Ralph Nader For President! Message Board

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Politics : Ralph Nader For President!

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To: Elmer Flugum who wrote (73)	11/25/2002 12:36:54 PM
From: Thomas M.	of 206

Back Alley Loan Sharks Predatory Lending by Ralph Nader Subprime lenders have been marching up to state legislators around the nation with a stern warning-"enact protections for borrowers and you will trigger a quick and certain reduction of credit for thousands of low, moderate and middle income borrowers." But, the hard facts coming out of the states with the courage to stop predatory and other unfair lending practices are putting the lie to the lenders' scare campaign. Last summer, Morgan Stanley, a major financial services firm, surveyed 300 branch mangers and loan officers from five of the largest subprime home equity originators and independent mortgage brokers. The conclusion from these front-line subprime operators was that predatory lending protections had not significantly dampened loan growth. [continued ...] counterpunch.org

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