Predatory Lending Contracts Cost African-Americans Billions Of Dollars


African-American Households In Chicago Lost Billions Of Dollars Due To Predatory Lending Contracts 

predatory lending
African-American families in Chicago lost between $3 billion and $4 billion in wealthbecause of predatory lending contracts during the 1950s and 1960s.
African Americans used lending contracts or Land Contracts during the Jim Crow Era because white-owned banks would not lend them money.
Lending Contracts and Land Contracts are purchase agreements with payment plans.  The seller transfers the deed to the property when the final payment is made. 
The Samuel DuBois Cook Center on Social Equity at Duke University and the Nathalie P. Voorhees Center at the University of Illinois-Chicago published, “The Plunder of Black Wealth in Chicago: New Findings on the Lasting Toll of Predatory Housing Contracts.”
The paper calculated how much money black Chicago homeowners lost using predatory lending contracts during the 1950s and 1960s 

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