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- Title
CAUGHT IN THE WEB: Predatory Lenders.
- Authors
Phillips-Fein, Kim
- Abstract
The article provides information on predatory lending in the U.S. The financial industry states that despite the problems that they have caused, subprime mortgages are still a good thing since the housing market was expanded by extending credit to people who are unable to buy homes. The Center for Responsible Lending (CRL) otherwise mentions that only nine percent of subprime loans made from 1998 to 2006 went to people who were first-time homebuyers. The remaining percentage goes to people who wanted to buy a bigger house or refinance their mortgage. Furthermore, the CRL criticizes the kinds of predatory lending like payday, tax refund and participation, and car title loans which targets low-income people.
- Subjects
UNITED States; SUBPRIME mortgages; PREDATORY lending; MORTGAGE refinancing; HOUSE buying; HOUSING policy; DEBT service; FINANCIAL institutions; FINANCIAL services industry; FINANCE
- Publication
New Labor Forum (Sage Publications Inc.), 2008, Vol 17, Issue 3, p102
- ISSN
1095-7960
- Publication type
Article
- DOI
10.1080/10957960802362886