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Shortchanged by Howard Karger

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Although market specialization, competition, and innovation have vastly expanded credit to virtually all income classes, under certain circumstances this expanded access may not be entirely beneficial. … Of concern are abusive lending practices that target specific neighborhoods or vulnerable segments of the population and can result in unaffordable payments, equity stripping, and foreclosure.–Alan Greenspan, “Economic Challenges in the New Century,” Annual Conference of the National Community Reinvestment Coalition, Washington, DC, March 22, 2000

Congress knows predatory lending is a problem. The Clinton administration knows this is a problem. Now the chairman of the Federal Reserve himself is saying this is a problem. So, when are we ...

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