Comments on: The pro-CFPA campaign won’t die http://paydaypundit.org/2010/02/11/the-pro-cfpa-campaign-wont-die/ News and Information About The Payday Lending Industry Tue, 21 Dec 2010 17:59:56 -0800 hourly 1 http://wordpress.org/?v=3.0.1 By: Payday Pundit http://paydaypundit.org/2010/02/11/the-pro-cfpa-campaign-wont-die/comment-page-1/#comment-9557 Payday Pundit Fri, 12 Feb 2010 21:55:09 +0000 http://paydaypundit.org/?p=7304#comment-9557 What gibberish. Payday loans are not mortgages loans. And mortgage loans are in the trillions. Payday lenders issue $40 billion in credit a year in a $14 trillion economy. The industry has NO macro impact on the economy. It has a micro impact helping families get through a cash flow crunch. What gibberish. Payday loans are not mortgages loans. And mortgage loans are in the trillions. Payday lenders issue $40 billion in credit a year in a $14 trillion economy. The industry has NO macro impact on the economy. It has a micro impact helping families get through a cash flow crunch.

]]> By: jmb27 http://paydaypundit.org/2010/02/11/the-pro-cfpa-campaign-wont-die/comment-page-1/#comment-9556 jmb27 Thu, 11 Feb 2010 22:25:54 +0000 http://paydaypundit.org/?p=7304#comment-9556 Predatory Lending is a major contributor to the economic turmoil we are currently experiencing. Here is an example of what I am talking about: Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.) Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices: "Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM." The Center for Responsible Lending says YSP "steals equity from struggling families." 1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers. http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
“Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

The Center for Responsible Lending says YSP “steals equity from struggling families.”
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

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