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Review
“A successful and originative mix of research, personal stories, policy prescriptions, and an agenda for modify when it comes to persons who are caught in the merciless trap of predatory mortgage loans. These loans, characterized by exhorbitant interest rates and fees and grossly dishonest syndication are robbing intermediate citizens of the key American asset building tool, homeownership, and exposing a lot of of them to financial ruin. Editor Greg Squires has accumulated a stellar cast of national researchers and activists to probe the problem. The book is a must read for any individual mesmerized in understanding the dimensions of this crippling exercise and how to stop the predatory financial companies that rob honest, hard-working homeowners.”-Malcolm Bush President, the Woodstock Institute

The proverbial American dream of owning a home has become an all-too-real nightmare for a growing number of families. The most vulnerable segments of our society—including minorities, the elderly, and working families—are being victimized by financiers who lure them into commitments they cannot fulfill. Collectively known as predatory lending, these exercises include supplying higher interest rates than may be justified by the risk, high pre-payment penalties that lock families into exploitative loans, and monstrous balloon payments that many times result in default and the loss of the home. The net result may be disastrous: harm to one’s credit rating, bankruptcy, and even the loss of lifelong savings.

Why the Poor Pay More is an incisive exposure of these practices: how they have evolved, why they have become so prevalent in recent years, and how their negative effects may be quantified. It features in-depth analysis from prominent scholars, legal experts, and community leaders, who shed new light on the social, political, and economic aftermaths of predatory lending. Why the Poor Pay More is much more than an indictment of these insidious discriminatory practices. It is a call to arms for any person concerned in regards to how the financial-political system may be corrupted to serve the needs of the wealthy. Highlighting community initiatives already underway to combat predatory lending and an spacious listing of practical resources, Why the Poor Pay More outlines active roles that individuals, advocacy groups, financial and legal service providers, and policymakers may play in reversing this damaging trend.

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