intended to Mitigate No business which depends for existence on paying less than living wages to its workers has any right to continue in this country. —President Franklin Delano Roosevelt, 1933 A 2011 OECD study makes a number of suggestions to its member countries, including: Page 70 of 181
Well-targeted income-support policies. Facilitate and encourage access to employment. Better job-related training and education for the low-skilled (on-the-job training) would help to boost their productivity potential and future earnings. Better access to formal education. Progressive taxation reduces absolute income inequality when the higher rates on higher-income individuals are paid and not evaded, and transfer payments and social safety nets result in progressive government spending. Wage ratio legislation has also been proposed as a means of reducing income inequality. The OECD asserts that public spending is vital in reducing the ever-expanding wealth gap. The economists Emmanuel Saez and Thomas Piketty recommend much higher top marginal tax rates on the wealthy, up to 50 percent, or 70 percent or even 90 percent. Ralph Nader, Jeffrey Sachs, the United Front Against Austerity, among others, call for a financial transactions tax (also known as the Robin Hood tax) to bolster the social safety net and the public sector. Page 71 of 181
Page 1 and 2:
The e-Advocate Monthly …a Compend
Page 3 and 4:
The Advocacy Foundation, Inc. Helpi
Page 5 and 6:
Dedication ______ Every publication
Page 7 and 8:
The Transformative Justice Project
Page 9 and 10:
1. The national average cost to tax
Page 11 and 12:
The Advocacy Foundation, Inc. Helpi
Page 13 and 14:
Biblical Authority ______ Luke 6:34
Page 15 and 16:
Table of Contents …a compilation
Page 17 and 18:
I. Introduction Predatory and Subpr
Page 19 and 20: have not only misled borrowers but
Page 21 and 22: Predatory Lending Towards Minority
Page 23 and 24: Underlying Issues There are many un
Page 25 and 26: In an article in the January 17, 20
Page 27 and 28: Ohio, Oklahoma, Oregon, Pennsylvani
Page 29 and 30: United States Although there is no
Page 31 and 32: II. The Poverty Industry, Economic
Page 33 and 34: Individual earnings inequality amon
Page 35 and 36: Changes in the structure of househo
Page 37 and 38: substantial privilege". A 2017 repo
Page 39 and 40: of 30 or above is considered medium
Page 41 and 42: Theoretical Frameworks Neoclassical
Page 43 and 44: explain the accumulation of wealth
Page 45 and 46: economy. Lagerlof and Galor stated
Page 47 and 48: On the other hand, Jonathan Rothwel
Page 49 and 50: Economic Development A Kuznets Curv
Page 51 and 52: Since rent seeking aims to "pluck t
Page 53 and 54: In their book, Social Epidemiology,
Page 55 and 56: economic inequality from previous r
Page 57 and 58: Others dispute the importance of co
Page 59 and 60: NYU economist William Baumol found
Page 61 and 62: effects were eliminated by using pa
Page 63 and 64: Equitable Growth While acknowledgin
Page 65 and 66: cases, with great economic inequali
Page 67 and 68: unequal. In both cases, the cause i
Page 69: Social Justice Arguments Patrick Di
Page 73 and 74: Progressive taxation: the rich are
Page 75 and 76: cities; often they were also black
Page 77 and 78: African Americans in those neighbor
Page 79 and 80: Legislative Action In the United St
Page 81 and 82: Liquorlining Some service providers
Page 83 and 84: Mortgages Reverse Redlining occurs
Page 85 and 86: 90s, showing an insensitivity to et
Page 87 and 88: III. Aprophobia and Economic Discri
Page 89 and 90: Animosity Racism, sexism, ageism, a
Page 91 and 92: Most wage discrimination is masked
Page 93 and 94: Against Businesses Minority owned b
Page 95 and 96: IV. Payday Lending A Payday Loan (a
Page 97 and 98: products were not as suggested by t
Page 99 and 100: orrower him or herself understood t
Page 101 and 102: Industry Profitability Proponents'
Page 103 and 104: A 2012 report produced by the Cato
Page 105 and 106: Australian payday lenders providing
Page 107 and 108: the practice. The annual percentage
Page 109 and 110: similar to those of a payday loan;
Page 111 and 112: V. Refund Anticipation Lending Refu
Page 113 and 114: would take on average two to three
Page 115 and 116: Taxpayers themselves will continue
Page 117 and 118: VI. Title Loans A Title Loan (also
Page 119 and 120: orrower to visit a store to pick up
Page 121 and 122:
Some lenders can move around the Mi
Page 123 and 124:
VII. Loan Sharks A Loan Shark is a
Page 125 and 126:
lenders with a means of blackmailin
Page 127 and 128:
ootleg lenders could not get credit
Page 129 and 130:
Loan Sharks in Ireland The Central
Page 131 and 132:
money", as well as the debtors' uni
Page 133 and 134:
VIII. Usury Usury (/ˈjuːʒəri/)
Page 135 and 136:
Certain negative historical renditi
Page 137 and 138:
converts to Christianity were no lo
Page 139 and 140:
And for practicing usury, which was
Page 141 and 142:
eceived. The sin rests on the fact
Page 143 and 144:
Federal Regulation On a federal lev
Page 145 and 146:
effort, but is made to bear the ris
Page 147 and 148:
IX. References 1. https://en.wikipe
Page 149 and 150:
Notes _____________________________
Page 151 and 152:
Attachment A What Is Predatory Lend
Page 153 and 154:
How We Can Protect Ourselves from P
Page 155 and 156:
Attachment B Predatory Lending and
Page 157 and 158:
Predatory Lending and the Subprime
Page 159 and 160:
combinations, and only to a specifi
Page 161 and 162:
Our findings have important implica
Page 163 and 164:
ange receive counseling if they cho
Page 165 and 166:
to make approval and/or pricing dec
Page 167 and 168:
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 and 220:
6 C A R S E Y I N S T I T U T E •
Page 221 and 222:
8 C A R S E Y I N S T I T U T E BUI
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
Page 249:
Page 181 of 181
show all

Predatory Lending

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?