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- Alex Veiga's Column, All of Newsvine
- Groups: Left of Center
- Regions: United States , Los Angeles
 | Bay Area foreclosure activity skyrockets | The San Francisco Chronicle | Thu Sep 20 | 0 |
- Public Discussion (16)
- Left of Center
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{"commentId":1032748,"authorDomain":"jazzman646"}
I would bet the laws which protect the consumer from predatory lending practices, in most of these states , are very weak.
Its really time Congress took some serious action to protect American consumers from the finance industry, not only in the area of mortgages, but credit cards.
This would seem to be one issue that could garner bi-partisan cooperation. The major problem would probably be the overcoming the bi-partisan lobbying effort of the banking industry, which delivers a huge amount of money and perks to our legislators in not only Congress, but at the state level.
{"commentId":1032748,"threadId":"151733","contentId":"969363","authorDomain":"jazzman646"}
- 2 votes
#1 - Tue Sep 18, 2007 9:23 AM EDT{"commentId":1032867,"authorDomain":"jasonford"}
overcoming the bi-partisan lobbying effort of the banking industry
If you have been following this ongoing story you would know that the banks are not the major problem. The biggest problem is mortgage brokers and companies like Countrywide, neither of which are banks.
{"commentId":1032867,"threadId":"151733","contentId":"969363","authorDomain":"jasonford"}
- 1 vote
{"commentId":1032953,"authorDomain":"jazzman646"}
True the banks are not the problem in the mortgage industry, but they definitely are the predators in the credit card ripoffs of consumers, with their universal clauses that heap additional debt on those who may get into financial difficulty, and may have problems making their minimum payments:
{"commentId":1032953,"threadId":"151733","contentId":"969363","authorDomain":"jazzman646"}
- 1 vote
{"commentId":1032794,"authorDomain":"shannon"}
I totally agree about the predatory lending practices needing more regulation BUT honestly, a lot of people I know have taken out large mortgages which put them under financial stress and there was no predation, no ads about how happy a re-fi can make you or what a new car / holiday / whatever would do for you.
In our area (Seattle) people just saw everyone else doing it. Bigger house on a middle income? sure! Need some cash for school fees? Sure! Tired of high credit card rates? Cash out a bit more! And when the cash stops coming there is a crunch. I am not American (yet) although I have lived here 6 years and I have been very surprised by the easy access to credit and the assumption we will all use and live on it.
Its weird, but in Australia the credit card companies are not even NICE to you most of the time. Once, after I moved here, we went on vacation and I forgot to pay off the cards while we were away. When I returned and called them about it they were like "sure, oh, that happens." ALL the card companies were super accomodating and acted like my best buddy. I was in shock. They even offered to forgo the interest i incurred due to my mistake. It was in double shock.
Anyway, my point is that all this excusing and talk of policy change to protect Americans from the mortgage holes they got in irks me. Face up. A lot of it is pure greed and being used to living beyond our means. Now everyone wants to avoid the fallout.
{"commentId":1032794,"threadId":"151733","contentId":"969363","authorDomain":"shannon"}
- 5 votes
#2 - Tue Sep 18, 2007 9:42 AM EDT{"commentId":1032874,"authorDomain":"jasonford"}
Consumers definitely need to be held responsible for willingly entering into a loan agreement and then later deciding they cannot afford the payments. It's one thing if the lender intentionally deceived them and forged documents but that is not the case most of the time. It is usually a case of buyer's remorse.
{"commentId":1032874,"threadId":"151733","contentId":"969363","authorDomain":"jasonford"}
- 5 votes
{"commentId":1032961,"authorDomain":"jazzman646"}
Face up. A lot of it is pure greed and being used to living beyond our means.
shannon,
I agree, but Consumers are under constant barrage with offers of loans and credit cards.
I usually run at least one or more daily thru my shredder.
{"commentId":1032961,"threadId":"151733","contentId":"969363","authorDomain":"jazzman646"}
- 1 vote
{"commentId":1032905,"authorDomain":"partisanhack"}
I realize that the causes of this economic crisis have relatively little to do with politics but I find it interesting that the worst-hit states are likely swing states for 2008.
{"commentId":1032905,"threadId":"151733","contentId":"969363","authorDomain":"partisanhack"}
#3 - Tue Sep 18, 2007 10:33 AM EDT{"commentId":1032928,"authorDomain":"PeteZaHutt"}
Cleveland Rocks!
{"commentId":1032928,"threadId":"151733","contentId":"969363","authorDomain":"PeteZaHutt"}
- 1 vote
#4 - Tue Sep 18, 2007 10:42 AM EDT{"commentId":1034799,"authorDomain":"jorgeaavila"}
Come one, we should be happy, more money is available now at cheaper rates. Why wouldn't we keep borrowing? Let's keep America Great!
{"commentId":1034799,"threadId":"151733","contentId":"969363","authorDomain":"jorgeaavila"}
#5 - Wed Sep 19, 2007 4:01 AM EDT{"commentId":1034812,"authorDomain":"krose"}
Except the money is fast becoming worthless.
{"commentId":1034812,"threadId":"151733","contentId":"969363","authorDomain":"krose"}
- 1 vote
{"commentId":1034878,"authorDomain":"genericpsycho"}
We shouldn't borrow because we're using money that doesn't exist.
{"commentId":1034878,"threadId":"151733","contentId":"969363","authorDomain":"genericpsycho"}
{"commentId":1035452,"authorDomain":"jazzman646"}
Jorge A Avila,
Right...we may as well follow the example of our govt.!!!
{"commentId":1035452,"threadId":"151733","contentId":"969363","authorDomain":"jazzman646"}
- 1 vote
{"commentId":1036021,"authorDomain":"jorgeaavila"}
That is what i am talking about!!!!! Keep the spirit going, overspend while they are willing to sponsor our consumption....why not?
{"commentId":1036021,"threadId":"151733","contentId":"969363","authorDomain":"jorgeaavila"}
{"commentId":1756900,"authorDomain":"muckraker462"}
Home owners need to check the headlines every day to make sure they're not dealing with a crooked lender who will sell their loans out from under them.
I found this new site which filters home mortgage headlines and other headlines about consumer fraud, defective drugs and product recalls. I can even embed a particular subject's RSS feed on my homepage and blog.
Check out www.the-feed-store.com and you'll see what I am talking about.
{"commentId":1756900,"threadId":"151733","contentId":"969363","authorDomain":"muckraker462"}
#6 - Fri May 2, 2008 12:05 AM EDT{"commentId":10404288,"authorDomain":"breelaboy"}
{"commentId":10421524,"authorDomain":"brianalampton"}
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