Before Congress goes after bank misdeeds on Wall Street, let's stop the petty theft on Main Street -- predatory mortgages and usurious loans. Had we protected the poor and the weak, the problems of our mighty banks might not be so great.
Thomas GeogheganApr 18, 2008
Before Congress goes after bank misdeeds on Wall Street, let's stop the petty theft on Main Street. I mean the predatory mortgages and usurious loans. Had we protected the poor and the weak, the problems of our mighty banks might not be so great. Why don't we have a "National Usury Act"? Why, in the party of William Jennings Bryan, is there no one demanding an interest cap on our Visa cards and our MasterCards?
But let's start with payday loans. In Chicago, payday lenders charge more than the Mob wants for juice loans. I have a client who pays 700 percent! And a lawyer friend at Legal Services told me, "I had a woman come in -- she gets $1,100 a month for Social Security and pays out $800 a month for her payday loans."