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New Study: Women More Often Victims Of Predatory Loans

Predatory lending has led to major country-wide economic issues and left thousands of families on the brink of foreclosure and bankruptcy. While some research has shown that predatory lending took advantage of the poor and the uneducated, a new study has found that subprime loans and predatory mortgage lending victimizes women more often than men. Latina and black women were four to five times more likely to receive subprime loans in comparison to white men between 2005 and 2008.

In-depth research funded by The Nation Institute and conducted by National Institute of Computer-Assisted Reporting at the Missouri School of Journalism in Columbia, Missouri, has found that while many are still suffering from the effects of a predatory loan that they can’t afford payments on, the majority of those people are women. After crunching the number from Home Mortgage Disclosure Act data, researchers found that Women whose loan debt amounted to a smaller-than-average percentage of their income were more likely to get bad or dangerous loans in comparison to men who had similar financial histories.

Why would this be the case? Some think that perhaps mortgage brokers thought that they could pull subprime loans off more successfully with women. Other point out that minority women, single women, and elderly women were preyed on more than other groups. Now many women are facing bankruptcy and foreclosure, especially since women tend to concentrate most of their assets into their homes. Women now make up 25% of all homebuyers.

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