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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: JBTFD who wrote (119657)12/13/2011 12:26:01 AM
From: Jorj X Mckie8 Recommendations  Read Replies (2) of 224749
 
Ok what is your idea to protect people from predatory lending practices?

What exactly is a predatory lending practice? Is it predatory to offer a loan that spells out that the first five years of the loan you are paying interest only and after that the borrower will have to pay both interest and principle? That's what a lot of them looked like. But they were pretty clear in stating that after 5 years that the borrower would have to pay the increased amount. Doesn't the consumer have some responsibility to not commit to something that they can't pay?

the first thing I would do would be to take away the incentive for the banks to offer loans that encourage bad decisions by the consumers. This goes back to the fact that our government pushed bank into getting low income families into home ownership.

There may be some wisdom in the saying but as an absolute truth it is definitely false.

But in this case, it is. The driving force that got the consumers into the "predatory loans" was their own greed.

The little guy really doesn't stand much of a chance of a fair shake.

The only solution that I see is to disempower the government in general and specifically in its ability to favor privileged organization (it's not just corporations, let's not forget about unions and other special interest groups).
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