FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2993771890> ?p ?o ?g. }

• W2993771890 startingPage "24" @default.
• W2993771890 abstract "After 25 years of criticism for not enough to minorities and the poor, creditors suddenly find themselves in trouble for too much. Scanning news headlines, one finds the term lending everywhere. These are harbingers of a controversy that is shaping up to be the hottest Community Reinvestment Act (CRA) and fair-lending challenge in years. Ultimately, it will make demands on nearly all banks, not just 4 predatory lenders, and not just sub-prime lenders. Too much of a good thing? From the beginning, the premise behind CRA and the fair-lending laws has been that access to credit is good, and that minorities and lower-income people need more of it to advance. With few exceptions, the laws and enforcement machinery are designed to induce lenders to increase the flow of credit to underserved segments. And they have worked. The Clinton administration boasts that CRA has channeled billions into inner-city neighborhoods. Economists may argue about how to measure this and how much would have occurred even without CRA, but it seems clear that government policy has significantly expanded credit to both minorities and the poor. Every bank knows it must have enough low-income loans and a defensible proportion of minority lending, or face painful consequences. As public policy has pushed for ever more lending, meanwhile, the market-place has been doing the same. Lenders have realized that low- to moderate-income (LMI) and minority is not just a regulatory obligation, but a business opportunity. They also realize that to marginally qualified people, of any income or race, can be very profitable--if the lender charges enough to cover the risks. As unprecedented competition swept the credit industry over the last decade, and as new risk-management technologies became available, lenders flooded into a burgeoning market of high-rate subprime to people with weak credit histories. The attraction: hopes of high profits, with CRA credit as icing on the cake. During this same time period, the credit sales and origination process became largely severed from underwriting and funding. The mortgage broker business came of age, so that today most home mortgages are originated by brokers. Many are funded by large banks seeking to buy CRA market share in low-and moderate-income loans, without incurring the costs of inner-city branches and delivery systems. Meanwhile, the same forces that pulled banks into the subprime market attracted a fast-growing cadre of non-bank finance companies. At the center of all this activity is the marginally qualified borrower. Typically that borrower is of limited means, has had past credit difficulties, and has had limited experience with borrowing money. He or she may be an immigrant still learning English or a person with little education, or possibly a minority who fears that discrimination is widespread in the industry and believes he or she has few financial choices. Possibly an elderly person overwhelmed by the complexity of the credit process and paperwork. In short, a vulnerable, unsophisticated customer. Formula for trouble This is a dangerous combination--market forces and public policy combining to push billions of dollars as fast as possible into the hands of customers who are easy to take advantage of, with high profits as the lure. It's not surprising that bad things can happen. And happen they do. Anecdotal evidence suggests that the race into the subprime market has included an upsurge in that harms. Some of this is well-intended--some of it, presumably a very small percentage, is consciously, intentionally abusive. Horror stories have surfaced of sales staffs trained to target the most vulnerable customers they can find. There are tales of lenders persuading Habitat for Humanities homeowners to refinance their 0% mortgages. …" @default.
• W2993771890 created "2019-12-13" @default.
• W2993771890 creator A5037078678 @default.
• W2993771890 date "2000-06-01" @default.
• W2993771890 modified "2023-09-23" @default.
• W2993771890 title "Damned If You Lend, Damned If You Don't" @default.
• W2993771890 hasPublicationYear "2000" @default.
• W2993771890 type Work @default.
• W2993771890 sameAs 2993771890 @default.
• W2993771890 citedByCount "0" @default.
• W2993771890 crossrefType "journal-article" @default.
• W2993771890 hasAuthorship W2993771890A5037078678 @default.
• W2993771890 hasConcept C10138342 @default.
• W2993771890 hasConcept C120527767 @default.
• W2993771890 hasConcept C138885662 @default.
• W2993771890 hasConcept C144133560 @default.
• W2993771890 hasConcept C159091798 @default.
• W2993771890 hasConcept C162324750 @default.
• W2993771890 hasConcept C17744445 @default.
• W2993771890 hasConcept C190253527 @default.
• W2993771890 hasConcept C199539241 @default.
• W2993771890 hasConcept C2777764128 @default.
• W2993771890 hasConcept C2778023277 @default.
• W2993771890 hasConcept C2778137410 @default.
• W2993771890 hasConcept C2778447849 @default.
• W2993771890 hasConcept C2779055911 @default.
• W2993771890 hasConcept C2779777834 @default.
• W2993771890 hasConcept C2780001282 @default.
• W2993771890 hasConcept C2994225426 @default.
• W2993771890 hasConcept C41895202 @default.
• W2993771890 hasConcept C7991579 @default.
• W2993771890 hasConceptScore W2993771890C10138342 @default.
• W2993771890 hasConceptScore W2993771890C120527767 @default.
• W2993771890 hasConceptScore W2993771890C138885662 @default.
• W2993771890 hasConceptScore W2993771890C144133560 @default.
• W2993771890 hasConceptScore W2993771890C159091798 @default.
• W2993771890 hasConceptScore W2993771890C162324750 @default.
• W2993771890 hasConceptScore W2993771890C17744445 @default.
• W2993771890 hasConceptScore W2993771890C190253527 @default.
• W2993771890 hasConceptScore W2993771890C199539241 @default.
• W2993771890 hasConceptScore W2993771890C2777764128 @default.
• W2993771890 hasConceptScore W2993771890C2778023277 @default.
• W2993771890 hasConceptScore W2993771890C2778137410 @default.
• W2993771890 hasConceptScore W2993771890C2778447849 @default.
• W2993771890 hasConceptScore W2993771890C2779055911 @default.
• W2993771890 hasConceptScore W2993771890C2779777834 @default.
• W2993771890 hasConceptScore W2993771890C2780001282 @default.
• W2993771890 hasConceptScore W2993771890C2994225426 @default.
• W2993771890 hasConceptScore W2993771890C41895202 @default.
• W2993771890 hasConceptScore W2993771890C7991579 @default.
• W2993771890 hasIssue "6" @default.
• W2993771890 hasLocation W29937718901 @default.
• W2993771890 hasOpenAccess W2993771890 @default.
• W2993771890 hasPrimaryLocation W29937718901 @default.
• W2993771890 hasRelatedWork W115120695 @default.
• W2993771890 hasRelatedWork W1508274602 @default.
• W2993771890 hasRelatedWork W1535430328 @default.
• W2993771890 hasRelatedWork W188280397 @default.
• W2993771890 hasRelatedWork W214879666 @default.
• W2993771890 hasRelatedWork W226722022 @default.
• W2993771890 hasRelatedWork W248750800 @default.
• W2993771890 hasRelatedWork W253761387 @default.
• W2993771890 hasRelatedWork W2618646595 @default.
• W2993771890 hasRelatedWork W280667298 @default.
• W2993771890 hasRelatedWork W2884149360 @default.
• W2993771890 hasRelatedWork W288729023 @default.
• W2993771890 hasRelatedWork W29088798 @default.
• W2993771890 hasRelatedWork W297972582 @default.
• W2993771890 hasRelatedWork W2994005881 @default.
• W2993771890 hasRelatedWork W306138414 @default.
• W2993771890 hasRelatedWork W3123410006 @default.
• W2993771890 hasRelatedWork W36789523 @default.
• W2993771890 hasRelatedWork W69025476 @default.
• W2993771890 hasRelatedWork W797680887 @default.
• W2993771890 hasVolume "92" @default.
• W2993771890 isParatext "false" @default.
• W2993771890 isRetracted "false" @default.
• W2993771890 magId "2993771890" @default.
• W2993771890 workType "article" @default.