Predators without any shame. The high-cost lending industry continues to push for deregulation despite all the damage
The high-cost lending industry continues to push for deregulation despite all the damage
Quick just take: Predatory, high-cost loan providers are in it once again. The high-cost lending industry is staying true to its tradition of shameless profiteering by pushing legislation in Washington and Raleigh that would oosen the regulation of various consumer loan products despite its intimate involvement with the ongoing economic crisis. People who worry about preserving new york’s proud, pro-consumer traditions should spend attention that is close.
“Audacity,” “nerve,” “chutzpah,” “impudence,” “shamelessness,” “unmitigated gall”: No, these are maybe perhaps not excerpts through the latest editorial page ratings of Mark Sanford, John Edwards or Sarah Palin.
They are really and truly just a few of the descriptive terms that can come to mind as you contemplates listed here nearly unbelievable facts:
# 1 – Despite all the horrific harm that their predatory greed has inflicted upon scores of families while the economy all together in the past few years, the bottom-feeding, high-cost financing industry is once again pressing aggressively for brand new regulations in Raleigh plus in Washington that could damage state and federal legislation of these techniques.
# 2 – many of these bills are now being advanced level by new york lawmakers with moderate-to-progressive qualifications.
For the better element of ten years, needless to say, America’s predatory lenders helped drag the U.S. and globe economies in to the ditch. Through the aggressive marketing of high-risk, doomed-to-fail high expense mortgage loans, the financing industry as well as its Wall Street backers assisted produce the infamous “housing bubble.” by doing this they changed just what had for ages been the foundational bedrock associated with the economy that is american molten lava. (más…)