Predatory lenders and consumer protection

Kevin Hall: If consumer protection agency is not independent, can it really offer protection?

Category:

News & Politics

Tags:

• American consumers
• Kevin hall
• creditor lending
• housing crisis
• us economy
• us banking
• chamber of commerce
• mc clatchy
• Kevin g. hall
• us news

[Kioti077]

My guess is that Dodd is not going to vote "his conscience" , (that motherfucker has none) , so after this gig the next gig will be on a top office on Wall Street,

[sirellyn]

People aren't learning. Every time you ask for legislation to affect the big guys who broke the rules, you'll get legislation that throttles any small financial agency or startup, and leave gaping loopholes for the big guys.

Ask for more, get screwed more. People really don't see a trend over the past 20 years or so?

So if asking for more isn't working. How about asking for less?

[mswasillaalaska]

Alaska Birch Syrup Company web site has a loan documented on its site with all kinds of proof of preditory fraud. It is horrible what was done as well and plain shocking in detial. Its a shocking story from Sarah Palins home town. of Wasilla Alaska It shows all the documents and how there was no help for the victims even when they were awarded judgment they were blocked from getting it because of the power of the bank.

[mredstriumph]

Predatory loans??

What a joke.

How does a person who pays ZERO DOWN live in a house he can't afford, didn't earn, doesn't pay for, lied to get, takes out 2nd & 3rd mortgages against equity not built to buy vacations, furniture, cars, etc. become a "victim", the UNPAID lender a "predator", & the reckless govt that bankrupted them both - a responsible regulator?

[SPAGHETTIMONSTER1]

are you talking about the 3% or so we get from the bank, or the 5 to 30% they charge us? it's also funny that we have to have over $300.00 or so just to get this, and they can charge till the last penny is paid, i said screw credit. paid off all my credit and went to debit, and only a set amount each month into the bank,$1200.00.for wifes debit card, the rest is strictly cash they lost my faith in there system, might wind up being a big toilet

[wtfbroskie]

predatory lenders wouldnt be so predatory if money wasnt so fucking cheap *cough near zero interest rate *

RAISE THE INTEREST RATE BERNANKE!!!!!!

[MarquisdeBarrabas]

Yup, I definitely hit a nerve there.

[rayallin]

The title of the video is Predatory lenders and consumer protection "PAL" Not Derivitives. Your the one not wanting to face logic or facts. I'm not anti regulation I'm anti foolishness and since your only 28 and probably renting where as I'm on my 2nd home I can tell you the mortgage documents are crystal clear you are told in big bold 36 point font that signing them you agree to make a certain payment for a certain term....no one bends your arm. There is no such thing as predatory lending.

[MarquisdeBarrabas]

I'm not confusing, pal.

You're dodging the issue.

[rayallin]

Yes i'm still talking about market distortions...new decade or old the truth and the facts are the same. When banks make loans using other peoples money and without risk because of Government backed Fannie/Freddie then they make bad loans. If Sears offered zero financing and zero down on refrigerators because they were paid in full by a third party Refirgi-Mac who bought the loans and removed the risk, then we would have a Refrigerator Bubble. Don't confuse Derivatives with mortgages.

[Renegen1]

And the Medici were first loan sharks before bankers!

Predatory lending is pervasive. Banks want you with a big credit card balance. The Agency has to be independent.