Predatory lending: A problem rooted in the past that continues
today. Looking for an investment return that could exceed 500
percent annually; maybe even twice that much? Private, unregulated
lending to high-risk borrowers is the answer, or at least it was in
the United States for much of the period from the Civil War to the
onset of the early decades of the twentieth century. Newspapers
called the practice "loan sharking" because lenders employed the
same ruthlessness as the great predators in the ocean. Slowly state
and federal governments adopted laws and regulations curtailing the
practice, but organized crime continued to operate much of the
business. In the end, lending to high-margin investors contributed
directly to the Wall Street crash of 1929. Loan Sharks is the first
history of predatory lending in the United States. It traces the
origins of modern consumer lending to such older practices as
salary buying and hidden interest charges. Yet, as Geisst shows,
no-holds barred loan sharking is not a thing of the past. Many
current lending practices employed today by credit card companies,
payday lenders, and providers of consumer loans would have been
easily recognizable at the end of the nineteenth century. Geisst
demonstrates the still prevalent custom of lenders charging high
interest rates, especially to risky borrowers, despite attempts to
control the practice by individual states. Usury and loan sharking
have not disappeared a century and a half after the predatory
practices first raised public concern.
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