Tuesday, February 14, 2006

Predator lender goes Dutch

Predatory lenders and brokers are out to make a fast buck on the backs of the elderly, homeowners in financial distress, low-income families and people of color. They charge consumers high interest rates and steal the equity that consumers have built in their homes, no matter the cost or consequences to the individual.
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Predatory lenders are shameless. In Chicago, a sixty-three-year-old disabled widow, on a monthly fixed income of $448, was one of their many victims. She was smooth-talked into refinancing her home at 13%. And after thousands of dollars in hidden finance charges, the interest rate was even higher. Now, she has to pay $558 a month just to keep her home. At a time when she thought she was signing a contract to secure her financial future, she was actually signing her eviction notice.
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Predatory lenders don’t wear ski masks or hold a gun to your head. They come knocking on your door with neckties and loan papers, and their numbers are increasing by the day. These robbers don’t end up in jail because what they are doing is completely legal under current law.
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And when Predatory lenders become the US Presidents biggest fundraiser, predatory lenders are appointed as ambassador to the Netherlands.

On behalf of our Dutch poor and elderly people I thank the US of A(meriquest) for such a wonderful representation of your country. Fan -F%^&ng- TASTIC..

9 comments:

Vee said...

A person needs to be so careful in this world today. It doesn't matter if you're a little old lady trying to survive, there is always someone out there to get you. Sadly, that is one aspect being taught.

Lesley said...

I hate those "lenders." They always set up in the poor areas of my city, there will be several different kinds, title loans and so on. Then there are the rental centers that also set up there in order to take advantage of poor people who can't afford a new TV by charging them twice as much with interest. I don't understand why these businesses are allowed to exist.

Progressive Traditionalist said...

Odd that I should see this post the day I receive an unsolicited credit card offer in the mail -- 0% until November, then 27.7%!! Lucky me, I have a $3250 limit...

How unseemly that predation is, not only rewarded, but cultivated! Ethics have, largely, become antiquated. How terribly sad...
Our evolution has returned us to barbarism.

Progressive Traditionalist said...

Hate to post consecutive comments, but...

Of note is, that, in Florida, a few years back, legislation was introduced to limit the amount of interest allowable to 100% per annum. Contention was raised, and the measure subsequently defeated.

An ongoing thing in the States, to reduce the protections of, or to eliminate altogether, the abiding statutes concerning usury.

Kathleen Callon said...

Sorry. Wish we were exporting something better.

Hope you have a wonderful Valentine's Day, though.

Lindsay Lobe said...

Hi DA

I have just posted on my blog my intended submission on Corporate social responsibility to the Corporations and Markets Advisory Committee.

This Committee was set up by the Australian Government in 2005 to consider corporate Social responsibility. Thats the responsibility to non shaeholder stakeholders and the wider community.

Loan sharks are not invited to make submissions.

I would welcome your thoughts and those of any other bloggers before I send off my submission.

Best wishes

Dem Soldier said...

Man...Here in MN, the home to soo many of these predator lenders........in high school, I used to work a call center for this lending orgs, and the calls I used to get from some customers! I was ready to hit some one after I was done my from few afternoon hours...legislation is needed. PERIOD.

Mother Damnable said...

GGggggggggggggggggrrrrrrrrrrrrrr!!

DA said...

Thx for your support friends. Wonder if I ever have to shake his predatory hand..