Predatory Lending and Sub-Prime Mortgage Disparities Analysis in Fairfield County, CT During the Great Recession
Description
The 2007 financial crisis was caused by the rise of predatory mortgage lending to unsuspecting and even unqualified consumers. Financial intuitions purchased trillions of dollars of investments in sub-prime mortgages, and as individuals were unable to pay for their mortgage, a global financial crisis ensued. Predatory lenders intentionally targeted communities of color, causing African Americans to disproportionately purchase subprime mortgages. The effects of the recession have been extensively studied in poorer regions. However, minimal literature examines the effect of the 2008 housing bubble collapse. This research examines how wealth, especially with respect to real estate, varies between white and black households in the affluent county of Fairfield, CT pre- and post-2008 recession.
Predatory Lending and Sub-Prime Mortgage Disparities Analysis in Fairfield County, CT During the Great Recession
The 2007 financial crisis was caused by the rise of predatory mortgage lending to unsuspecting and even unqualified consumers. Financial intuitions purchased trillions of dollars of investments in sub-prime mortgages, and as individuals were unable to pay for their mortgage, a global financial crisis ensued. Predatory lenders intentionally targeted communities of color, causing African Americans to disproportionately purchase subprime mortgages. The effects of the recession have been extensively studied in poorer regions. However, minimal literature examines the effect of the 2008 housing bubble collapse. This research examines how wealth, especially with respect to real estate, varies between white and black households in the affluent county of Fairfield, CT pre- and post-2008 recession.