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There's No Place Like a Cardboard Box: Predatory Lending and the Community of St. Albans


During a February 2004 testimony on Capitol Hill, David G. Wood, Director of Financial Markets and Community Investments for the Committee on Senate Special Aging, defined predatory lending as:

…a range of practices, including charging excessive fees and interest rates, making loans without regard to borrowers' ability to repay, or refinancing loans repeatedly over a short period of time without any economic gain for the borrower." (Wood 1)

Congress decided then that home lending scams substantially affect homeowners across the country. However, there is more of a dilemma only in particular sections of the US. Areas where the majority of homeowners are lower to middle-class African Americans. These areas include several neighborhoods in the five boroughs of New York City, consisting of sections located in Brooklyn and Southeast Queens, which includes the community of St. Albans,......

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Approximate Word Count: 1042
Approximate Pages: 5 (250 words per double-spaced page)

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