National Community Renaissance
Rancho Cucamonga, CA:
How Data Disclosure Will Help Prevent the Next Financial Crisis
Posted by Josh Silver on February 23, 2017
It seems like an overstatement, but data disclosure can help prevent the next financial crisis.
In the run-up to the Great Recession, subprime and other abusive lenders made loans beyond borrowers' abilities to repay. They got away with this because sellers, particularly in the lending marketplace, know exponentially more than buyers about the terms and conditions of contracts. When and if data is available, it can expose and unlock the traps sometimes present in these contracts.
The National Community Reinvestment Coalition operates a housing counseling program that, in the years before the…
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