Predatory Lenders' Partner in Crime | WHAT REALLY HAPPENED


Predatory Lenders' Partner in Crime

Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.

Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.

Webmaster's Commentary: 

So, as the gas runs out, your homes turn cold, and your children cry for food, remember, you did not create this mess; the government created this mess.

The government created this mess.

The government created this mess.

Just keep repeating that cold reality.

The government created this mess.

The government created this mess.

The government created this mess.

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