Predatory Lending and the Destruction of the African-American Dream

Janis Sarra, Cheryl L. Wade

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English

Cambridge University Press
09 July 2020

Social discrimination; Constitution: government & the state; Legal ethics & professional conduct; Legal system: costs & funding; Banking law

Since the Great Recession of 2008, the racial wealth gap between black and white Americans has continued to widen. In Predatory Lending and the Destruction of the African-American Dream, Janis Sarra and Cheryl Wade detail the reasons for this failure by analyzing the economic exploitation of African Americans, with a focus on predatory practices in the home mortgage context. They also examine the failure of reform and litigation efforts ostensibly aimed at addressing this form of racial discrimination. This research, augmented by first-hand narratives, provides invaluable insight into the racial wealth gap by vividly illustrating the predation that targets African-American consumers and examining the intentionally obfuscating settlement terms of cases brought by the U.S. Department of Justice, states attorneys, and municipalities. The authors conclude by offering structural, systemic changes to address predatory practices. This important work should be read by anyone seeking to understand racial inequality in the United States.

By: Janis Sarra, Cheryl L. Wade
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 236mm, Width: 159mm, Spine: 24mm
Weight: 610g
ISBN: 9781108496063
ISBN 10: 1108496067
Pages: 326
Publication Date: 09 July 2020
Audience: Professional and scholarly , College/higher education , Undergraduate , Primary
Format: Hardback
Publisher's Status: Active

Janis Sarra is Professor of Law at the University of British Columbia, Peter A. Allard School of Law, and was the founding Director of the National Centre for Business Law. Over 100 superior and appellate court judgments have cited her books and publications in corporate, finance, securities and insolvency law. Dr Sarra is a member of the Canadian delegation to United Nations Commission on International Trade Law WG V. Cheryl Wade is the Dean Harold F. McNiece Professor of Law at St. John's University School of Law, New York. A member of the American Law Institute, Professor Wade has written over twenty-five book chapters and law review articles exploring the intersection of race, law and business.

Reviews for Predatory Lending and the Destruction of the African-American Dream

'Devastating! Shows how unscrupulous lenders and lax government agencies sold African Americans on dangerous, subprime loans.' Richard Delgado, University of Alabama, Tuscaloosa 'This meticulously researched and truly heartbreaking study documents the targeting of African American and Latinx homebuyers and contextualizes it in the history of racial injustice.' Thomas W. Joo, University of California, Davis 'Sarra and Wade bring brilliant minds and passionate hearts to the complexities of the financial services industry, lucidly probing the historical, legal, economic, and human dimensions of predatory lending. Read this book so that you will never think about homeownership in the same way again.' Kellye Testy, President & CEO of the Law School Admission Council 'Sarra and Wade successfully weave together strands of corporate theory, financial market theory, and critical race theory with poignant personal narratives to produce a powerful and insightful dissection of the racialized harms of predatory lending.' Aaron A. Dhir, Osgoode Hall Law School, York University, Toronto 'Through intricate weaving of corporate law, bankruptcy, and banking regulation, together with critical race theory and affecting narrative, Sarra and Wade illuminate the harsh homeowner loan discrimination foisted upon African American citizens historically, up through the financial market crisis of 2008 that continues predatorily today.' andre douglas pond cummings, University of Arkansas, Little Rock 'Through personal narratives and critical race analysis, this book challenges preconceived notions of the causes of the 2008 foreclosure crisis.' Leonard M. Baynes, University of Houston