The societal cost of predatory lending | Bleader

Tuesday, May 20, 2008

The societal cost of predatory lending

Posted By on 05.20.08 at 02:30 PM

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"But the impact of high-cost loans extends beyond individuals. The higher mortgage payments increase the risk of foreclosure and limit homeowners’ ability to fix up their properties, according to Smith. As a result, boarded-up and dilapidated properties diminish property values and attract gangs."

The Chicago Reporter looks at the effect of mortgage rates in Roseland, which (based on a small, recent sample) run twice the federal prime rate.

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