Faith and Credit: Restoring Integrity In The Financial System
As the United States grapples with the most severe economic crisis of this generation, American workers face the highest level of unemployment since 1983, billions in earnings and retirement savings have been lost, and millions of households have fallen into foreclosure.
While government leaders begin to craft financial reforms equal to the scope of the crisis, the voice of faith communities will be critical. It is perhaps predictable that many policy reforms will be viewed through political prisms. However any real and sustainable reform must answer the moral questions of fairness and integrity.
Many religious traditions recognize both the necessity of lending in our society and the danger and temptation for lenders to take advantage of those in need of credit. So central is this issue that several faith traditions expressly warn against usury – the practice of charging excessive or unjust interest.
This guide covers several of the key issues at stake for people of faith in the financial crisis and reform:
- The scope of the foreclosure crisis.
- The role of predatory and usurious lending in triggering foreclosures and the economic crisis.
- The need for restored integrity in our financial system.
