American Nightmare Predatory Lending and the Foreclosure of the American Dream
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Edition: Paperback, 240 pages
For many borrowers, the American dream has become a nightmare of outrageous fees and fast foreclosure.
Homeowners who can't or won'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. American Nightmare: Predatory Lending and the Foreclosure of the American Dream explores the growth of subprime lending and the related spread of predatory lending practices. It shows the links between predatory lending and rising foreclosure rates. 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. As states try to rein in predatory practices, unscrupulous lenders and their backers have asked Washington to take their side. There, a battle is taking shape that could determine whether home ownership for working people will be an achievable dream, or an American nightmare.
AUTHOR BIO Richard Lord is an investigative reporter with a decade of experience in investigative journalism. Since 2001, Richard has focused on the expansion of the subprime lending market, the emergence of predatory tactics, and the resulting increase in mortgage foreclosures. His reporting on the subject has appeared in the Pittsburgh City Paper, on the Alternet wire service, and in Cleveland Scene, and won regional and statewide awards. Richard's articles helped spur the creation of an anti-predatory-lending task force that has launched a multi-million-dollar effort to battle unfair lenders in the courts, and free borrowers from unreasonable loans. Richard has also written for Reuters, Stars & Stripes, Planning, Pittsburgh magazine, and publications in Philadelphia and Cincinnati. He lives in Pittsburgh with his wife and inspiration, Carina, and their two young sons, Zachary and Sean.