Assistant Professor of Urban Affairs Angela Foster
appeared on KDKA's Sunday Business Page
Angela Foster appeared on the Sunday Business Page with KDKA's Money and Politics Editor Jon Delano on Sunday, October 21, where she spoke on sub-prime lending and predatory lending issues. She explained that while minority communities have been hit especially hard for several years by the sub-prime lending market, only recently has the issue been on the national policy agenda.
Sub-prime loans are loans that are given to high risk borrowers; borrowers whose income may not be fully documented or whose credit history may be poor. Sub-prime loans are most often characterized by higher interest rates, and provide credit access for individuals who otherwise would not have been able to finance a new home or make much-needed repairs.
Delano and Foster also discussed the issues of predatory lending - loans that are originated with little to no regard for the borrower's ability to repay, and carry additional fees and penalties. Lenders often initiate these loans through unscrupulous and "predatory" tactics.
Though the Pittsburgh region has been significantly affected by sub-prime lending, our city has been faring better than other major metropolitan areas, said Foster.
For the full interview, please follow this link and scroll down to the Sunday Business Page (10/21), then click on "Watch It Now: Part I."
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