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Special Report on

Usury / Predatory lending

usury predatory lending special research report Photo by shapleigh.org
FOR the last few years, deal makers have been popping Champagne corks and swinging from chandeliers. Now they are popping aspirin and sweeping up the pieces. Despite the stock market’s recent run, the buyout bubble has burst, and some of the biggest names on Wall Street, including Henry Kravis of Kohlberg Kravis Roberts & Company and Lloyd C. Blankfein of Goldman Sachs , have found themselves wishing they could back out of some of the deals they agreed to just months ago, before the credit market seized up, and still hold on to their blue-chip reputations. The hangover may fade, but some effects will linger. Every ...
during the loan origination process. While there are no legal definitions in the United States for predatory lending, an audit report on predatory lending from the office of inspector general of the FDIC broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers." Though there are laws against many of the specific practices commonly identified as predatory, various federal agencies use the term as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not to be confused with predatory mortgage servicing which is used to describe the unfair, ...
REVIEWS AND OPINIONS
Rigbi on Usury on Prosper - Credit Slips
started, we intended to feature new scholarly papers by the bloggers and others. I am going to attempt to revive that tradition by featuring a paper by Oren Rigbi , an assistant professor in the Department of Economics at Ben-Gurion University of the Negev. Rigbi’s paper, “The Effects of Usury Laws: Evidence from the Online Loan Market,” exploits a change in the lending rules that apply to Prosper.com to examine the effects of interest rate caps. Prosper.com is an online lending web site, as Katie Porter explained just after it launched. In April 2008, a change in the way Prosper is organized meant that the interest rate cap was ... market research, surveys and trends
The Sun Sets on Payday Loans in Arizona
Jonathan "Payday Paton" did his best to give predatory lenders a new lease on life, but the voters rejected his machinations and now the payday loan industry has "sunset" under the law that permitted these predators to prey upon Arizonans. Good riddance. No more payday loans in Arizona - KGUN 9 : The sun has set on payday lenders in Arizona.  The 10-year-old law that allowed the businesses to charge interest rates up to 400% expired today at midnight. Former Assistant Attorney General Vince Rabago spent five years fighting payday lenders.  Now, opponents like him are celebrating the long and powerful political battle ... market research, surveys and trends

SURVEY RESULTS FOR
USURY / PREDATORY LENDING

EXCESSIVE DEBT and MONEY
voters and our many pressing problems as they grow in number and severity.   One major problem is a dishonest fiat-funny-money-system ( 7 77 please watch the 47 minute video and/or this 777 123 minute video ).  Education is required. No   reforms are  possible  until  there  is,   first ,  a  fundamental  change  in  government : RECOMMENDATION: Currently, at this instant,  the total federal debt is about $12.5+ trillion consisting of : Altogether, the total current U.S. debt (nation-wide) is ... industry trends, business articles and survey research
global fair finance - Bankruptcy / Overindebtedness
Greece has introduced a new consumer bankruptcy code modelled after the German insolvency procedure but with a significant shorter good will period of 4 years (6 in Germany). Its outstanding innovation lies in the development of a network of debt advice offices in Greece. In its inauguration conference the Greek socialist ministry of economics had invited a representative... Joint Committee on Social & Family Affairs (2nd Report on High levels of Indebtedness in Irish Society, February 2010) Report from the Joint Committee on Social and Family Affairs on 'High Levels of Indebtedness in Irish Society' ... industry trends, business articles and survey research
RELATED NEWS
Consumers Win With New Financial Reform Bill
The first sign that maybe this much-touted financial overhaul might not be all it was cracked up to be was the reaction from Wall Street. It was just before sunrise on Friday morning that negotiators for the House and Senate gave birth to a new reform package they dubbed the Dodd-Frank bill. Investors greeted the news by driving up the stocks of the biggest brand-name banks. But consumers should still celebrate the bill, even though banks aren't too shaken by it. At the risk of sounding like Sen. Chris Dodd's (D-CT) press secretary, I'd say this final bill is a pretty remarkable piece of legislation. And I'm ... market trends, news research and surveys resources
After years of abuse, consumers get some help
After noting that when he began his career as a legal services lawyer in the 1970s, the notion of "consumer protection" was receiving unprecedented support from legislatures and courts, Sommer paints a dire picture of the three decades that followed. [W]e've gone backwards in ways that were literally inconceivable in the 1970's. Usury limits were, for all practical purposes, eliminated. A generation of conservative judges, appointed by the Reagan and Bush administrations, began taking legally formalistic approaches that sanctified the fiction of the rational and informed consumer who made all decisions ... market trends, news research and surveys resources

INFORMATION RESOURCES

Technical Guidance Sheet
interest rates, presence of usury/predatory lending at exorbitant rates. 4.3 Nutrition. Nutrition related information needs and data collection methods are ... technology research, surveys study and trend statistics
Congresswoman Jackie Speier : Press Releases : Bills set usury law ...
Congresswoman Jackie Speier introduced two bills to rein in out-of-control consumer credit interest rates.  HR 1608 – the Protecting Consumers from Unreasonable Credit Rates Act would establish a national usury rate, while HR 1610 – the Interest Rate Equity Act (IRE Act) would cap credit card interest rates from institutions receiving taxpayer money at 18%. “These two bills insert some sanity and basic fairness into what is currently a very unfair system,” Rep. Speier said.  “The usury law, in particular, will go a long way toward reining in the unfair fees, penalties and extraneous ... technology research, surveys study and trend statistics
PREDATORY LENDING AND THE MILITARY:
and consistent enforcement of civil and criminal usury law. Going beyond the debate over predatory lending to military personnel, this research provides a ...
REAL TIME
USURY / PREDATORY LENDING
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QUESTIONS AND ANSWERS
If the economy is in such bad shape that the president ...
I received a notice today that my Sears credit card and my J.C. Penney’s credit card are increasing their interest rates to 25.24%! That is outrageous. Per their letter it is due to “this challenging business and economic climate.” Thank goodness I do not carry a balance on either card. How can they do this when all you hear is how bad the economy is and “what can American’s do to get out of this tailspin?” Observing members: 0 Composing members: 0 In America, campaigners this week will target Citigroup and Wells Fargo. Average credit card debt per US household was $8,329 at the end of ...
Slashdot | High Paying Jobs in Math and Science?
The one you're most interested in. Seriously, if all you care about is money, go be an investment banker or a money whore somewhere else. Our field is littered with people like you who get a job hoping for big bucks but end up circling the drain for a few years while producing horrible work. However, software engineers at the various consultancies pay fairly well. Perhaps the R&D arm of a pharmaceutical company as well. It's not a bad thing to ask which jobs will help you pay your student loans and give you a decent quality of life versus ones that will doom you to debt and a monastic lifestyle for years to come. ...