End Predatory Lending

States Blowing Past Feds in Fighting Foreclosure Crisis

Faced with total and continued inaction on the federal level, Maryland enacted a series of emergency measures earlier this month to combat the foreclosure crisis in the state.  

Dealing with the Foreclosure Crisis at the State Level

The statistics are shocking. The current mortgage crisis is expected to result in the foreclosure of 3 million homes. In Stockton, CA, one in every 27 homes has been hit by the foreclosure crisis. And, Countryside, the largest U.S. mortgage lender, just released figures showing that foreclosures and late payments rose in December to the highest on record. Calls to helplines by homeowners facing foreclosure have skyrocketed.  As a corollary, local animal shelters are seeing a sharp increase in intake due to owners having to surrender family pets when they lose their homes.

State needs to halt home foreclosures

published December 31, 2007
With the 2008 legislative session and his January State of the State speech approaching, Gov.

New York Acts to Restrict Improper Influence of Student Loan Companies


We highlighted the problems of predatory lending industry a few weeks ago and now, problems are coming to light with the student loan industry.  In one of the more egregious examples, Student Loan Express, a student loan company that is a unit of CIT Group, Inc, is alleged to have paid more than $21,000 for Johns Hopkins University's director of student financial services to attend graduate school.  Coincidentally (or not), Student Loan Express happens to be on the preferred lender list at Johns Hopkins. 

The Predatory Lending Bubble and How the Feds Made it Worse

The trouble in the subprime lending market is sending ripples through Wall Street.  One of the biggest subprime lenders, New Century, has been de-listed from the New York Stock Exchange.

Stalking the Predators: Turning Payday Loans and Other Schemes to Our Advantage

David Sirota notes how wrong the right-wing is on issues of predatory lending. In state after state, corporate conservative leadership is responsible for killing bills to regulate the usurious industry.

Feds Propose Gutting State Protections Against Predatory Lending

North Carolina was the first state to pass a law reining in shady predatory lending practices, such as steep prepayment penalties, balloon payments and the sale of high-cost loans to borrowers who could qualify for lower rates. Soon a number of other states followed with similar laws and the result, according to a new study, is that homeowners now save $9.1 billion per year.

GA: Rep. Earl Ehrhart Goes to Bat for Corporate Interests. Again.

If you've read PLAN's report on how the right-wing operates in the states, Rep. Earl Ehrhart's name probably rings a bell. The Georgia legislator is a past chairman of ALEC and takes the cake for his unsurpassed willingness to loudly and proudly announce his desire to work for the corporate interests who line his pockets. So it shouldn't be too surprising to read today in the Atlanta Journal-Constitution that Rep.