Comments on: A united front http://paydaypundit.org/2009/07/02/a-united-front/ News and Information About The Payday Lending Industry Fri, 12 Mar 2010 06:37:15 -0800 http://wordpress.org/?v=2.9 hourly 1 By: Jon Schultz http://paydaypundit.org/2009/07/02/a-united-front/comment-page-1/#comment-6561 Jon Schultz Sun, 05 Jul 2009 18:33:14 +0000 http://paydaypundit.org/?p=3994#comment-6561 Their website membership page says: "AFSA does not represent Payday lending or title loan companies." Maybe this is a wrong impression, but it seems to me that they're saying, "Go after them, but leave us alone" - which I think is short-sited since a "crackdown" on payday lenders will simply be used as a precedent for subsequent infringements on their freedom. The "reformers," to a large extent, simply want to control more and more. And speaking of precedents, there's an important article in Friday's Wall Street Journal which challenges the notion that the mortgage crisis was caused by lenders granting home loans to consumers who didn't have the ability to repay: http://online.wsj.com/article/SB124657539489189043.html That meme is now being used, of course, as a basis for proposed APR caps and other unreasonable regulations which would ridiculously abolish or curtail payday lending. Their website membership page says: “AFSA does not represent Payday lending or title loan companies.” Maybe this is a wrong impression, but it seems to me that they’re saying, “Go after them, but leave us alone” – which I think is short-sited since a “crackdown” on payday lenders will simply be used as a precedent for subsequent infringements on their freedom. The “reformers,” to a large extent, simply want to control more and more.

And speaking of precedents, there’s an important article in Friday’s Wall Street Journal which challenges the notion that the mortgage crisis was caused by lenders granting home loans to consumers who didn’t have the ability to repay:

http://online.wsj.com/article/SB124657539489189043.html

That meme is now being used, of course, as a basis for proposed APR caps and other unreasonable regulations which would ridiculously abolish or curtail payday lending.

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