Predatory Lending: Howard Rothbloom, Fleet Finance and 60 Minutes

WAGA-TV Channel 5 Eyewitness News, Atlanta, November 1992: Video - Eyewitness News reporter explains that Fleet Finance interest rates are way above the going rate because the borrowers are considered high risk, unable to get loans from traditional banks; poor people who have lots of equity built up in their houses, but not enough knowledge of complex financial matters. The Rothbloom Law Firm client Pastor Craig Soaries explains the seriousness of the issue and its national importance. Fleet Finance claims that the 60 Minutes piece is not an accurate representation of the company's business practices, that the company only forecloses as a last resort and that the company lost $5.4 million on in Georgia in 1991.

Category:

News & Politics

Tags:

• Predatory
• lending;
• Howard
• Rothbloom:
• Fleet
• Finance