Do subprime loans create subprime cities? Surging inequality and the rise in predatory lending

Economic Policy Institute: Do subprime loans create subprime cities? Surging inequality and the rise in predatory lending, February 28, 2008.

  • “In the paper, published by EPI as part of its Agenda for Shared Prosperity, author Gregory D. Squires, a George Washington University sociologist, contends that increasing economic inequality and diminishing access to conventional financial services have become inextricably linked…The report notes that while not all subprime loans are predatory, virtually all predatory loans are in the subprime market. Subprime lending and fringe bankers are concentrated in communities with high unemployment rates and declining housing values, and they serve to reinforce those neighborhood characteristics.”
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