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American Nightmare: Predatory Lending and the Foreclosure of the American Dreamby Richard Lord
Synopses & Reviews
Homeowners who can’t borrow from banks have long turned to the subprime lending industry for mortgages. Increasingly, that industry has turned on them by charging outrageous fees and usurious interest, and then taking their homes through foreclosure. Richard Lord explores the spread of predatory lending practices. And it tells the stories of borrowers who’ve been taken, contractors and brokers who’ve been co-opted, lenders who’ve cheated—and the world’s biggest financial titans, who’ve cashed in. A battle is taking shape that could determine whether home ownership for working people will be an achievable dream or an American nightmare.
Richard Lord is a writer for the Pittsburgh City Paper whose work on subprime lending has won numerous awards.
Book News Annotation:
Journalist Lord exposes the growth of subprime lending and its connections to predatory lending and rising foreclosure rates in the United States. He examines how changes in law and the banking industry have led to the growing problem and illustrates its pernicious effects on borrowers through the inclusion of personal stories of individuals victimized by the situation.
Annotation ©2004 Book News, Inc., Portland, OR (booknews.com)
Wall Street is hungry for your house--and wants Washington to serve it on a platter.
About the Author
Richard Lord is a writer for the Pittsburgh City Paper whose work on subprime lending has won numerous awards and appeared in national forums.
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