Posted on 10/25/2016 5:21:32 PM PDT by Sean_Anthony
Millions of Americans need to continue taking out short-term loans in order to make ends meet for their families.
This month, liberal bureaucrats have continued to prove that they are out of touch with the reality that average Americans are forced to face each day.
Those who lean left believe that the purpose of government is to shelter the citizenry from self-inflicted harm. The problem is that, more times than not, their assessments are dead wrong.
Case in point: the left’s recent assault on the short-term lending industry.
Interest loans are Haram for Muslims.
Haram is an Arabic term meaning “forbidden”.
You can get better terms from some loan sharks than you can from some of the payday/title loan lenders.
I heard about this War Against Easy Loans years ago. I had expected Obama to have added lots of extra costs by now. Hopefully, there won’t be enough time left for him to fully cripple that much needed financial service. Stay away from my short term loans, Obama. I don’t want or need your leeches coming around killing a good business model. Hey, President, leave those loans alone!
a muslim would want to kill off the loan industry.
Protecting the citizens against the loan industry works great in Venezuela too.
And you may get to meet famous guys like Sonny Liston.
I read recently he worked as a drug debt collector after his heavyweight career.
Actually Liston was in training to fight George Chuvalo after his TKO win over Chuck Wepner earlier that summer.
This is not new material, it is just a continuance of what really happened in the early Clinton era forward.
The most successful effort by Clinton’s libs in Congress was to impose what were called “affordable housing” requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy—in other words, prime mortgages—but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators.
At first, this quota was 30%; that is, of all the loans they bought, 30% had to be made to people at or below the median income in their communities. HUD, however, was given authority to administer these quotas, and between 1992 and 2007, the quotas were raised from 30% to 50% under Clinton in 2000. Despite Frank’s effort to make this seem like a partisan issue, it isn’t. And Barney Frank, who was in charge of the reporting of the stability of Fannie and Freddie, lied to congress in 2003.
This statement by Frank during a hearing on September 10, 2003, before the House Committee on Financial Services, chaired by Chris Dodd, considering a Bush administration proposal to further regulate Fannie and Freddie:
“I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury”
. Fannie and Freddie were government-sponsored entities (GSEs).
It meant that they had to be competitive, like a private company, and maintain their stock price. On the other hand, the value of the mortgages they re-sold on the secondary market was implicitly guaranteed by the government. That caused them to hold less capital to support their mortgages in case of loss. As a result, Fannie and Freddie were pressured to take on risk to be profitable but knew they wouldn’t suffer the consequences if things turned south.
The government set them up this way to allow them to buy qualified mortgages, insure them and resell them to investors, thus freeing up funds for banks to make new mortgages. In this way, they were traditionally involved in at least half of all new mortgages made each year. By December 2007, when banks began to constrict their lending, Fannie and Freddie were the only lenders still operating, responsible for 90% of all mortgages.
And they drug the housing market and the loan industry down with them.
red
Was legendary boxer Sonny Liston murdered? --
"By the late ’60s, according to Assael, Liston was using heroin and had become an enforcer for a drug dealer named Robert Chudnick."
The Mob approves.
Only problem is that there are no facts to support the various fantasy books. A heroin addict can not win a heavyweight fight, and June of 1969 when he beat Wepner, it was certainly the late 60’s. Afterall, you said AFTER his career, you are mistaken or your source is.
“I read recently he worked as a drug debt collector after his heavyweight career”
More likely before, during and after
Only Democrat politicians are allowed to rape the poor.
How will I afford my Affordable Obamacare premiums?
I gave my source. You can click on it if you want.
Do you dispute that he died of a heroin overdose?
Yes I do. But you are the one who has to prove the allegation. Certainly the autopsy report, if you even bothered to look, said no such thing. Books and the people who believe them are a dime a dozen.
If they think those payday loan rates are high, they should actually check out those credit card rates or those rates on auto loans (if you miss or are late with a payment)!
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