AARP: Policy and Research Information for Professionals in Aging

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Predatory Lending

2007 Virginia Member Survey  / Research Report
January 2008— The views of Virginia AARP members on health care quality, long-term care, caregiving, payday lending, and transportation are explored in this series of six reports, which are based on a July-August mail survey of 790 members in the state aged 50 and older.

AARP Bulletin Poll on Financial Literacy  / Research Report
October 2007— The AARP Bulletin recently revealed the results of a nationwide poll of 1,031 people ages 40 and older that explored financial literacy on important consumer subjects such as Social Security benefits, 401(k) retirement plans, credit card theft liability, and bankruptcy trends. This Executive Summary, by Dawn V. Nelson, explains that half of the respondents “failed” the financial literacy quiz, correctly answering fewer than 50% of the items. (7 pages)

FYI: The Subprime Market: Wealth Building or Wealth Stripping for Older Person  / Research Report
June 2007— While the “democratization of credit” has led to record numbers of Americans reaching the American dream of homeownership, there is growing evidence that many borrowers are now being sold products that strip, not build, home equity and household wealth. In this AARP Public Policy Institute FYI report, Sharon Hermanson discusses ethnic background lending disparities, predatory loan practices, and increasing foreclosure rates. (4 pages) (Publication ID: PPI M-6)

AARP Oregon Member Opinion Poll  / Research Report
January 2007— Health and financial security dominate this December 2006 telephone survey of AARP members in Oregon about their concerns and opinions regarding specific legislative issues with which the state is and will be wrestling. (18 pages)

2005 Survey of Arkansas AARP Members  / Research Report
December 2005— AARP MEMBER OPINION RESEARCH: Long-term care, prescription drug, and payday lending issues are examined in this 2005 mail survey of 1,004 Arkansas AARP members.

Payday Loans in South Carolina: What Credit Counselors Say  / Research Report
February 2005— Credit counselors’ experiences with clients who have payday loans and how such loans are affecting borrowers in South Carolina are examined in this e-mail survey of 13 counselors in January 2005. (8 pages)

Predatory Lending: Are Federal Agencies Protecting Older Americans from Financial Heartbreak?  / Congressional Testimony
February 2004— AARP Board member Lavada DeSalles testifies before the Special Committee on Aging of the US Senate

Homeownership Education Counseling  / Research Report
November 2003— This brief report explains the history of homeownership education counseling (HEC), types of mortgage counseling programs, the issues that are key to effective HEC, and their implications for public policy. (6 pages) (Publication ID: IB65)

Attitudes Toward Consumer Issues: A 2003 Survey of AARP Members in West Virginia  / Research Report
June 2003— Opinions and comments about a variety of consumer issues are explored in this 2003 survey of 1,125 AARP members in West Virginia. Among the measures supported by respondents are the elimination or restriction of payday lenders, consumer protections on sub-prime mortgage lending companies, and strengthened laws against identity theft. (24 pages)

Home Loan Protection Act: A Model State Statute  / Research Report
November 2001— This AARP Public Policy Institute model state statute designed to protect consumers from abusive mortgage lending practices was written by Mike Calhoun of the Self-Help Credit Union and Margot Saunders, Elizabeth Renuart and Mark Benson of the National Consumer Law Center. (31 pages) (Publication ID: D17346)

The Alternative Financial Services Industry  / Research Report
August 2001— An overview of the growing array of financial services (such as check-cashing outlets, payday lenders, pawn brokers, rent-to-own stores, subprime mortgage lenders) that are a major credit and banking source for low-income and working poor consumers. In this AARP Public Policy Institute Issue Brief, Sharon Hermanson and George Gaberlavage discuss the industry's growth and address policy issues that affect consumers. (16 pages) (Publication ID: IB51)