Beware of Predatory Lending!
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From: His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic Enterprises on 15 May 2010 23:45 This is a good description of loan predation... (I quote) Wherever there is a pool of low-income homeowners or other groups of individuals who are financially vulnerable, the potential for greedy mortgage companies or con-artists to step in looms large. While the actions of these companies may not always be illegal, the result can be the same: the homeowners may lose their home and the professionals who supposedly 'helped them' end up profiting. These helpers are predators seeking their prey from the elderly, the sick, the poor. Predatory lending practices can leave victims homeless and defeated, stripped of self-respect and hope, their credit ruined. The definition of predatory lending involves who really benefits in the mortgage transaction. The fact that the homeowner does NOT benefit is what turns a legal mortgage into a predatory lending practice which can and should be reported. There are many resources where one can report mortgage fraud and predatory lending. If uncertain whether a mortgage action is legal, or actually fraud or a form of predatory lending, then one should still report it and find out for sure. In many cases only a fine line divides actual fraud from an ethical and legal transaction. http://www.mortgagenewsdaily.com/Mortgage_Fraud/Predatory_Lending.asp *** I'd advise them not to swim in shark infected waters.
From: FatterDumber& Happier Moe on 16 May 2010 10:25 Elmo P. Shagnasty wrote: > In article <hsnggu$vek$1(a)news.eternal-september.org>, > "Jeff Strickland" <crwlrjeff(a)yahoo.com> wrote: > >> The whole notion of predatory lending completely ignores the part about >> stupid borrowing. Predatory Borrowing, perhaps. > > There's an old, old saying about how only a con man can be conned. > > The guy who wanted something for nothing? He ate up the story about how > he could indeed get something for nothing. > > Predatory borrowing, indeed. I like that term. I have a friend that works at one of these places. Sometimes I go to visit with her when she is working. Kind of interesting, the annualized interest rate is posted all over the place. 400%-600%! The business is regulated by the state. The customers don't get the money just for walking in and asking. They have to have prove income and the business takes the risk of getting paid back. What I didn't know is all the different licensed places are tied together on a central state computer system and a person can only borrow a certain amount so many times and must wait X number of days before borrowing again even if they pay back there loan. All in all it's rather like a McDonald or Wallyworld or a convenience store on the corner selling cigarettes beer and sodas. I don't know if the customers have such a poor understanding of finances that they don't understand they are giving up to half their disposable income away or lack an impulse control gene. Whatever, it's there and it's the system. Not a lot different than us giving a 1/3 of our income to taxes so the sick, lame and lazy can coast through life.
From: His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic Enterprises on 16 May 2010 10:40
On May 16, 10:25 am, FatterDumber& Happier Moe <"WheresMyCheck"@UncleSamLoves.Mee> wrote: > Elmo P. Shagnasty wrote: > > In article <hsnggu$ve...(a)news.eternal-september.org>, > > "Jeff Strickland" <crwlrj...(a)yahoo.com> wrote: > > >> The whole notion of predatory lending completely ignores the part about > >> stupid borrowing. Predatory Borrowing, perhaps. > > > There's an old, old saying about how only a con man can be conned. > > > The guy who wanted something for nothing? He ate up the story about how > > he could indeed get something for nothing. > > > Predatory borrowing, indeed. I like that term. > > I have a friend that works at one of these places. Sometimes I go to > visit with her when she is working. Kind of interesting, the > annualized interest rate is posted all over the place. 400%-600%! > The business is regulated by the state. The customers don't get the > money just for walking in and asking. They have to have prove income > and the business takes the risk of getting paid back. What I didn't > know is all the different licensed places are tied together on a central > state computer system and a person can only borrow a certain amount so > many times and must wait X number of days before borrowing again even > if they pay back there loan. All in all it's rather like a McDonald or > Wallyworld or a convenience store on the corner selling cigarettes beer > and sodas. I don't know if the customers have such a poor understanding > of finances that they don't understand they are giving up to half their > disposable income away or lack an impulse control gene. Whatever, it's > there and it's the system. Not a lot different than us giving a 1/3 of > our income to taxes so the sick, lame and lazy can coast through life. Face it guys, if Jesus showed up in any of these dens of thieves he would have no pity... http://arturovasquez.files.wordpress.com/2009/11/casting_out_the_money_changers1.jpg |