Mortgage Madness
In 1994, the market for high-cost subprime mortgages totaled $43 billion nationwide. By 2003, this figure had grown to $385 billion.
This edition of AdvoCasey documents the high cost of being poor in eye-opening detail — including the immense cost of credit paid by many low-income families.
AdvoCasey is a seasonal publication with themed issues that spotlight programs and policies making measurable differences in the lives of kids and families.
Predatory lenders lace their loans with exorbitant extras like balloon payments, mortgage insurance charges, prepayment penalties. Most often, their victims are blacks, Latinos and other minorities.