Abstract

The Loan Shark Lobby
ORDOWER, GARRETT | April 9, 2007 issue

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The article discusses the practice of predatory mortgage lenders. Predatory lenders target low income individuals with poor credit, and charge much higher than average interest rates. The subprime loans they offer often lead to foreclosure. The author discusses campaign contributions given to legislators by the mortgage industry to stop legislation from being passed that restricts subprime lending. The article discusses the collapse of subprime-lending company New Century Financial Corp.

See Also:

PREDATORY lending; SUBPRIME rate; NEW Century Financial Corp.; MORTGAGE loan servicing; CYCLE of poverty; LOANS -- Law & legislation; MORTGAGE loans -- Government policy; UNITED States
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