Predatory lending

http://www.indybay.org/newsitems/2009/03/02/18574605.php


Predatory lending
by Ted Rudow III,MA ( Tedr77 [at] aol.com )
Monday Mar 2nd, 20889
Predatory lending is a pejorative term used to describe practices of some lenders. There are no legal definitions in the United States for predatory lending, though there are laws against many of the specific practices commonly identified as predatory, and various federal agencies use the term as a catch-all term for many specific illegal activities in the loan industry.
Consumer advocates argue that borrowers, especially but not only unsophisticated borrowers, are not aware of their ability to negotiate, and might even be under the mistaken impression that the lender is placing the borrower's interests above its own.
When taxpayers gave Bank of America Corporation a $45 billion
bailout, the company was supposed to use the funds to help jumpstart
the economy. To date, this has not been the case. Instead the bank
has misspent on executive salaries and corporate jets. Then Bank of
America took even more money from cash-strapped states by not paying
for workers' healthcare. Bank of America' Platinum Plus charges 59.41%. It's just plain greed and selfishness as a result, their industries will fail, factories will close, unemployment will rise, and the next Great Depression will have started. The crash is going to happen.
Ted Rudow III,MA