Predatory Lending And The Foreclosure Crisis

<p>An interview with Keith Ernst, senior policy counsel for the Center for Responsible Lending, on the devastating impact of subprime loans on home ownership.</p>
April 10, 2007, 1pm PDT | Abhijeet Chavan
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"Subprime loans have led to one million American families losing their homes in the past decade, a new study by the Center for Responsible Lending has found. In the last ten years, the subprime loan industry...Under a subprime loan, customers with low credit ratings are offered mortgages in return for high interest rates. Proponents have advocated subprime financing as a way for low-income residents to own their first home. But new figures suggest the subprime industry is having the opposite effect...subprime lending results in a net loss of home ownership for almost one million families."

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Published on Wednesday, April 4, 2007 in Democracy Now!
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