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NEWS ABOUT: predatory lending

Microfinance Bubble Traps Poor in Debt

Predatory lenders offer easy cash with gouging interest rates

(Newser) - Microfinance, loaning tiny sums to the world's poor to help start small businesses, began as an anti-poverty strategy but quickly became highly profitable for private equity firms and foreign investors. In India, writes the Wall Street Journal, poor neighborhoods are being bombarded with high-interest loan opportunities, resulting in a bizarre... More »

Obama Wants Credit Card Relief Bill by Memorial Day

(AP) - Putting himself on the side of fuming consumers, President Obama is pushing for Congress to send him legislation by Memorial Day that would immediately reign in the credit card industry, he said in his radio address this morning. The House has passed a bill banning several predatory practices, but it... More »

Schumer Wants Faster Action on Credit Cards

Rules on deceptive practices don't take effect until 2010

(Newser) - Sen. Chuck Schumer is putting pressure on the Fed and the Office of Thrift Supervision to enact restrictions on the business practices of credit card firms more quickly, the New York Daily News reports. The agencies have drafted new rules banning deceptive practices like hidden fees and retroactive rate hikes,... More »

Fed to Crack Down on Subprime Loans

Also plans to extend low-cost overnight loan program for banks

(Newser) - The Federal Reserve will issue new rules next week restricting subprime lending and other exotic loans aimed at borrowers with weak credit, Ben Bernanke said today. He said the Fed is also considering extending the overnight low-cost loan program, which helps big banks in need of quick cash, a sign... More »

Spitzer Slams Bush for Abetting Bad Lenders

Says feds barred states from halting predators

(Newser) - The Bush administration was a “willing accomplice” to predatory lending practices that cost thousands of Americans their homes and endangered our economy, Eliot Spitzer writes in the Washington Post. When state attorneys general (including Spitzer at the time) tried to act against a spike in deceptive and even illegal... More »

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