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Unmarried Women and Predatory Lending

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Remember back when the economy was beginning its head-first pitch over the cliff and everyone was talking about subprime mortgages? As policy makers slowly get their heads around preventing such a devastating re-occurrence, they should keep in mind who got taken the worst. Unmarried women, typically the most economically vulnerable group, were most often the victims of the predatory lending and outright deception which created the credit bubble.

With their lower incomes and higher unemployment, unmarried women more frequently resort to payday loans and carry greater credit card debt. They were disproportionately targeted by brokers and lenders who sold them subprime mortgages even when they qualified for a lower-cost loan. The effect is devastating – single mothers now file for bankruptcy more than any other group. This is true even if they were comfortably middle class, owned their own homes, had good jobs and college educations.

Sometimes gender discrimination means a lower salary or slower advancement. This time it means foreclosure and homelessness for women and children. Doesn’t seem fair, does it?

Read what the Center for American Progress has to say in their piece on Protecting Unmarried Women from Unscrupulous Lenders.


Comments

  • C.M.

    I agree with you completely, and some things just don't change that much over time, do they? Women and children pay the price of a male dominated, greed oriented society. Single moms struggle to meet the basic survival needs of themselves and their kids, every moment of every day, and our society has very few readily available safety nets for them. We can hand over the nation's fortune to corrupt bankers, but we offer very little, (pennies) to the generations (and those caring for them) whose job it will be to take up the reins of responsibility for the progress of our country on every level. We need to cultivate, restore and empower the values and wisdom that are inherent within the heart of all true mothers, and to infuse our children, who are the hope of our future, so that they may work toward a more egalitarian, peaceful and loving world, a world where mothers and children are supported and empowered to create the life they want; free from the destructive effects of poverty, malnutrition, extreme stress, violence, predatory vultures and dysfunction on every level.

    In addition, we have great power as a group. Mothers are very powerful people! We are very resourceful and are willing to be fierce in fighting for the needs of our families. There is great power in our coming together as a group in order to create a better future. We can begin with a grass roots effort to transform and transmute the negative environment our children are growing up in. We can create, support and empower local, regional & national groups of mothers to address these issues and utilize our own knowledge and wisdom to bring tangible good to ourselves, and to change the course of our future. What if, rather than a group of corrupt democrats and republicans running "con-gress"
    we had a house full of mothers? How would that change our country and our world? What would our priorities be? Let me guess…