Predatory Lending and the Destruction of the African-American Dream

Janis Sarra · Cheryl L. Wade

Jul 2020 · Cambridge University Press

About this ebook

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.

About the author

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.