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Predatory Lending Tactics

Question: Ameriquest Multistate Settlement in PA?

I have been one of the many thousands of individuals that had the misfortune of refinancing my home through Ameriquest Mortage. Due the predatory lending tactics of these scumbags, I was forced to sell my home to avoid foreclosure and futher damage to my credit.

I have received paper work from the State Attorney General's office in Pennsylvania in regards to the restitution payment I am able to receive under the multistate settlement against Ameriquest. The minumum amount I am eligible to receive is $320.62, which certainly does not feel like "restitution" to me.

I am curious as to how many Ameriquest borrowers in the state of PA will participate in the multistate settlement or seek other legal action ? Does anyone know of a law firm in PA that has filed for a class action law suit against Ameriquest ?

Regards,
Chris

Answer: Approximately 15,000.

http://www.ameriquestmultistatesettlement.com/index.htm

Howard Nassiri LLP, Predatory Lending

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Predatory Lending Act

Question: Isn't the Bush administration responsible for creating the imminent depression?

In 2003 the Bush administration's Office of the Comptroller of Currency (OCC), a part of the Department of Treasury, invoked a clause from the 1863 National Bank Act to preempt state laws against predatory lending, thereby rendering those state laws inoperative.

The OCC also formulated new rules prohibiting states from enforcing any of their consumer protection laws against national banks.

So anyone who saw what was going on and wanted to try to stop the predatory lending had their hands tied by the Bush administration.

So basically, the Bush administration gave a green light to their financial buddies on Wall Street to rob Americans blind, and drive the US into a recession in the process.

What a big surprise, considering that Bush has ties to the financial industry.

So shouldn't we be thanking the Bush administration for creating our next depression?

Answer: It is his policies which are at fault, so, yes, Bush would be responsible for the mess that we are currently in.

As far as those who are trying to blame Clinton (don't worry, Clinton has enough blame which should be placed on him with NAFTA) BUSH could have STOPPED whatever Clinton put into place! Another words, Bush is responsible for implementing it. I know that Bush stopped all the clean air laws from going into affect...this is no different!

Is it not interesting that right around 2003 is EXACTLY when we first started having problems with the housing market? Things that make you go, Hmmmmmm.

Rep. Frank - Mortgage Reform and Anti-Predatory Lending Act

Predatory Lending In Ohio

Imagine borrowing $50 from your brother to pay the phone bill. The following month your brother comes to you and says you now owe him $450. I know this sounds absurd but I just read an article citing a lady living in Ohio borrowed money from her local Payday Loan lender to buy her child school clothes. She obviously didn't understand the terms or nature of the note and failed to pay the borrowed amount back on her following payday. The article went on to bash lenders and how they are the vultures of the financial services world. A bit harsh but many legislators and politicians share the same view.

This creates a unique situation. On one side of the divide, you have consumers generally cash poor and in need of services like this. Lawmakers and politicians wage a warlike protest against predatory lending practices in which they believe is the foundation of payday loan lending. Then we have the actual lending companies. They provide the service, make the money and take all the heat.

Do cash advance companies provide a valuable service? Well that depends on who you ask. I find it interesting that the people in opposition of these loan types are for the most part financially well off. Ask the consumer needing money to pay a light bill if he is ok with the finance charges and you'll know what I'm talking about.

The bottom line is that the poor lady that borrowed the $50 did not pay back the loan as agreed to. In situations like this, it would have been better to not take out the loan. Unfortunately not everyone takes the time to read and/or understand the financial terms.

The good news is that there are many credible payday loan companies that make extra effort to educate their consumers on the ins and outs of personal finance and payday loan basics.

The key to not falling into the same unfortunate trap as the lady mentioned above is to understand your options before you actually need it.

Things to remember:

1. A payday loan is meant to be a short term solution to your emergency cash needs.

2. Be sure to plan for the payback. The loan is borrowed against your next paycheck so you'll need consider that amount gone from your wages. Many payday loan companies offer an extension option. Be careful! This is where it becomes expensive. You're better off biting the bullet and paying back the loan in full plus finance charge.

3. Communicate with the lender. Ask questions. Make sure you understand what you are committing to.

About the Author:

Randy San Nicolas is the managing partner of Launchpad Marketing, LLC and owner of http://www.fastmoneyfinder.com and http://www.ultimatecashfinder.com. The sites provide consumers with a Payday" target="_blank">www.fastmoneyfinder.com/howitworks.aspx">Payday Loan matching making service designed to connect lender and borrower.

Source - Debt That Goes From $50 to $450 In Just 30 Days

Predatory Lending In Ohio