Too negative
June 25, 2010 | federal legislation, industry | Comments (2)Today’s Wall Street Journal has a long story on changes to consumer finance:
On July 1, Arizona will force changes on the state’s 595 payday-loan stores—outfits that make high-interest loans against future paychecks—that could effectively put them out of business. Wisconsin banned small loans backed by car titles that led many people to lose their vehicles. Arkansas, Maine and New York joined other states in putting curbs on tax preparers who offer costly loans against expected tax refunds.
The federal government, meanwhile, is for the first time requiring that lenders verify a borrower’s income and assets before issuing a home loan. It has also slapped broad new rules on credit-card issuers, limiting their ability to boost interest rates and charge certain fees.
Take heart. The industry has proven pretty resilient.
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And in the same paper they also printed a review that took on that damn book that is getting quoted everywhere around.
Yes. The Payday Pundit has decided not to comment at that book.