If financial consumer advocates get their way this summer, Elizabeth Warren will be confirmed as the head of the new U.S. Consumer Financial Protection Bureau. Warren, a Harvard Law School Professor, for years spoke critically and publicly against the predatory lending practices by the credit card companies. Many give her credit for exposing the issues [...]
Entries Tagged as 'predatory lending'
Elizabeth Warren Needs You – Stop Funding Cuts in Consumer Protection
March 4th, 2011 · 1 Comment · Consumer Info, Credit Cards
Tags: Bankruptcy·Congress·Credit Card Accountability Responsibility And Disclosure Act·Credit Cards·Elizabeth Warren·overdaft fees·PayDay Loans·predatory lending·subprime·U.S. Consumer Financial Protection Bureau
Rent to Own – Another Form of Predatory Lending
June 1st, 2010 · 3 Comments · Consumer Debt
We’ve had sub-prime loan predatory lending, payday loan lending and now we turn our attention to another kind of predatory lending: rent to own. In this scenario, people (usually in low income brackets) buy TVs, appliances and furniture at inflated prices. They are lured in by the seemingly low monthly, affordable payments but wind up [...]
Tags: inflated prices·loan insurance·PayDay Loans Contract Interest Fees Student Loan Nightm·predatory lending·rent to own·United States Department of Defense·weekly payments
Bank of America Announces New Mortgage Balance Reduction Program
March 25th, 2010 · 1 Comment · Mortgages
What the heck is a an “earned principal forgiveness”? Some Bank of America customers may soon be finding out. Bank of America Corp. (BAC.N) on Wednesday said it would offer about $3 billion in loan forgiveness to about 45,000 troubled mortgage holders who are under water more than 120 percent of the value of their [...]
Tags: attorney general·bailout·bank of america·loan forgiveness·Making Homes Affordable·Mortgage·mortgage modification·mortgage principal·predatory lending
Refund Anticipation Loans: Can You Say “Predatory Lending”
February 10th, 2009 · 2 Comments · Banking, Consumer Info
If you’ve never heard of a “Refund anticipation loan”, or RAL, it’s probably a good thing. RALs, also known as “instant refunds”, are short-term loans that are made based on the notion that you will be receiving a tax refund from the IRS. But they come at a significant price in terms of fees and [...]
Tags: instant tax refunds·IRS tax refunds·predatory lending·RAL loans·Refund anticipation loans
