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Predatory Lending and the Destruction of the African-American Dream [Pehme köide]

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  • Formaat: Paperback / softback, 328 pages, kõrgus x laius x paksus: 150x230x20 mm, kaal: 450 g, Worked examples or Exercises
  • Ilmumisaeg: 09-Jul-2020
  • Kirjastus: Cambridge University Press
  • ISBN-10: 1108811582
  • ISBN-13: 9781108811583
Teised raamatud teemal:
Predatory Lending and the Destruction of the African-American DreamSuurem pilt
  • Formaat: Paperback / softback, 328 pages, kõrgus x laius x paksus: 150x230x20 mm, kaal: 450 g, Worked examples or Exercises
  • Ilmumisaeg: 09-Jul-2020
  • Kirjastus: Cambridge University Press
  • ISBN-10: 1108811582
  • ISBN-13: 9781108811583
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9781108811583.html
Märksõnad:
This examination of the economic exploitation of African Americans focuses on predatory lending, the racial discrimination underpinning the subprime market collapse, and failed reform efforts aimed at redressing the harms. It will interest financial law scholars, critical race theorists, economists, and anyone concerned about the racial wealth gap in America.

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.

Arvustused

'Devastating! Shows how unscrupulous lenders and lax government agencies sold African Americans on dangerous, subprime loans.' Richard Delgado, University of Alabama, Tuscaloosa 'This meticulously researched and truly heartbreaking study documents the targeting of African American and Latinx homebuyers and contextualizes it in the history of racial injustice.' Thomas W. Joo, University of California, Davis 'Sarra and Wade bring brilliant minds and passionate hearts to the complexities of the financial services industry, lucidly probing the historical, legal, economic, and human dimensions of predatory lending. Read this book so that you will never think about homeownership in the same way again.' Kellye Testy, President & CEO of the Law School Admission Council 'Sarra and Wade successfully weave together strands of corporate theory, financial market theory, and critical race theory with poignant personal narratives to produce a powerful and insightful dissection of the racialized harms of predatory lending.' Aaron A. Dhir, Osgoode Hall Law School, York University, Toronto 'Through intricate weaving of corporate law, bankruptcy, and banking regulation, together with critical race theory and affecting narrative, Sarra and Wade illuminate the harsh homeowner loan discrimination foisted upon African American citizens historically, up through the financial market crisis of 2008 that continues predatorily today.' andré douglas pond cummings, University of Arkansas, Little Rock 'Through personal narratives and critical race analysis, this book challenges preconceived notions of the causes of the 2008 foreclosure crisis.' Leonard M. Baynes, University of Houston 'Sarra and Wade offer a detailed, scholarly study of this regrettable situation that will be illuminating for students and researchers alike. Recommended.' T. E. Sullivan, Choice

Muu info

Examines predatory practices in mortgage markets to provide invaluable insight into the racial wealth gap between black and white Americans.
List of Figures
xi
List of Tables
xiii
Foreword xv
Taunya Lovell Banks
Acknowledgements xvii
1 Introduction
1(6)
I Research Methodology for This Book
5(2)
2 Foreclosure: At What Cost and to Whom?
7(16)
I Foreclosure
8(3)
II Theoretical Framework and Principles That Inform Deeper Consideration of the Foreclosure Issues
11(8)
III A Focus on African Americans as Specific Targets of Predatory Lending
19(4)
3 Predatory Lending Practices Prior to the Global Financial Crisis
23(46)
I Collusion by Market Players
24(1)
II "Redlining" and Discriminatory Zoning Set the Stage for Predatory Lending
25(2)
III Careless and Predatory Lending Commenced Prior to the Global Financial Crisis
27(24)
1 Predatory Products
27(7)
2 One First-hand Account
34(2)
3 Predatory Refinancing and Loss of Equity
36(1)
4 Securitization as a Significant Cause of the Sub-prime Meltdown
36(5)
5 Collateralization Offloaded Risk
41(7)
6 Third-party Mortgage Servicers Engaged in Egregious Conduct
48(3)
IV The Sub-prime Mortgage Market Collapse
51(18)
1 The Shadow Banking Sector Seriously Exacerbated the Misconduct
54(2)
2 The Complicity of Credit Rating Agencies
56(2)
3 The Role of the Government-sponsored Entities in the Sub-prime Meltdown
58(3)
4 Failure of Regulatory Oversight
61(8)
4 Predatory Lending Targeted African Americans
69(47)
I The Targeting of African Americans
69(26)
1 Qualified for Traditional Mortgages but Were Steered Inappropriately
71(5)
2 So-called "Liar Loans"
76(2)
3 Historical Context Helps Explain Why African Americans Were Targeted
78(13)
4 Overt Racism Continues Today
91(4)
II The Narrative That Blames the Individuals Victimized by Predatory Lending
95(14)
1 Judicial Contributions to "Victim-blaming"
101(8)
III Post-racialism
109(3)
IV Continued Victimization: Why No Help for Predatory Lending Targets?
112(4)
5 The Implications; of the Collapse of the Mortgage-backed Securities Market for Consumer Borrowers
116(8)
I The Widening Wealth Gap
120(1)
II Lack of Relationship with Lenders Exacerbates Financial Hardship
121(3)
6 A Missed Opportunity
124(7)
I Bankruptcy Reform Could Have Provided a Vitally Important Safety Net
125(6)
7 Financial Crisis Reforms Woefully Inadequate
131(20)
I An Inadequate Legislative Agenda to Address Predatory Lending
131(20)
1 Home Affordable Modification Program Created Incentives for Further Egregious Behaviour
132(9)
2 Short Sales and Transfers of Deed in Lieu of Foreclosure Exacerbated Inappropriate Incentives
141(1)
3 Reform Measures Not Sufficient
141(10)
8 Incomplete Justice: Legal Actions against Predatory Lenders
151(57)
I Settlements of Lawsuits for Predatory Lending Brought by the U.S. Department of Justice and State Attorneys General
152(10)
1 National Mortgage Settlements
155(1)
2 Understanding the Terms of Settlement
156(6)
II The Bank of America Settlements
162(15)
1 The Conduct of Bank of America, Countrywide Financial and Merrill Lynch
162(4)
2 Relief to Bank of America's Consumer Borrowers
166(11)
III The Citigroup Settlements
177(2)
1 The Conduct of Citigroup
178(1)
2 Relief to Citigroup's Consumer Borrowers
178(1)
IV The Goldman Sachs Settlement
179(2)
V The JP Morgan Chase & Co Settlements
181(2)
1 Relief to JP Morgan Chase & Co Mortgage Borrowers
182(1)
2 Consumer Relief under the NMS
182(1)
VI The Wells Fargo Settlements
183(3)
1 Wells Fargo's Conduct
184(1)
2 Wells Fargo's Relief to Mortgage Borrowers
185(1)
VII The Ocwen Financial Corporation Settlement
186(1)
VIII The Deutsche Bank Settlements
187(1)
IX The Credit Suisse Settlements
188(2)
1 Credit Suisse's Conduct
189(1)
2 Relief to Credit Suisse's Mortgage Borrowers
190(1)
X The Ally Financial, ResCap, and GMAC Settlements
190(1)
XI The Morgan Stanley Settlements
191(1)
XII The SunTrust Settlement
192(2)
1 SunTrust's Conduct
193(1)
2 Relief to SunTrust's Mortgage Borrowers
193(1)
3 SunTrust Misconduct Regarding Home Affordable Modification Program
193(1)
XIII The HSBC Settlements
194(1)
XIV The UBS Settlements
195(1)
XV No Way to Tell if Consumer Borrowers Received Any Principal Forgiveness
196(2)
1 Professionals within the Banks, Brokerages, and Servicing Companies Test Their Own Compliance with the Lawsuit Settlement
197(1)
XVI Lawsuits against Predatory Lenders Brought under Anti-discrimination Law
198(4)
XVII Settlement Means No Admission or Finding of Liability
202(6)
9 A Sub-prime Loan by Any Other Name Is Just as Predatory
208(29)
I Non-prime Mortgages - the New Sub-prime
208(4)
II "One Mod" - the Latest Iteration of Private Sector "Loss Distribution Strategy"
212(4)
III Mortgage Modification Still a Scam
216(2)
IV Other Predatory Lending
218(19)
1 Non-prime Home Equity Loans
218(1)
2 Contracts for Deed
219(3)
3 Predatory Auto Loans
222(1)
4 Continuing Discriminatory Practices
223(6)
5 "Smart" Loans
229(2)
6 Public Sector Predation
231(6)
10 "Forgiveness" rather than Forbearance or Foreclosure
237(24)
I Effective Structural Reform Is Only Possible if There Is Widespread Recognition of the Permanence of Racism
238(6)
II Impose Rigorous Limits on the Type and Nature of Products and Services
244(6)
III Effective Corporate Governance and Oversight Is Needed as Well
250(5)
1 Worker-sponsored Capital Could Press for Enhanced Corporate Governance and Protection of African-American and Other Consumer Borrowers
251(3)
2 Tax Incentives Could Also Assist
254(1)
3 Finding Innovative Ways of Delivering Mortgage and Banking Services
255(1)
IV Homes and Hearts
255(6)
Appendix 261(42)
Index 303
Janis Sarra is Professor of Law at the University of British Columbia, Peter A. Allard School of Law, and was the founding Director of the National Centre for Business Law. Over 100 superior and appellate court judgments have cited her books and publications in corporate, finance, securities and insolvency law. Dr Sarra is a member of the Canadian delegation to United Nations Commission on International Trade Law WG V. Cheryl Wade is the Dean Harold F. McNiece Professor of Law at St. John's University School of Law, New York. A member of the American Law Institute, Professor Wade has written over twenty-five book chapters and law review articles exploring the intersection of race, law and business.