Predatory Lending and the Destruction of the African-American Dream
Predatory Lending and the Destruction of the African-American Dream

Author: Janis Sarra

Publisher: Cambridge University Press

Published: 2020-07-09

Total Pages: 329

ISBN-13: 1108853331

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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.

The Assault on Black Homeownership with Predatory Lending
The Assault on Black Homeownership with Predatory Lending

Author: Louis A. Lodge

Publisher: Outskirts Press

Published: 2010-11-19

Total Pages: 90

ISBN-13: 9781432765446

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Predatory Lending practices has destroyed Negro Communities across the United States and caused irreparable damage to many Black families. The question is how did so much harm come to us and why us? Did the Federal Reserve Bank approve the destruction of the Negro Community in order to save the United States economy after September 11, 2001? Was the United States Treasury the insulator of predatory lending under the National Bank Act when it enjoined the States Attorneys Generals from prosecuting mortgage fraud in the States most affected. Was HUD (the Department of Housing and Urban Development) hijacked by the Real Estate Mortgage Industrial Complex (REMIC) or is it the source itself that granted the most massive criminal venture in history. Predatory Lending is the perfect crime for mortgage companies and Banks dirty paper (money) and it is cleaned by the Bankruptcy and State Courts and the Sheriff enforce the criminal conduct for the Bank and thus the money becomes clean. Predatory Lending is the grandson of JIM CROW. The Fair Housing Act and Community Reinvestment Act was subverted and predatory lending was and is a Badge, Condition, Incident, and Symptom of modern day slavery thus an attack on the 13th Amendment of the U.S. Constitution itself. This Stops Today and Never Again if we can learn from being subjected to it again. Before we buy or refinance another home or mortgage, stop, get the facts, and rethink what youre doing.

A Dream Foreclosed
A Dream Foreclosed

Author: Laura Gottesdiener

Publisher: Zuccotti Park Press

Published: 2013

Total Pages: 210

ISBN-13: 1884519210

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A moving exploration of homeownership, freedom, and the American Dream in light of the ongoing financial crisis and mass foreclosure.

The American Dream and Dreams Deferred
The American Dream and Dreams Deferred

Author: Carlton D. Floyd

Publisher: Rowman & Littlefield

Published: 2022-11-14

Total Pages: 325

ISBN-13: 1793634122

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The American Dream and Dreams Deferred: A Dialectical Fairy Tale shows how rival interpretations of the Dream reveal the dialectical tensions therein. Exploring often neglected voices, literatures, and histories, Carlton D. Floyd and Thomas Ehrlich Reifer highlight moments when the American Dream appears both simultaneously possible and out of reach. In so doing, the authors invite readers to make a new collective dream of a better future, on socially just, multicultural, and ecologically sustainable foundations.

The Monster
The Monster

Author: Michael W. Hudson

Publisher: Macmillan

Published: 2010-10-26

Total Pages: 397

ISBN-13: 1429940042

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Who killed the economy? A page-turning, true-crime exposé of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history "It's hard to have a guilty conscience if you don't have a conscience. Anything that benefited production - that benefited me and benefited my wallet - I'd do it." The sales force at Ameriquest Mortgage took this philosophy to heart. They watched the Hollywood white-collar-crime flick "Boiler Room" as a training tape, studying how to pitch overpriced deals to unsuspecting home owners. They learned how to forge signatures on mortgage paperwork and create fake documents in "cut-and-paste" operations they dubbed "The Lab" or "The Art Department." In this stunning narrative, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the subprime mortgage business by chronicling the rise and fall of two corporate empires: Ameriquest and Lehman Brothers. As the biggest subprime lender and Wall Street's biggest patron of subprime, Ameriquest and Lehman did more than any other institutions to create the feeding frenzy that emboldened mortgage pros to flood the nation with high-risk, high-profit home loans. It's a tale populated by a remarkable cast of the characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; Wall Street executives with an insatiable desire for product; struggling home owners ensnared in the most ingenious of traps; lawyers and investigators who tried to expose the fraud; politicians and bureaucrats who turned a blind eye; and, most of all, the drug-snorting, high-living salesmen who tell all about the money they made, the lies they told, the deals they closed. Provocative and gripping, The Monster is a searing exposé of the bottom-feeding fraud and top-down greed that fueled the financial collapse.

The Financial Crisis Inquiry Report
The Financial Crisis Inquiry Report

Author: Financial Crisis Inquiry Commission

Publisher: Cosimo, Inc.

Published: 2011-05-01

Total Pages: 692

ISBN-13: 1616405414

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The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Homewreckers
Homewreckers

Author: Aaron Glantz

Publisher: HarperCollins

Published: 2019-10-15

Total Pages: 448

ISBN-13: 0062869558

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“[I] can’t recommend this joint enough. ... An illuminating and discomfiting read.” —Ta-Nehisi Coates "Essential reading." —New York Review of Books A shocking, heart-wrenching investigation into America’s housing crisis and the modern-day robber barons who are making a fortune off the backs of the disenfranchised working and middle class—among them, Donald Trump and his inner circle. Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: “I sort of hope that happens because then people like me would go in and buy,” he said. But our future president wasn’t alone. While millions of Americans suffered financial loss, tycoons pounced to heartlessly seize thousands of homes—their profiteering made even easier because, as prize-winning investigative reporter Aaron Glantz reveals in Homewreckers, they often used taxpayer money—and the Obama administration’s promise to cover their losses. In Homewreckers, Glantz recounts the transformation of straightforward lending into a morass of slivered and combined mortgage “products” that could be bought and sold, accompanied by a shift in priorities and a loosening of regulations and laws that made it good business to lend money to those who wouldn’t be able to repay. Among the men who laughed their way to the bank: Trump cabinet members Steve Mnuchin and Wilbur Ross, Trump pal and confidant Tom Barrack, and billionaire Republican cash cow Steve Schwarzman. Homewreckers also brilliantly weaves together the stories of those most ravaged by the housing crisis. The result is an eye-opening expose of the greed that decimated millions and enriched a gluttonous few.

Financial Crisis, Corporate Governance, and Bank Capital
Financial Crisis, Corporate Governance, and Bank Capital

Author: Sanjai Bhagat

Publisher: Cambridge University Press

Published: 2017-03-10

Total Pages: 259

ISBN-13: 1316764346

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In the aftermath of the 2007–8 crisis, senior policymakers and the media have blamed excessive risk-taking undertaken by bank executives, in response to their compensation incentives, for the crisis. The inevitable follow-up to this was to introduce stronger financial regulation, in the hope that better and more ethical behaviour can be induced. Despite the honourable intentions of regulation, such as the Dodd–Frank Act of 2010, it is clear that many big banks are still deemed too big to fail. This book argues that by restructuring executive incentive programmes to include only restricted stock and restricted stock options with very long vesting periods, and financing banks with considerably more equity, the potential of future financial crises can be minimized. It will be of great value to corporate executives, corporate board members, institutional investors and economic policymakers, as well as graduate and undergraduate students studying finance, economics and law.

Financial Empowerment in the African American Church
Financial Empowerment in the African American Church

Author: Rev. Dr. Donna Taylor

Publisher: Balboa Press

Published: 2018-01-17

Total Pages: 132

ISBN-13: 1504393872

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This work captures the historical and cultural context for financial literacy in the twenty-first century in view of the Great Recession of 2008 to 2009.