aka "victims of predatory lenders" ;) Seriously, it's not that big of an issure --and it really never was. We had a nasty 3% spike at the end of '09 which meant fully 97% of borrowers were still making payments. Right now the charge off rate's back down to a super-low of just 0.49%
1/2% is significant when your profit margin is in the low single digits.
I’ve heard that “predatory lender” meme for years. I’ve been a volunteer loan officer for a credit union for fifteen years. I’ve reviewed and approved/declined thousands of loans. Every single applicant came in to apply of their own volition. We’ve never held a gun to anyone and made them sign.
As opposed to say, property and income taxes. Try skipping those payments, and the Power of the State is employed against you. Guns, jails, the whole works.
Who are the predators?