Posted on 01/18/2008 9:34:54 PM PST by 2ndDivisionVet
I have no sympathy for the criminal New York banks and their usury lending practices.
They buy loan packages from smaller banks and then try to jack up the interest rates to 18% or better. I’ve contracted with banks for business credit cards at a 5% rate and then along come the New York criminals trying to break the contract without my knowledege or permission. I only find out after I open my monthly statement and see an exorbitant finance charge. Then I need to waste my time and money on lawyers threatening to sue these bastards.
If Obama wants to take down the criminal loan sharks in New York city, that’s fine with me.
cap interest rates
Whose going to invest where there’s no profit? How about outlawing fraud like ‘carbon credits’?
The US has the highest per capita rate of bankruptcy of any industrialized country. Even though Canada has an identical system of consumer and mortgage debt the per capita rate of personal bankruptcy in Canada is nearly 40% lower than what it is in the US. The difference is almost entirely the result of the number of bankruptcies that are the result of what are called “catastrophic” health costs.
Under the previous Bankruptcy code medical debts were treated like other debts and the bankruptcy court had the power to deal with the ability of the bankrupt to repay the debt. However, the revised code takes that power away from the court and provides no reasonable alternative for the debtor. Financial professionals deal with bankruptcy everyday and they know you need to clear the financial deadwood from the system and where possible return it to a productive state. On the other hand, the health care system is filled with financial amateurs who thought they would get more money by simply holding debtors hostage to their insolvency. It was an incredibly dumb option totally inconsistent with an efficient capital market system.
Like a..a.. Empty Suit/Pant Suit Socialism Fer sure there dude/dudettes.
Yeah, about 300% annual compounded interest. Payday loans are actually quite reasonable --if people pay them back when they next get paid! Hence, the term "payday loan." Many of the payday loan places near military bases closed down after congress passed the 36% ACI cap on service members.
Is that before or after he walks on water?
Darn tootin’. We should have credit crunches and recessions every year!
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