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Essay / Research Paper Abstract
This 14-page paper is a presentation of predatory lending practices against lower-income people. Also discussed is whether social work can help in this endeavor. Bibliography lists 10 sources.
Page Count:
14 pages (~225 words per page)
File: D0_MTpredlend.rtf
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Unformatted sample text from the term paper:
own homes. Touting the "American Dream" of home ownership, lending institutions lured lower-income families, typically used to affordable housing rentals, in. Offering no down payment and extraordinarily low interest charges,
lending institutions approved loan at record rates. The problem with the loans is that they were adjustable rate mortgages, meaning that when
they reset three years later, suddenly the homeowners - who thought they were getting a great deal on a loan for the "American Dream" - found themselves paying twice as
much in a given month for a mortgage that they shouldnt have been approved for in the first place. Refinancing soon became out of the question, because that was the
point during which home values began to fall, meaning the mortgages were worth more than the homes they were buying. Many
families, especially lower-income families, ended up defaulting on their loans. Some even foreclosed on their homes. And this, in part, precipitated the financial meltdown of 2008. Interestingly enough, when the
lending institutions were accused of predatory practices, they disagreed, somewhat shocked. It was all there in the contract, they said. And so it was.
The problem was, the information was buried in the fine print. And to a lower income family that was facing its first contract ever, the fine print was
lost in the joy and wonder of home ownership. Fine print or not, there is little doubt that many of the
institutions in question responsible for the financial meltdown did target poorer populations, as well as minority populations that had, perhaps, a limited amount of English understanding. The sad irony of
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