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MONDAY, NOVEMBER 23, 2009
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NEWS ABOUT: predatory lending

predatory lending stories: 5 news summaries

Microfinance Bubble Traps Poor in Debt

Predatory lenders
offer easy cash with gouging interest rates

Aug 13, 09 8:46 AM CDT
(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 »

MORE ABOUT:
India • loans • poverty • microfinance • predatory lending • lenders

(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 »

MORE ABOUT:
credit card • consumer debt • predatory lending • Government Credit Card Abuse Prevention Act • President Obama • rate increase • Credit Cardholder's Bill of Rights

Schumer Wants Faster Action on Credit Cards

Rules on deceptive practices don't take effect until 2010

Apr 23, 09 1:49 PM CDT
(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 »

MORE ABOUT:
Congress • Charles Schumer • Federal Reserve • Chris Dodd • credit card • lending practices • Office of Thrift Supervision • predatory lending • credit card accounts

 Fed to Crack Down on Subprime Loans 

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

Jul 8, 08 8:26 AM CDT
(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 »

MORE ABOUT:
Ben Bernanke • Federal Reserve • subprime mortgages • Freddie Mac • Fannie Mae • subprime crisis • predatory lending • overnight loan window • financial crisis

OPINION

Spitzer Slams Bush for Abetting Bad Lenders

Says feds barred states from halting predators

Feb 14, 08 12:12 PM CST
(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 »

MORE ABOUT:
Bush administration • subprime mortgages • Eliot Spitzer • predatory lending • Office of the Comptroller of the Currency • attorney general • George W. Bush

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