You mean they make stuff up?
July 2, 2009 | ACORN, Center for Responsible Lending, industry | Comments (0)The Washington Examiner questions ACORN’s use of statistic. ACORN says they got the numbers from Center for Responsible Lending. Center for Responsible Lending has yet to respond to the reporter’s questions.
“Suck an egg”
June 26, 2009 | Center for Responsible Lending, industry | Comments (0)That’s what the Fairness to Payday Lenders Society has to say to Center for Responsible Lending about its latest drivel.
The rich are different
June 19, 2009 | Center for Responsible Lending, Mother Jones, alternatives, industry | Comments (0)A Mother Jones blogger calls this financing scheme–using art as collateral for loans– “Payday Lending for Rich People.” Actually, it’s more like pawn lending. We loved this line which sounds like something Center for Responsible Lending would say:
The average Art Capital Group loan is $5 million and has a duration of just two years: if someone doesn’t have $5 million now, what are the chances that they’re going to be able to repay that kind of money in two years’ time?
Follow the link above to the blog post and then the link from the post to the article.
“Comically misnamed”
June 18, 2009 | Center for Responsible Lending, alternatives, industry | Comments (0)That would be the Center for Responsible Lending, and it is in the crosshairs of Tim Miller at Center for Consumer Freedom:
Subsidizing irresponsibility is a favorite hobby for the Center for Responsible Lending. This past spring, the group’s lobbyists pressed Congress to pass mortgage modification rules known as “cramdown.” The Center’s proposal would have bankruptcy judges erase mortgage debt for home buyers who couldn’t keep up with their payments. That’s nice for the homeowners who benefit from the federal fairy godmother. But the steep losses on those loans would force mortgage providers to raise costs for everyone else. Luckily, the Senate rejected this scam.
The whole thing is a great read.
Don’t penalize Americans
June 15, 2009 | Center for Responsible Lending, industry | Comments (0)Tim Miller at Center for Consumer Freedom says Center for Responsible Lending wants to subsidize irresponsibility. From his letter in the Sun Sentinel:
Subsidizing irresponsibility is a favorite hobby for CRL. This past spring, the group’s lobbyists unsuccessfully pressed Congress to pass mortgage modification rules known as “cramdown.” CRL’s proposal would have bankruptcy judges erase mortgage debt for home buyers who couldn’t keep up with their payments. That’s nice for the homeowners who benefit from the federal fairy godmother, but the steep losses on those loans would force mortgage providers to raise costs for everyone else.
Funny
June 12, 2009 | Center for Responsible Lending, industry | Comments (2)We don’t know who’s behind this, but we love it:
The Center for Responsible Lending (CRL) today proudly introduced a direct competitor to payday loans
— the short-term, small denomination loans Americans have been successfully using for nearly twenty years. The product, to be called “The Rumpelstiltskin Loan” allows consumers to borrow up to $1,000 for a period of two weeks, with interest rates at a fixed 36% APR. The product’s pilot program will roll out in Ohio this month.
Rolland Finger, the CEO of the new entity, characterized the product as, “The first loan ever that people will want to pay back on time, every time. By taking each borrower’s first born as collateral, we feel most consumers should have a real incentive to show up on the due date”.
ACORN, the Sandlers & CRL
June 8, 2009 | ACORN, Center for Responsible Lending, industry, industry critics | Comments (1)Great video in this link regarding how the “toxic mortgage kind and queen–the Sandlers– and ACORN worked hand in glove as well as a mention of the Center for Responsible Lending.
Take that, CRL
May 30, 2009 | Center for Responsible Lending, industry | Comments (1)Tim Miller at Center for Consumer Freedom busts out a good line in this letter in the Mansfield (OH) News Journal:
The group behind these attacks, the Center for Responsible Lending, is not responsible at all. This lobbying organization is funded by Herb and Marion Sandler, billionaire financiers who made their fortune offering the worst kinds of subprime, adjustable-rate mortgages.
The Payday Pundit will generously post any response from CRL on these pages unedited.
This surprises us
May 21, 2009 | Center for Responsible Lending, alternatives, federal legislation, industry | Comments (0)The Center for Responsible Lending praised the credit card bill without even tweaking Senators about not passing a rate cap. From the story:
The Center for Responsible Lending, one of numerous consumer advocacy groups that had long sought credit card reform, praised the Senate’s action.
“This bill, which received overwhelming bipartisan support, will provide consumers with significant protections from industry practices that extract billions of dollars in unfair fees and interest from cardholders every year. We applaud the Committee for crafting safeguards for millions of American families at a time when our country is experiencing the worst downturn since the Great Depression,” said CRL’s president, Michael Calhoun, in a statement.
CRL believes in supply and demand
May 13, 2009 | Center for Responsible Lending, industry | Comments (0)And the Payday Pundit is completely gobsmacked. From a news release announcing a real estate financing forum:
Michael Calhoun, president, Center for Responsible Lending, observed that restrictive lending isn’t the only challenge. “The market is being flooded with foreclosures, which is creating problems on the supply side,” said Calhoun. “We must address this excess supply before the real estate market can recover.”
Maybe the Payday Pundit is wrong (happens once every few years), but it sounds like Calhoun is endorsing a traditional understanding of “supply & demand.”
