Apparently, Monroe County, New York, the county in which I reside, has "Upstate's highest foreclosure rate." At least a piece of campaign mail I received a while back says so. That piece of election propaganda also said, "Predatory lenders brought us to foreclosure… and now we're bailing them out?" Given all the press that "predatory lending" has gotten recently, in light of the fact that legislation – specifically laws like the Community Reinvestment Act – resulted in many of the supposedly sub-prime mortgages and given that the percentage of people receiving these loans who were black, the issue interests me. The pejorative term "predatory lending" and how such scary descriptions are used to justify statist protection of black folk also sparked my interest.
Wilt Alston looks into the lending practices which led to the meltdown of home prices.
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