Friday, May 9th 2008
Predatory Lending
You know what term I'm getting sick of hearing every day? "Predatory Lending". What exactly is it? Well, an informal definition from Wikipedia is the following
|
Predatory lending is a pejorative term used to describe practices of some lenders. There are no legal definitions in the United States of predatory lending, though there are laws against many of the specific practices commonly identified as predatory, and various federal agencies use the term as a catch-all term for many specific illegal activities in the loan industry.
One less contentious definition of the term is "the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against." Other types of lending sometimes also referred to as predatory include payday loans, credit cards or other forms of consumer debt, and overdraft loans, when the interest rates are considered unreasonably high. Although predatory lenders are most likely to target the less educated, racial minorities and the elderly, victims of predatory lending are represented across all demographics. Predatory lending often occurs on loans backed by some kind of collateral, such as a car or house, so that if the borrower defaults on the loan, the lender can repossess or foreclose and profit by selling the repossessed or foreclosed property. |
First and foremost, why are people signing on the dotted line if you don't read all terms and understand all the conditions? I saw a Mexican on the news the other day who was about to foreclose on her house. The story claims she does not speak English and that is why she is in trouble now. Will someone please explain to me how this is not the most idiotic thing in the world? So, you don't understand the language your contract is printed in but you feel fine signing it? Good call. Especially since you can simply blame someone else for your stupidity.
Secondly, if the only people willing to approve you for a loan are "predatory lenders", does that not say something about your own situation? Stop buying things you cant pay for. It's not that hard to figure out. If an interest rate is "unreasonably high", why the hell are you agreeing to the terms? How does your approval of a contract equal someone FORCING you to do something you don't want to do? Oh thats right, you had no idea what any of the rates were because you were too lazy to read and/or ignorant to understand any of the paper you just signed. Good job. Have a nice life blaming the government for all your problems.
Global Warming Update
Oh wait, there is not much to update since Global Warming is still a load of crap.
But feel free to keep buying your foreign built pile of hybrid crap just to make yourself feel better, hippie. And don't forget your little tin-foil hats while your at it.
You idiots make me laugh. Think about it, dirty hippie, you like to be a vegetarian so you don't have to consume meat because...well, I don't know why but you choose to eat plants instead. Plants that provide precious oxygen and help COMBAT THAT THAR' GLOBAL WARMING have to be KILLED and DEVOURED so you can continue your holier than thou lifestyle. But it's ok, you drive a foreign car and that makes it all better. Go you.