342:: The basic idea is that borrowers who are thought of as more likely to default on their loans should pay higher interest rates and finance charges to compensate lenders for the increased risk. In essence, high returns motivate lenders to lend to a group they might not otherwise lend to – "subprime" or risky borrowers. Advocates of this system believe that it would be unfair – or a poor business strategy – to raise interest rates globally to accommodate risky borrowers, thus penalizing low-risk borrowers who are unlikely to default. Opponents argue that the practice tends to disproportionately create capital gains for the affluent while oppressing working-class borrowers with modest financial resources. Some people consider risk-based pricing to be unfair in principle. Lenders contend that interest rates are generally set fairly considering the risk that the lender assumes, and that competition between lenders will ensure availability of appropriately-priced loans to high-risk customers. Still others feel that while the rates themselves may be justifiable with respect to the risks, it is irresponsible for lenders to encourage or allow borrowers with credit problems to take out high-priced loans. For all of its pros and cons, risk-based pricing remains a universal practice in bond markets and the insurance industry, and it is implied in the stock market and in many other open-market venues; it is only controversial in the case of consumer loans.
334:: Some argue that much of the problem arises from a tendency of the courts to favor lenders, and to shift the burden of proof of compliance with the terms of the debt instrument to the debtor. According to this argument, it should not be the duty of the borrower to make sure his or her payments are getting to the current note-owner, but to make evidence that all payments were made to the last known agent for collection sufficient to block or reverse repossession or foreclosure, and eviction, and to cancel the debt if the current note owner cannot prove he or she is the "holder in due course" by producing the actual original debt instrument in court.
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example, New York
Attorney General Eric Schneiderman reached a $ 7.8 million (~$ 10.2 million in 2023) settlement of allegations that a leading appraisal management firm had helped inflate real estate appraisals on a wide scale basis in order to help a major lender push through more loan deals. The attorney general office's lawsuit alleged that eAppraiseIT, which did more than 260,000 appraisals nationally for Washington Mutual, caved to pressure from WaMu loan officers to select pliable appraisers who were willing to submit inflated property valuations.
303:, the nation's largest subprime lender. Hudson and Reckard cited interviews and court statements by 32 former Ameriquest employees who said the company had abused its customers and broken the law, "deceiving borrowers about the terms of their loans, forging documents, falsifying appraisals and fabricating borrowers' income to qualify them for loans they couldn't afford". Ameriquest later agreed to pay a $ 325 million (~$ 487 million in 2023) predatory lending settlement with state authorities across the nation.
364:, a different measure of price than what many are used to. Recent research looked at a legislative experiment in which the State of Illinois, which required “high-risk” mortgage applicants acquiring or refinancing properties in 10 specific zip codes to submit loan offers from state-licensed lenders to review by HUD-certified financial counselors. The experiment found that the legislation pushed some borrowers to choose less risky loan products in order to avoid counseling.
58:, and overdraft loans, when the interest rates are considered unreasonably high. Although predatory lenders are most likely to target the less educated, the poor, racial minorities, and the elderly, victims of predatory lending are represented across all demographics. The continued occurrence of predatory lending can be viewed as a litmus test for the effectiveness of philanthropic lending that aims to foster entrepreneurship. Where such philanthropic lending initiatives (
372:: There is an underlying debate about whether a lender should be allowed to charge whatever it wants for a service, even if there is no evidence that it attempted to deceive the consumer about the price. At issue here is the belief that lending is a commodity and that the lending community has an almost fiduciary duty to advise the borrower that funds can be obtained more cheaply. Also at issue are certain financial products which appear to be profitable only due to
171:, that the current claimed note owner produce the original note with the debtor's signature on it, the note owner typically is unable or unwilling to do so, and tries to establish his or her claim with an affidavit that it is the owner, without proving it is the "holder in due course", the traditional standard for a debt claim, and the courts often allow them to do that. In the meantime, the note continues to be traded, its physical whereabouts difficult to discover.
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Foreclosures can sometimes be conducted without proper notice to the borrower. In some states (see Texas Rule of Civil
Procedure 746), there is no defense against eviction, forcing the borrower to move and incur the expense of hiring a lawyer and finding another place to live while litigating the claim of the "new owner" to own the house, especially after it is resold one or more times. When the debtor demands, under the
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three million loans from 1997 to 2006, with a majority from 2005 to 2006. Applications with misrepresentations were also five times as likely to go into default. Many of the frauds were simple rather than ingenious. In some cases, borrowers who were asked to state their incomes just lied, sometimes reporting five times actual income; other borrowers falsified income documents by using computers.
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especially debt instruments, are pooled and securities representing interests in the pool are issued. Most loans are subject to being bundled and sold, and the rights to act as servicing agent sold, without the consent of the borrower. A federal statute requires notice to the borrower of a change in servicing agent, but does not protect the borrower from being held delinquent on the
641:. These laws usually describe one or more classes of "high-cost" or "covered" loans, which are defined by the fees charged to the borrower at origination or the APR. While lenders are not prohibited from making "high-cost" or "covered" loans, a number of additional restrictions are placed on these loans, and the penalties for noncompliance can be substantial.
30:(FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined. Though there are laws against some of the specific practices commonly identified as predatory, various federal agencies use the phrase as a catch-all term for many specific illegal activities in the
350:: Some believe that risk-based pricing is fair but feel that many loans charge prices far above the risk, using the risk as an excuse to overcharge. These criticisms are not levied on all products, but only on those specifically deemed predatory. Proponents counter that competition among lenders should prevent or reduce overcharging.
134:, particularly in cases where an unsophisticated borrower is involved. Mortgage loans are complex transactions involving multiple parties and dozens of pages of legal documents. In the most egregious of predatory cases, lenders or brokers have not only misled borrowers but have also altered documents after they have been signed.
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Many lenders will negotiate the price structure of the loan with borrowers. In some situations, borrowers can even negotiate an outright reduction in the interest rate or other charges on the loan. Consumer advocates argue that borrowers, especially unsophisticated borrowers, are not aware of their
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application is done by the borrower, and no proof of income is needed. When the broker files the loan, they have to go by whatever income is stated. This opened the doors for borrowers to be approved for loans that they otherwise would not qualify for, or afford. However, lawsuits and testimony from
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wrote that a large percentage of first-time home buyers were women, and that loan officers took advantage of the lack of financial knowledge of many female loan applicants. Consumers believe that they are protected by consumer protection laws, when their lender is really operating wholly outside the
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This is the practice of charging more (in the form of higher interest rates and fees) for extending credit to borrowers identified by the lender as posing a greater credit risk. The lending industry argues that risk-based pricing is a legitimate practice; since a greater percentage of loans made to
315:(NHEMA), say many practices commonly called "predatory," particularly the practice of risk-based pricing, are not actually predatory, and that many laws aimed at reducing "predatory lending" significantly restrict the availability of mortgage finance to lower-income borrowers. Such parties consider
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This is the purchase of insurance which will pay off the loan in case the homebuyer dies. It is more expensive than other forms of insurance because it does not involve any medical checkups, but customers almost always are not shown their choices, because usually the lender is not licensed to sell
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property. Lenders may be accused of tricking a borrower into believing that an interest rate is lower than it actually is, or that the borrower's ability to pay is greater than it actually is. The lender, or others as agents of the lender, may well profit from repossession or foreclosure upon the
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Predatory servicing is also a component of predatory lending, characterized by unfair, deceptive, or fraudulent practices by a lender or another company that services a loan on behalf of the lender, after the loan is granted. Those practices include also charging excessive and unsubstantiated fees
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One less contentious definition of the term is proposed by an investing website as "the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against". Other
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and more prove that predatory loans are disproportionately made in poor and minority neighborhoods. Brokers and lenders preyed on these neighborhoods with the knowledge that these people were often denied for loans and the demand for loans were high. Lenders called these neighborhoods never-never
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As much as 70 percent of recent early payment defaults had fraudulent misrepresentations on their original loan applications, according to one recent study. The research was done by BasePoint
Analytics, which helps banks and lenders identify fraudulent transactions; the study looked at more than
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for payments made to the servicing agent who fails to forward the payments to the owner of the note, especially if that servicing agent goes bankrupt, and borrowers who have made all payments on time can find themselves being foreclosed on and becoming unsecured creditors of the servicing agent.
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The mortgage servicing agent is the entity that receives the mortgage payment, maintains the payment records, provides borrowers with account statements, imposes late charges when the payment is late, and pursues delinquent borrowers. A securitization is a financial transaction in which assets,
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Borrowers had little or no ability to manipulate other key data points that were frequently falsified during the mortgage process. These included credit scores, home appraisals and loan-to-value ratios. These were all factors that were under the control of mortgage professionals. In 2012, for
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would not be profitable to lending companies if only those customers who had the right "fit" for the product actually bought it (i.e., only those customers who were not able to get the generally cheaper term life insurance). Regardless, the majority of U.S. courts have refused to treat the
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There are many lending practices which have been called abusive and labeled with the term "predatory lending". There is a great deal of dispute between lenders and consumer groups as to what exactly constitutes "unfair" or "predatory" practices, but the following are sometimes cited:
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less creditworthy borrowers can be expected to go into default, higher prices are necessary to obtain the same yield on the portfolio as a whole. Some consumer groups argue that higher prices paid by more vulnerable consumers cannot always be justified by increased credit risk.
1427:, 295 A.D.2d 274, 275, 743 N.Y.S.2d 870, 871 (1st Dep’t 2002) ("his Court has repeatedly held an arm’s length borrower-lender relationship is not of a confidential or fiduciary nature and therefore does not support a cause of action for negligent misrepresentation").
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Targeting inappropriate or excessively expensive credit products to older borrowers, to persons who are not financially sophisticated or who may be otherwise vulnerable to abusive practices, and to persons who could qualify for mainstream credit products and
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Loan "flipping" – frequent refinancings that result in little or no economic benefit to the borrower and are undertaken with the primary or sole objective of generating additional loan fees, prepayment penalties, and fees from the financing of credit-related
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and expenses for servicing the loan, wrongfully disclosing credit defaults by a borrower, harassing a borrower for repayment and refusing to act in good faith in working with a borrower to effectuate a mortgage modification as required by federal law.
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Mortgage applications are usually completed by mortgage brokers or lenders' in-house loan officers, rather than by borrowers themselves, making it difficult for borrowers to control the information that was submitted with their applications.
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with higher interest rates than their white counterparts. Even when median income levels were comparable, home buyers in minority neighborhoods were more likely to get a loan from a subprime lender, though not necessarily a sub-prime loan.
148:, where the fee paid for advancing the money for a short period of time works out to an annual interest rate significantly in excess of the market rate for high-risk loans. The originators of such loans dispute that the fees are interest.
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upon lenders in the making of loans. Thus, once the lender has complied with all relevant statutory disclosure obligations, it remains solely the borrower's problem to ascertain whether the loan they are getting is the right fit for
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other forms of insurance. In addition, this insurance is usually financed into the loan which causes the loan to be more expensive, but at the same time encourages people to buy the insurance because they do not have to pay up front.
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Because many minority communities have been excluded from loans in the past, they are and have been more vulnerable to deception. Oftentimes, they are targeted because of these vulnerabilities. Organizations and agencies including
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In many countries, legislation aims to control this, but research has found ambiguous results, including finding that high-cost mortgage applications can possibly rise after adoption of laws against predatory lending.
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terms. Also, in 1994, section 32 of the Truth in
Lending Act, entitled the Home Ownership and Equity Protection Act of 1994, was created. This law is devoted to identifying certain high-cost, potentially predatory
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ability to negotiate and might even be under the mistaken impression that the lender is placing the borrower's interests above its own. Thus, many borrowers do not take advantage of their ability to negotiate.
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Several commentators have dismissed the notion of "predatory borrowing", accusing those making this argument as being apologists for the lack of lending standards and other excesses during the credit bubble.
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Subprime lenders specialize in B, C, and D paper. Predatory lending is the practice of overcharging a borrower for rates and fees, average fee should be 1%, these lenders were charging borrowers over 5%.
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Consumers without challenged credit loans should be underwritten with prime lenders. In 2004, 69% of borrowers were from subprime lending. The 2007 mortgage drop and economy fail were from over lending.
356:: Many observers feel that competition in the markets served by what critics describe as "predatory lenders" is not affected by price because the targeted consumers are completely uneducated about the
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Media investigations have disclosed that mortgage lenders used bait-and-switch salesmanship and fraud to take advantage of borrowers during the home-loan boom. In
February 2005, for example, reporters
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process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US
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Many laws at both the
Federal and state government level are aimed at preventing predatory lending. Although not specifically anti-predatory in nature, the Federal
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which is mortgage practices described by critics as unfair, deceptive, or fraudulent practices during the loan or mortgage servicing process, post loan origination.
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1616:, site has links to state and federal regulatory agencies and other consumer information provided by the United States General Services Administration.
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former industry insiders indicated that mortgage company employees frequently were behind overstatements of borrower income on mortgage applications.
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In addition, studies by leading consumer groups have concluded that women have become a key component to the subprime mortgage crunch. Professor
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Inadequate disclosure of the true costs, risks and, where necessary, appropriateness to the borrower of loan transactions;
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to conceal the true burden of the financing and to force borrowers into costly refinancing transactions or foreclosures;
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or a lack of knowledge on the part of the customers relative to the lenders. For example, some people allege that
89:, however a key difference between the two is that loan sharks do not seriously attempt to operate within the law.
1573:"'A way of monetizing poor people': How private equity firms make money offering loans to cash-strapped Americans"
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Do
Financial Counseling Mandates Improve Mortgage Choice and Performance? Evidence from a Legislative Experiment
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are among those states considered to have the strongest laws. Other states with predatory lending laws include:
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Mike Hudson and E. Scott
Reckard, "Workers Say Lender Ran 'Boiler Rooms'," Los Angeles Times, Feb. 4, 2005.
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Mortgage Fraud & the
Illegal Property Flipping Scheme: A Case Study of United States v. Quintero-Lopez
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on the basis of race. African
Americans and other minorities are being disproportionately led to
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62:) are widely available, loan sharks and other predatory lenders should not continue to thrive.
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and Scott Reckard broke a story in the Los Angeles Times about "boiler room" sales tactics at
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Refinancings of special subsidized mortgages that result in the loss of beneficial loan terms;
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1551:, The Varying Effects of Predatory Mortgage Lending Laws on High-Cost Mortgage Applications"
1069:"HUD Archives: Unequal Burden: Income and Racial Disparities in Subprime Lending in America"
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and reining in their terms. Twenty-five states have passed anti-predatory lending laws.
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described "predatory borrowing" as potentially a larger problem than predatory lending:
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OCC Advisory Letter AL 2003-2 describes predatory lending as including the following:
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919:"Why do moneylenders still thrive when formal microfinance is widely available?"
780:"FDIC OIG: Challenges and FDIC Efforts Related to Predatory Lending, June, 2006"
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on the loan, the lender can repossess or foreclose and profit by selling the
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refers to unethical practices conducted by lending organizations during a
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lender-borrower relationship as a fiduciary one and declined to impose a
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1367:"What the Heck is 'Predatory' Lending? - LewRockwell LewRockwell.com"
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Predatory lending is often compared to (but not to be confused with)
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Predatory lending typically occurs on loans backed by some kind of
880:(3). United Nations Conference on Trade and Development: 103–117.
851:"FTC'S Northeast Regional Office Hosts Forum on Predatory Lending"
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There are many underlying issues in the predatory lending debate:
1522:"Predatory Servicing v. Predatory Lending by Peter Moulinos, Esq"
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types of lending sometimes also referred to as predatory include
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Failure to clearly and accurately disclose terms and conditions
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land. This created the subprime predatory lending world.
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The offering of single premium credit life insurance; and
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industry. Predatory lending should not be confused with
1214:"The Nation: Tax Refund Scheme Targets the Working Poor"
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Challenges and FDIC Efforts Related to Predatory Lending
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263:, successfully forcing them to change their practices.
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Arp, Frithjof; Ardisa, Alvin; Ardisa, Alviani (2017).
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Post-Napoleonic Irish grain price and land use shocks
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River Glen Assoc., Ltd. v. Merrill Lynch Credit Corp.
977:"Will My Mortgage Loan Be Sold? - Mortgage Professor"
1342:"National Home Equity Mortgage Association Report"
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69:, such as a car or house, so that if the borrower
1622:from The United States General Accounting Office.
1142:. La Crosse, Wi: DF Institute, Inc. p. 145.
292:laws. Refer to 15 U.S.C. 1601 and 12 C.F.R. 226.
138:Short-term loans with disproportionally high fees
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1646:, Clint Reilly on the predatory lending scandal.
1476:"Stated Income Loans: Lie to Get A Better Rate?"
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125:Failure to present the loan price as negotiable.
1490:"Schneiderman settles inflated appraisals case"
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1610:from the California Department of Real Estate.
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1248:By Manny Fernandez Published: October 15, 2007
3534:List of stock market crashes and bear markets
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311:Some subprime lending advocates, such as the
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1092:Burd-Sharps, Sarah; Rasch, Rebecca (2015).
479:. Unsourced material may be challenged and
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827:"Fannie Mae Overview of Predatory Lending"
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1636:Americans for Fairness in Lending (AFFIL)
1620:Challenges in combating predatory lending
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1016:Segregation: The Rising Costs for America
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499:Learn how and when to remove this message
313:National Home Equity Mortgage Association
218:Predatory lending towards minority groups
213:The use of mandatory arbitration clauses.
189:Using loan terms or structures – such as
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1192:. Oxford University Press. p. 22.
395:In an article in the January 17, 2008,
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2743:Secondary banking crisis of 1973–1975
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1115:"State of the Dream 2008: Foreclosed"
270:practices have raised concerns about
28:Federal Deposit Insurance Corporation
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3194:2008–2011 Icelandic financial crisis
3187:2008–2009 Ukrainian financial crisis
3152:2000s U.S. housing market correction
2992:1998–2002 Argentine great depression
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1827:Debtor-in-possession (DIP) financing
1608:Protect yourself in the loan process
1454:"So We Thought. But Then Again . . "
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477:adding citations to reliable sources
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3561:Urban politics in the United States
3498:2023–2024 Egyptian financial crisis
3333:Puerto Rican government-debt crisis
3326:2014–2016 Brazilian economic crisis
2699:1963–1965 Indonesian hyperinflation
2602:Shanghai rubber stock market crisis
2291:Dutch Republic stock market crashes
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93:Abusive or unfair lending practices
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3304:2012–2013 Cypriot financial crisis
3208:2008–2014 Spanish financial crisis
3180:2008–2009 Russian financial crisis
3173:2008–2009 Belgian financial crisis
2868:1988–1992 Norwegian banking crisis
2363:British credit crisis of 1772–1773
1614:Federal Citizen Information Center
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1405:"Federal Reserve Bank of Chicago,
1259:"NAACP Fights Loan Discrimination"
1103:. SOCIAL SCIENCE RESEARCH COUNCIL.
996:. November 7, 2007. Archived from
14:
3602:
3491:2023 United States banking crisis
3297:2011 Bangladesh share market scam
2985:1998–1999 Ecuador economic crisis
2949:Venezuelan banking crisis of 1994
2875:Japanese asset price bubble crash
2816:Souk Al-Manakh stock market crash
2566:Australian banking crisis of 1893
2370:Dutch Republic financial collapse
1584:
1571:Whoriskey, Peter (July 1, 2018).
1330:http://www.latimes.com/ameriquest
917:Arp, Frithjof (11 January 2018).
2348:Amsterdam banking crisis of 1763
1650:America's Worst Subprime Lenders
1301:Hill, Anita (October 22, 2007).
524:requires certain disclosures of
515:
449:
3073:2007 Chinese stock bubble crash
2399:Danish state bankruptcy of 1813
1598:Don't be a victim of loan fraud
1539:
1514:
1496:
1482:
1430:
1418:
1397:
1383:
1359:
1334:
1322:
1303:"Women and the subprime crunch"
1269:
1251:
1206:
1181:
1167:. La Crosse, Wi: DF Institute.
1156:
1131:
1107:
1085:
1061:
1032:
1007:
983:
969:
307:Disputes over predatory lending
3454:Chinese property sector crisis
3362:2015–2016 stock market selloff
3290:August 2011 stock markets fall
3201:2008–2011 Irish banking crisis
2898:1990s Swedish financial crisis
2647:Weimar Republic hyperinflation
1391:"In Defense of Payday Lending"
1101:American Civil Liberties Union
910:
861:
843:
819:
801:
772:
754:
744:"Predatory lending definition"
736:
724:
651:Alternative financial services
440:
233:American Civil Liberties Union
1:
3527:List of sovereign debt crises
3469:2022 Russian financial crisis
3166:2008 Latvian financial crisis
3159:U.S. bear market of 2007–2009
3037:Stock market downturn of 2002
2978:1998 Russian financial crisis
2831:1983 Israel bank stock crisis
1276:Women and the Subprime Crunch
808:"Loans to avoid at all costs"
717:
146:Tax Refund Anticipation Loans
3566:United States housing bubble
3229:Greek government-debt crisis
3066:2004 Argentine energy crisis
3023:2001 Turkish economic crisis
2912:1990s Armenian energy crisis
2905:1990s Finnish banking crisis
2766:1976 British currency crisis
2736:1973–1974 stock market crash
36:predatory mortgage servicing
7:
3385:2017 Sri Lankan fuel crisis
3051:2003 Myanmar banking crisis
3044:2002 Uruguay banking crisis
2964:1997 Asian financial crisis
2891:1991 Indian economic crisis
2883:Rhode Island banking crisis
2853:Cameroonian economic crisis
2639:Early Soviet hyperinflation
2252:Crisis of the Third Century
1547:"St. Louis Federal Reserve
948:"Article List | ACORN"
733:June 2006 Report No. 06-011
644:
16:Unethical lending practices
10:
3607:
3576:Psychological manipulation
3416:Sri Lankan economic crisis
3274:Energy crisis in Venezuela
3253:2009 Dubai debt standstill
3103:2007–2008 financial crisis
2758:Latin American debt crisis
2521:Paris Bourse crash of 1882
1163:Sirota PhD, David (2009).
1138:Sirota PhD, David (2009).
906:. UNCTAD/DIAE/IA/2017D4A8.
874:Transnational Corporations
3507:
3484:2022 stock market decline
3476:Pakistani economic crisis
3462:2021–2023 inflation surge
3408:Lebanese liquidity crisis
3377:Venezuelan hyperinflation
3369:Brexit stock market crash
3318:Venezuela economic crisis
3240:
3090:
3080:Zimbabwean hyperinflation
2790:
2708:
2679:
2663:Wall Street Crash of 1929
2626:
2503:2nd Industrial Revolution
2501:
2437:
2337:1st Industrial Revolution
2335:
2262:
2240:
2095:
2022:
1988:
1915:
1840:
1784:
1732:
1699:
1692:
1643:Capitalism without values
1119:United for a Fair Economy
237:United for a Fair Economy
3145:Subprime mortgage crisis
2808:Brazilian hyperinflation
2780:Brazilian hyperinflation
2617:Financial crisis of 1914
2325:Mississippi bubble crash
1684:
1590:Bell, Alexis. (2010).
1188:Engel, Kathleen (2011).
855:Federal Trade Commission
692:Refund anticipation loan
3520:List of economic crises
3438:2020 stock market crash
3431:Financial market impact
3400:Turkish economic crisis
3015:9/11 stock market crash
2971:October 1997 mini-crash
2942:1994 bond market crisis
2934:Yugoslav hyperinflation
2845:Savings and loan crisis
2446:European potato failure
1996:Consumer leverage ratio
1907:Tax refund interception
1018:. New York: Routledge.
1014:Carr, James H. (2008).
401:George Mason University
272:mortgage discrimination
3513:List of banking crises
3282:Syrian economic crisis
3215:Blue Monday Crash 2009
2824:Chilean crisis of 1982
2655:ShĹŤwa financial crisis
2461:Highland Potato Famine
2317:South Sea bubble crash
2108:Commodity price shocks
1508:bigpicture.typepad.com
768:on September 21, 2012.
414:
362:Annual percentage rate
251:Organizations such as
2838:Black Saturday (1983)
2692:Kennedy Slide of 1962
2264:Commercial revolution
2001:Debt levels and flows
1492:. September 28, 2012.
1478:. Mortgage Professor.
409:
283:Other targeted groups
191:negative amortization
3392:Ghana banking crisis
3222:European debt crisis
3007:Dot-com bubble crash
2919:Cuban Special Period
2378:Copper Panic of 1789
2283:The Great Debasement
2275:Great Bullion Famine
1822:Debt snowball method
1265:on October 17, 2007.
886:10.18356/10695889-en
839:on February 4, 2007.
702:Settlement (finance)
522:Truth in Lending Act
473:improve this section
403:economics professor
3348:2015 Nepal blockade
3058:2000s energy crisis
2956:Mexican peso crisis
2861:Black Monday (1987)
2721:1970s energy crisis
2681:Post–WWII expansion
2355:Bengal bubble crash
2150:Financial contagion
1630:Dollars & Sense
1452:(13 January 2008).
1165:Real Estate Finance
1140:Real Estate Finance
923:Banking and Finance
748:Investor Dictionary
666:Debt-trap diplomacy
391:Predatory borrowing
360:and the concept of
358:time value of money
354:Financial education
319:a pejorative term.
301:Ameriquest Mortgage
276:sub-prime mortgages
46:, certain types of
2610:Panic of 1910–1911
2454:Great Irish Famine
2392:Panic of 1796–1797
2231:Stock market crash
1281:2011-08-10 at the
1246:The New York Times
1190:The Subprime Virus
422:stated income loan
339:Risk-based pricing
332:Judicial practices
169:best evidence rule
105:risk-based pricing
3543:
3542:
3424:COVID-19 pandemic
2309:Tulip mania crash
2300:Kipper und Wipper
2277:(c. 1400–c. 1500)
2055:
2054:
1902:Strategic default
1867:Collection agency
1780:
1779:
1762:Predatory lending
1626:Predatory lending
1504:"The Big Picture"
1174:978-1-4277-8593-0
1149:978-1-4277-8593-0
509:
508:
501:
374:adverse selection
323:Underlying issues
317:predatory lending
20:Predatory lending
3598:
3536:
3529:
3522:
3515:
3500:
3493:
3486:
3479:
3471:
3464:
3457:
3447:
3440:
3433:
3426:
3419:
3411:
3403:
3395:
3387:
3380:
3372:
3364:
3357:
3350:
3343:
3336:
3328:
3321:
3313:
3306:
3299:
3292:
3285:
3277:
3269:
3262:
3255:
3231:
3224:
3217:
3210:
3203:
3196:
3189:
3182:
3175:
3168:
3161:
3154:
3147:
3140:
3133:
3126:
3119:
3112:
3105:
3083:
3075:
3068:
3061:
3053:
3046:
3039:
3032:
3025:
3018:
3010:
3002:
2994:
2987:
2980:
2973:
2966:
2959:
2951:
2944:
2937:
2929:
2922:
2914:
2907:
2900:
2893:
2886:
2878:
2870:
2863:
2856:
2848:
2840:
2833:
2826:
2819:
2811:
2797:Great Regression
2792:Great Moderation
2783:
2775:
2768:
2761:
2753:
2745:
2738:
2731:
2724:
2701:
2694:
2672:
2665:
2658:
2650:
2642:
2619:
2612:
2605:
2597:
2590:
2583:
2576:
2568:
2561:
2554:
2546:
2538:
2530:
2523:
2516:
2494:
2486:
2479:
2472:
2463:
2456:
2449:
2430:
2423:
2416:
2409:
2401:
2394:
2387:
2380:
2373:
2365:
2358:
2350:
2328:
2320:
2312:
2304:
2294:
2286:
2278:
2255:
2233:
2226:
2219:
2210:
2203:
2196:
2189:
2182:
2180:Liquidity crisis
2175:
2168:
2159:
2157:Social contagion
2152:
2145:
2138:
2131:
2124:
2117:
2110:
2103:
2089:Financial crises
2082:
2075:
2068:
2059:
2058:
1747:Consumer lending
1697:
1696:
1679:
1672:
1665:
1656:
1655:
1580:
1558:
1557:
1555:
1543:
1537:
1536:
1534:
1533:
1524:. Archived from
1518:
1512:
1511:
1500:
1494:
1493:
1486:
1480:
1479:
1474:(20 June 2005).
1468:
1462:
1461:
1446:
1440:
1434:
1428:
1422:
1416:
1415:
1413:
1401:
1395:
1394:
1387:
1381:
1380:
1378:
1377:
1363:
1357:
1356:
1354:
1353:
1344:. Archived from
1338:
1332:
1326:
1320:
1319:
1317:
1315:
1298:
1292:
1273:
1267:
1266:
1261:. Archived from
1255:
1249:
1238:
1229:
1228:
1226:
1225:
1216:. Archived from
1210:
1204:
1203:
1199:978-0-19538882-4
1185:
1179:
1178:
1160:
1154:
1153:
1135:
1129:
1128:
1126:
1125:
1111:
1105:
1104:
1098:
1089:
1083:
1082:
1080:
1079:
1073:archives.hud.gov
1065:
1059:
1058:
1056:
1055:
1046:. Archived from
1036:
1030:
1029:
1011:
1005:
1004:
1002:
995:
987:
981:
980:
973:
967:
966:
964:
963:
954:. Archived from
944:
927:
926:
914:
908:
907:
897:
865:
859:
858:
857:. April 2, 2001.
847:
841:
840:
838:
832:. Archived from
831:
823:
817:
805:
799:
798:
796:
795:
786:. Archived from
776:
770:
769:
764:. Archived from
758:
752:
751:
740:
734:
728:
687:Poverty industry
683:protection loans
504:
497:
493:
490:
484:
453:
445:
378:credit insurance
268:subprime lending
257:Inner City Press
198:balloon payments
116:credit insurance
24:loan origination
3606:
3605:
3601:
3600:
3599:
3597:
3596:
3595:
3546:
3545:
3544:
3539:
3532:
3525:
3518:
3511:
3503:
3496:
3489:
3482:
3474:
3467:
3460:
3452:
3443:
3436:
3429:
3422:
3414:
3406:
3398:
3390:
3383:
3375:
3367:
3360:
3353:
3346:
3339:
3331:
3324:
3316:
3309:
3302:
3295:
3288:
3280:
3272:
3265:
3258:
3251:
3244:
3242:Information Age
3236:
3227:
3220:
3213:
3206:
3199:
3192:
3185:
3178:
3171:
3164:
3157:
3150:
3143:
3136:
3129:
3122:
3115:
3108:
3101:
3094:
3092:Great Recession
3086:
3078:
3071:
3064:
3056:
3049:
3042:
3035:
3028:
3021:
3013:
3005:
2997:
2990:
2983:
2976:
2969:
2962:
2954:
2947:
2940:
2932:
2925:
2917:
2910:
2903:
2896:
2889:
2881:
2873:
2866:
2859:
2851:
2843:
2836:
2829:
2822:
2814:
2806:
2799:
2795:
2786:
2778:
2773:1979 oil crisis
2771:
2764:
2756:
2748:
2741:
2734:
2729:1973 oil crisis
2727:
2719:
2712:
2710:Great Inflation
2704:
2697:
2690:
2683:
2675:
2668:
2661:
2653:
2645:
2637:
2630:
2628:Interwar period
2622:
2615:
2608:
2600:
2593:
2586:
2579:
2571:
2564:
2557:
2549:
2541:
2533:
2526:
2519:
2512:
2505:
2497:
2489:
2482:
2475:
2468:
2459:
2452:
2444:
2433:
2426:
2419:
2412:
2404:
2397:
2390:
2383:
2376:
2368:
2361:
2353:
2346:
2339:
2331:
2323:
2315:
2307:
2297:
2289:
2281:
2273:
2266:
2258:
2250:
2236:
2229:
2222:
2215:
2206:
2199:
2192:
2185:
2178:
2171:
2164:
2155:
2148:
2141:
2134:
2129:Currency crisis
2127:
2120:
2113:
2106:
2099:
2091:
2086:
2056:
2051:
2047:Promissory note
2018:
1984:
1965:Deposit account
1911:
1882:Debtors' prison
1836:
1802:Management plan
1776:
1728:
1688:
1683:
1587:
1577:Washington Post
1567:
1565:Further reading
1562:
1561:
1553:
1545:
1544:
1540:
1531:
1529:
1520:
1519:
1515:
1502:
1501:
1497:
1488:
1487:
1483:
1469:
1465:
1447:
1443:
1435:
1431:
1423:
1419:
1411:
1409:, October 2009"
1403:
1402:
1398:
1389:
1388:
1384:
1375:
1373:
1371:LewRockwell.com
1365:
1364:
1360:
1351:
1349:
1340:
1339:
1335:
1327:
1323:
1313:
1311:
1299:
1295:
1283:Wayback Machine
1274:
1270:
1257:
1256:
1252:
1239:
1232:
1223:
1221:
1212:
1211:
1207:
1200:
1186:
1182:
1175:
1161:
1157:
1150:
1136:
1132:
1123:
1121:
1113:
1112:
1108:
1096:
1090:
1086:
1077:
1075:
1067:
1066:
1062:
1053:
1051:
1038:
1037:
1033:
1026:
1012:
1008:
1000:
993:
989:
988:
984:
975:
974:
970:
961:
959:
946:
945:
930:
925:. Scroll India.
915:
911:
866:
862:
849:
848:
844:
836:
829:
825:
824:
820:
816:. March 6, 2007
806:
802:
793:
791:
784:www.fdicoig.gov
778:
777:
773:
760:
759:
755:
742:
741:
737:
729:
725:
720:
647:
518:
505:
494:
488:
485:
470:
454:
443:
393:
325:
309:
285:
220:
153:Servicing agent
114:Single-premium
95:
17:
12:
11:
5:
3604:
3594:
3593:
3588:
3586:Disinformation
3583:
3578:
3573:
3568:
3563:
3558:
3541:
3540:
3538:
3537:
3530:
3523:
3516:
3508:
3505:
3504:
3502:
3501:
3494:
3487:
3480:
3478:(2022–present)
3472:
3465:
3458:
3456:(2020–present)
3450:
3449:
3448:
3441:
3434:
3420:
3418:(2019–present)
3412:
3410:(2019–present)
3404:
3402:(2018–present)
3396:
3388:
3381:
3373:
3365:
3358:
3351:
3344:
3337:
3329:
3322:
3320:(2013–present)
3314:
3307:
3300:
3293:
3286:
3284:(2011–present)
3278:
3276:(2010–present)
3270:
3263:
3256:
3248:
3246:
3245:(2009–present)
3238:
3237:
3235:
3234:
3233:
3232:
3225:
3218:
3211:
3204:
3197:
3190:
3183:
3176:
3169:
3162:
3155:
3148:
3141:
3134:
3127:
3120:
3113:
3110:September 2008
3098:
3096:
3088:
3087:
3085:
3084:
3082:(2007–present)
3076:
3069:
3062:
3054:
3047:
3040:
3033:
3026:
3019:
3011:
3003:
2995:
2988:
2981:
2974:
2967:
2960:
2952:
2945:
2938:
2930:
2923:
2915:
2908:
2901:
2894:
2887:
2879:
2871:
2864:
2857:
2849:
2841:
2834:
2827:
2820:
2812:
2803:
2801:
2788:
2787:
2785:
2784:
2776:
2769:
2762:
2754:
2746:
2739:
2732:
2725:
2716:
2714:
2706:
2705:
2703:
2702:
2695:
2687:
2685:
2677:
2676:
2674:
2673:
2666:
2659:
2651:
2643:
2634:
2632:
2624:
2623:
2621:
2620:
2613:
2606:
2598:
2591:
2584:
2577:
2569:
2562:
2555:
2547:
2539:
2531:
2524:
2517:
2509:
2507:
2499:
2498:
2496:
2495:
2487:
2480:
2473:
2466:
2465:
2464:
2457:
2441:
2439:
2435:
2434:
2432:
2431:
2424:
2417:
2410:
2402:
2395:
2388:
2381:
2374:
2372:(c. 1780–1795)
2366:
2359:
2351:
2343:
2341:
2333:
2332:
2330:
2329:
2321:
2313:
2305:
2295:
2293:(c. 1600–1760)
2287:
2279:
2270:
2268:
2260:
2259:
2257:
2256:
2247:
2245:
2238:
2237:
2235:
2234:
2227:
2220:
2213:
2212:
2211:
2204:
2197:
2190:
2176:
2173:Hyperinflation
2169:
2162:
2161:
2160:
2146:
2139:
2132:
2125:
2118:
2111:
2104:
2096:
2093:
2092:
2085:
2084:
2077:
2070:
2062:
2053:
2052:
2050:
2049:
2044:
2039:
2034:
2029:
2023:
2020:
2019:
2017:
2016:
2003:
1998:
1992:
1990:
1986:
1985:
1983:
1982:
1980:Securitization
1977:
1972:
1967:
1962:
1957:
1952:
1947:
1942:
1937:
1932:
1927:
1921:
1919:
1913:
1912:
1910:
1909:
1904:
1899:
1894:
1889:
1884:
1879:
1874:
1869:
1864:
1859:
1853:
1851:
1838:
1837:
1835:
1834:
1832:Loan guarantee
1829:
1824:
1819:
1814:
1804:
1799:
1794:
1788:
1786:
1782:
1781:
1778:
1777:
1775:
1774:
1772:Vendor finance
1769:
1764:
1759:
1754:
1749:
1744:
1738:
1736:
1730:
1729:
1727:
1726:
1721:
1716:
1711:
1705:
1703:
1694:
1690:
1689:
1682:
1681:
1674:
1667:
1659:
1653:
1652:
1647:
1639:
1633:
1623:
1617:
1611:
1605:
1595:
1586:
1585:External links
1583:
1582:
1581:
1566:
1563:
1560:
1559:
1538:
1513:
1495:
1481:
1472:Jack Guttentag
1463:
1458:New York Times
1441:
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575:South Carolina
559:North Carolina
535:mortgage loans
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397:New York Times
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3257:
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3160:
3156:
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3149:
3146:
3142:
3139:
3135:
3132:
3131:December 2008
3128:
3125:
3124:November 2008
3121:
3118:
3114:
3111:
3107:
3106:
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3100:
3099:
3097:
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3077:
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3063:
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3016:
3012:
3008:
3004:
3000:
2996:
2993:
2989:
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2913:
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2798:
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2747:
2744:
2740:
2737:
2733:
2730:
2726:
2722:
2718:
2717:
2715:
2711:
2707:
2700:
2696:
2693:
2689:
2688:
2686:
2682:
2678:
2671:
2670:Panic of 1930
2667:
2664:
2660:
2656:
2652:
2648:
2644:
2640:
2636:
2635:
2633:
2629:
2625:
2618:
2614:
2611:
2607:
2603:
2599:
2596:
2595:Panic of 1907
2592:
2589:
2588:Panic of 1901
2585:
2582:
2581:Panic of 1896
2578:
2574:
2570:
2567:
2563:
2560:
2559:Panic of 1893
2556:
2552:
2548:
2544:
2543:Baring crisis
2540:
2536:
2535:Arendal crash
2532:
2529:
2528:Panic of 1884
2525:
2522:
2518:
2515:
2514:Panic of 1873
2511:
2510:
2508:
2504:
2500:
2492:
2488:
2485:
2484:Panic of 1866
2481:
2478:
2477:Panic of 1857
2474:
2471:
2470:Panic of 1847
2467:
2462:
2458:
2455:
2451:
2450:
2447:
2443:
2442:
2440:
2436:
2429:
2428:Panic of 1837
2425:
2422:
2421:Panic of 1825
2418:
2415:
2414:Panic of 1819
2411:
2407:
2403:
2400:
2396:
2393:
2389:
2386:
2385:Panic of 1792
2382:
2379:
2375:
2371:
2367:
2364:
2360:
2356:
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2349:
2345:
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2269:
2265:
2261:
2253:
2249:
2248:
2246:
2244:
2239:
2232:
2228:
2225:
2224:Social crisis
2221:
2218:
2217:Minsky moment
2214:
2209:
2205:
2202:
2198:
2195:
2191:
2188:
2184:
2183:
2181:
2177:
2174:
2170:
2167:
2163:
2158:
2154:
2153:
2151:
2147:
2144:
2143:Energy crisis
2140:
2137:
2133:
2130:
2126:
2123:
2119:
2116:
2115:Credit crunch
2112:
2109:
2105:
2102:
2098:
2097:
2094:
2090:
2083:
2078:
2076:
2071:
2069:
2064:
2063:
2060:
2048:
2045:
2043:
2042:Interest rate
2040:
2038:
2035:
2033:
2030:
2028:
2025:
2024:
2021:
2015:
2011:
2007:
2004:
2002:
1999:
1997:
1994:
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1991:
1987:
1981:
1978:
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1973:
1971:
1968:
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1961:
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1946:
1943:
1941:
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1928:
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1908:
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1825:
1823:
1820:
1818:
1817:Restructuring
1815:
1812:
1808:
1805:
1803:
1800:
1798:
1797:Consolidation
1795:
1793:
1790:
1789:
1787:
1783:
1773:
1770:
1768:
1765:
1763:
1760:
1758:
1755:
1753:
1750:
1748:
1745:
1743:
1742:Business loan
1740:
1739:
1737:
1735:
1731:
1725:
1722:
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1717:
1715:
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1707:
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1628:article from
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1603:
1599:
1596:
1593:
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1550:
1542:
1528:on 2013-12-15
1527:
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1392:
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1368:
1362:
1348:on 2006-12-17
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1220:on 2013-03-25
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1191:
1184:
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1159:
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1134:
1120:
1116:
1110:
1102:
1095:
1088:
1074:
1070:
1064:
1050:on 2012-11-13
1049:
1045:
1044:www.acorn.org
1041:
1035:
1027:
1021:
1017:
1010:
999:
992:
986:
978:
972:
958:on 2012-12-31
957:
953:
952:www.acorn.org
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790:on 2022-08-04
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639:West Virginia
636:
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552:
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516:United States
513:
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468:
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463:
458:This section
456:
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434:
430:
426:
423:
418:
413:
408:
406:
402:
398:
384:
379:
375:
371:
370:
369:Caveat emptor
366:
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355:
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328:
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314:
304:
302:
298:
293:
290:
289:Anita F. Hill
280:
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119:
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100:
99:
90:
88:
87:loan sharking
83:
80:
76:
72:
68:
63:
61:
57:
56:consumer debt
53:
49:
45:
39:
37:
33:
29:
25:
21:
3117:October 2008
2999:Samba effect
2855:(1987–2000s)
2750:Steel crisis
2573:Black Monday
2551:Encilhamento
2491:Black Friday
2298:
2254:(235–284 CE)
2122:Credit cycle
2012: /
2008: /
1975:Money market
1970:Fixed income
1897:Phantom debt
1877:Debt bondage
1845:
1761:
1642:
1576:
1548:
1541:
1530:. Retrieved
1526:the original
1516:
1507:
1498:
1484:
1466:
1457:
1444:
1436:
1432:
1424:
1420:
1406:
1399:
1385:
1374:. Retrieved
1370:
1361:
1350:. Retrieved
1346:the original
1336:
1324:
1312:. Retrieved
1308:Boston Globe
1306:
1296:
1286:
1271:
1263:the original
1253:
1240:
1222:. Retrieved
1218:the original
1208:
1189:
1183:
1164:
1158:
1139:
1133:
1122:. Retrieved
1118:
1109:
1100:
1087:
1076:. Retrieved
1072:
1063:
1052:. Retrieved
1048:the original
1043:
1034:
1015:
1009:
998:the original
985:
971:
960:. Retrieved
956:the original
951:
922:
912:
895:10419/170696
877:
873:
863:
854:
845:
834:the original
821:
811:
803:
792:. Retrieved
788:the original
783:
774:
766:the original
756:
747:
738:
726:
661:Debt bondage
623:Pennsylvania
519:
510:
495:
486:
471:Please help
459:
435:
431:
427:
419:
415:
410:
396:
394:
383:duty of care
367:
353:
345:
337:
331:
326:
316:
310:
294:
286:
265:
261:HSBC Finance
250:
246:
242:
221:
174:
151:
142:payday loans
137:
131:
124:
113:
103:Unjustified
102:
96:
84:
82:collateral.
64:
60:microfinance
48:credit cards
44:payday loans
40:
19:
18:
3394:(2017–2018)
3379:(2016–2022)
3335:(2014–2022)
3095:(2007–2009)
3060:(2003–2008)
3009:(2000–2004)
2958:(1994–1996)
2936:(1992–1994)
2921:(1991–2000)
2885:(1990–1992)
2877:(1990–1992)
2847:(1986–1995)
2810:(1982–1994)
2800:(1982–2007)
2782:(1980–1982)
2760:(1975–1982)
2752:(1973–1982)
2723:(1973–1980)
2713:(1973–1982)
2684:(1945–1973)
2649:(1921–1923)
2641:(1917–1924)
2631:(1918–1939)
2553:(1890–1893)
2506:(1870–1914)
2448:(1845–1856)
2408:(1815–1816)
2357:(1769–1784)
2340:(1760–1840)
2303:(1621–1623)
2285:(1544–1551)
2267:(1000–1760)
2166:Flash crash
2136:Debt crisis
2014:Odious debt
1892:Garnishment
1757:Payday loan
1693:Instruments
1450:Tyler Cowen
587:Connecticut
441:Legislation
405:Tyler Cowen
347:Competition
75:repossessed
3550:Categories
2187:Accounting
2032:Insolvency
1940:Government
1872:Compliance
1862:Charge-off
1842:Collection
1792:Bankruptcy
1785:Management
1752:Loan shark
1719:Government
1532:2013-01-09
1376:2018-10-15
1352:2006-12-05
1224:2006-11-23
1124:2015-12-09
1078:2015-12-09
1054:2015-12-09
962:2020-10-21
794:2021-04-05
718:References
707:Title loan
671:Loan shark
656:Bank fraud
579:California
571:New Mexico
567:New Jersey
489:March 2008
140:, such as
79:foreclosed
67:collateral
3591:Deception
3445:Recession
2438:1840–1870
1989:Economics
1950:Municipal
1935:Diplomacy
1930:Corporate
1887:Distraint
1724:Municipal
1714:Debenture
1709:Corporate
1288:Economica
681:Overdraft
635:Wisconsin
460:does not
180:products;
50:, mainly
2101:Bank run
2037:Interest
2010:Internal
2006:External
1925:Consumer
1857:Bad debt
1632:magazine
1279:Archived
904:73558727
645:See also
615:Oklahoma
603:Maryland
595:Kentucky
583:Colorado
563:New York
547:Illinois
539:Arkansas
71:defaults
52:subprime
3556:Banking
2201:Funding
2194:Capital
2027:Default
1955:Venture
1945:Medical
1917:Markets
1849:Evasion
1811:history
1314:11 June
591:Florida
543:Georgia
481:removed
466:sources
159:abuses.
3371:(2016)
3017:(2001)
3001:(1999)
2818:(1982)
2657:(1927)
2604:(1910)
2575:(1894)
2545:(1890)
2537:(1886)
2493:(1869)
2327:(1720)
2319:(1720)
2311:(1637)
2208:Market
1844:
1807:Relief
1549:Review
1196:
1171:
1146:
1022:
902:
637:, and
619:Oregon
607:Nevada
231:, the
204:terms;
196:Using
3581:Abuse
3571:Loans
1960:Buyer
1767:Usury
1734:Loans
1701:Bonds
1600:from
1554:(PDF)
1412:(PDF)
1097:(PDF)
1001:(PDF)
994:(PDF)
900:S2CID
837:(PDF)
830:(PDF)
712:Usury
627:Texas
599:Maine
551:Maine
386:them.
266:Some
225:ACORN
3138:2009
2243:1000
2241:Pre-
1686:Debt
1316:2010
1194:ISBN
1169:ISBN
1144:ISBN
1020:ISBN
631:Utah
611:Ohio
573:and
530:loan
528:and
464:any
462:cite
253:AARP
164:note
155:and
32:loan
1602:HUD
890:hdl
882:doi
526:APR
475:by
229:HUD
77:or
3552::
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1506:.
1456:.
1369:.
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1285:.
1233:^
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892::
884::
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750:.
502:)
496:(
491:)
487:(
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469:.
118:.
107:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.