American nightmare

American nightmare

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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.The other criteria are the payment history on the previous mortgage, income history, status of any liens on the property, and property value. ... Friedlander said a aquot;referral-upaquot; pilot program to direct would-be Household borrowers with good credit to HSBC for lower-interest loans ... Household underwrites or manages credit cards under the GM Card, Union Plus, Household Bank, Orchard Bank, Best Buy, anbsp;...

Title:American nightmare
Author: Richard Lord
Publisher:Common Courage Pr - 2005

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