Las Vegas Sun

November 24, 2017

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2008 Elections

Ralph Nader on Foreclosures

For years, Ralph Nader has consistently addressed the issue of predatory lending leading to foreclosures and bankruptcies, both within the housing market and the credit card industry.

In 2000, he cited New York Times and ABC reports on predatory lending. He criticized Congress, saying the failure to make housing affordable is a predatory lender's greatest ally. In 2002, Nader explored the connection between reforms in laws on bankruptcy and predatory lending. He accused Congress of failing to protect citizens and instead listening to big-business campaign contributors. He also outlined what is needed to stop future foreclosures: strong federal statutes against all aspects of predatory lending.

Two years later, in 2004, he called attention to the disproportionate number of African American families affected by unfair sub-prime mortgage rates. He reported that grassroots organizers ACORN found 51 percent of predatory lending rates are given to African Americans, with only 9 percent of so-called scams occurring in white communities.

Most recently, in January, Nader criticized the Federal Reserve and its chairman, Alan Greenspan, for failure to act and regulate against predatory lending, despite anticipating the problem and making comments years earlier on plans to regulate.

Nader's official blog:
"Curbing predatory lending practices" (2000)
"Predatory lending, bankruptcy reform, etc." (2002)
"Predatory lending" (2002)
"Plastic money's predatory lenders" (2003)
"The equality index" (2004)
"Bad mouthing de-regulation" (2008)

— Las Vegas Sun new media intern April Corbin compiled this report.

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