Description:
"Predatory lending is, “a mismatch between the needs and capacity of the borrower. The underlying needs for the loan are not being met or the terms of the loan are so disadvantageous to that particular borrower that there is little likelihood that the borrower has the capability to repay the loan.” Lenders tend to target people who may not have the necessary tools to understand what is happening and could ultimately lose their home. Lenders mainly target elderly African American womn. African Americans are almost four times as likely to be slotted into bad loans as whites. Even after accounting for income, loan amount, and differences between deposit taking banks and non-depository independent mortgage companies African Americans still end up with the worst deal."
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