Tag Archives: Predatory lending

Banking giant getting the gavel for predatory lending

September 7, 2009 – 6:00 am

by Anna Otieno WHAT’S HAPPENING The recession hit minorities hard, as lenders preyed on black and Latino communities. Wells Fargo, the second largest mortgage lender in the U.S., is being slammed with a lawsuit accusing just that. Illinois Attorney General Lisa Madigan gathered evidence to slap Wells Fargo with their second discrimination suit in 2009. […]

By Iconoculture | Posted in Consumer Trend, Latino, Money/Spending, Multicultural | Also tagged , , , | Comments Off

Payday loans: Even worse than critics say

August 7, 2009 – 6:00 am

by Hans Eisenbeis WHAT’S HAPPENING A new study by the Center for Responsible Lending finds that the payday loan industry is not nearly as good as advertised for unbanked and underbanked consumers (Consumerist.com 7.14.09). Payday loans are targeted at lower income consumers who have no other access to credit. They receive a loan in advance […]

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Payday loans are on the ballot in Ohio and Arizona

October 17, 2008 – 6:06 am

by Hans Eisenbeis WHAT’S HAPPENING Payday loans are a controversial part of the American financial landscape. They offer short term loans against expected paychecks for a fee — typically $15 for every $100. But consumer advocates point out that those charges amount to a whopping 391% annual interest rate, which is predatory and abusive. 15 states have already passed laws […]

By Iconoculture | Posted in Money/Spending | Also tagged , , , , , , , | Comments Off
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