Report on “Pinklining” Reveals How Wall Street Targets Women for Toxic Loans: 2016
Even though women make higher student loan payments than men, it takes them an average of two years longer to pay off those debts. [#48]
Wall Street has long taken advantage of women, especially women of color, historically having lower incomes and less wealth.
The financial industry has targeted women—who have disproportionate responsibility for caregiving, disproportionate harm from cuts to public services, and an increasing need to borrow for basic needs like healthcare—to sell them predatory lending products in a practice called “pinklining.”
In the lead-up to the 2008 financial crisis, Black women were 256% more likely than white men to receive subprime loans.
Single women have greater amounts of debt than men in every category—education debt, vehicle debt, mortgage debt, and credit card debt. And they are often targeted for toxic loans with higher interest rates or hidden fees, be they subprime home mortgages, payday lending with 400+% average interest rates, or student loans.
When they retire, the wealth gap becomes painfully clear: fewer women participate in the stock market than men and fall behind in 401k contributions. The systemic gaps in resources, opportunities, and wages have generated an extraordinary transfer of wealth from women to the financial sector. [#49]
To what extent was our economy designed to be fair?
To what extent was our economy designed to be fair?
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Dispossession of Land
from Indigenous Peoples:
1607 – Present Day
Wall Street Established
as an Official Trading
Post of Enslaved Peoples:
1711
Invention of the Cotton
Gin Accelerates the
Expansion of Slavery:
1794
Choctaw Nation Forced
to Abandon Ancestral
Lands for “Indian
Territory”: 1831
Lehman Brothers’
Cotton Exchange: 1858
Sharecropping and Debt
Peonage: 1870s-1940s
Prison Labor:
1870s - Present Day
Railroads and Chinese
Laborers: 1880s-1890s
Tulsa Black Wall Street Massacre: 1921
Stock Market Crashes, Ushering in the Great Depression: 1929
LA Police "Repatriate" Mexican Americans and Immigrants at La Placita Park: 1931
The Home Owners Loan Corporation Develops Redlining: 1933
Report on “Pinklining” Reveals How Wall Street Targets Women for Toxic Loans: 2016
