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Predatory Lending

Black Investors Take Back Legal Tool To Restore Chicago’s Affordable Housing

It was early 2020 when Jay Davis realized his family was going to lose his childhood home, a red brick house in Rosemoor on the South Side of Chicago that had been in his family for generations. Davis’ great-uncle had been living there, and as his dementia worsened the one-story house began to deteriorate. When he died, he left it to his son who had serious health issues and could not maintain the home, Davis said. Davis, 41, wanted to keep the house from becoming another vacant lot on the South Side. He understood the significance of homeownership as a tool for building generational wealth that has been denied to many Black Chicagoans due to racist practices like redlining and predatory lending.

IMF Is Forcing Some Of Hardest-Hit Countries To Pay Unnecessary Fees

Washington, DC — The International Monetary Fund is requiring that some of its most heavily indebted borrowers pay billions in unnecessary and counterproductive fees, new research from the Center for Economic and Policy Research (CEPR) shows. The new issue brief, “The Growing Burden of IMF Surcharges: An Updated Estimate,” by Francisco Amsler and Michael Galant, finds that the IMF will charge over $2 billion per year in surcharges through 2025, even as IMF Managing Director Kristalina Georgieva warns that “poverty and hunger could further increase,” and as the Fund notes that some 15 percent of countries are experiencing debt distress “and an additional 45 percent are at high risk of debt distress.”
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