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editors' note
- Article from:
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Stanford Social Innovation Review
- Article date:
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July 1, 2008
- Author:
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;
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Copyright informationCopyright Stanford University, Center for Social Innovation Summer 2008. Provided by ProQuest LLC. (Hide copyright information)
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IN "MICROLOAN SHARKS," JONATHAN C. LEWIS attacks what he sees as greed and profiteering in microfinance-an industry celebrated for its potential to alleviate poverty. We are struck by the similarities between these foreign "banks gone wild" and the financial institutions here in the United States that got rich quick by funding and securitizing subprime mortgages-often to lower-income people who neither understood nor had the funds to cover the skyrocketing payments. The resulting subprime mortgage crisis is wreaking havoc not only on these financial institutions, but also on the millions of families who are defaulting on their mortgages.
By the time the subprime mess runs its course, ...
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