Edwards: Ban Predatory Lending

Hm..Yahoo posted this as a lead story and quickly put some Guliani story about drilling oil above it...apparently some people didn't like his message. This is the final straw for me..I am an Edwards supporter.

http://news.yahoo.com/s/ap/20070404/ap_on_el_pr/on_the2008_trail

DAVENPORT, Iowa (AP) — Democratic presidential candidate John Edwards added an item Wednesday to his list of suggestions for Congress: He says he wants legislation that would help stop predatory lending.

Predatory lending is when lenders pressure low-income borrowers into high-interest loans that they may not be able to repay. Blacks, Hispanics, seniors and immigrants often are targeted.

"Predatory lenders come along when people are most vulnerable and whatever they've got, they strip it away," Edwards said during a campaign stop at an eastern Iowa banquet hall attended by about 500 people.

Edwards is a former North Carolina senator who gave up his seat in 2004, the same year that he became the Democratic vice presidential nominee. He has been calling on Congress to take action on issues from Iraq to gays in the military.

It's a bit late now for legislation. Millions of citizens are already in over their heads.

perhaps we can at least stop it in the future right? I am pretty far to the left and I have decided Edwards is the most populist sounding off the three current major candidates. his sponsoship of the Iraq resolution while int he senate has made me hold back my support for a while now, but I think for me personally..he has done enough to earn my trust.

But I hate when regulation is only offered AFTER the billionaires have made their money and moved on.

The lending policies were just fine when it created the "ownership society" that was vaunted last year.

But NOW that their loans are resetting, people think these things should be fixed. I'm concerned we'll see a bank bailout that will cost everybody more money.

Those of us without houses will pay higher taxes or fees to make up the the bad decisions of other people and the profiteering of the banking system.

I would have liked to see one of the politicians bring this up a few years ago when it became obvious that we were going to see this kind of housing market crash that's nearly here.


So, good on John Edwards for bringing it up, but it's about 3 years too late. (But way ahead of any other candidate or politician)

should have been done long ago...at least someone is FINALLYA talking about it...same as healthcare...now that it is in complete shambles people will fight how to reform it for another 10 yrs before anythign is done.

So the people with subprime loans can keep their houses and let the loan sharks go hungry for a change.

At this point, no one else is.

Still, he can expect for what he says now to be held up against his record while he was in the Senate.

I think for too long, no one wanted to rock the boat. The economy was growing, largely fueled by easy credit. No one was looking too closely at the practices of lenders because so many people were doing so well - not just the rich, low income people were buying homes. Then the market started to soften, interest rates went up and people got into trouble. We now realize that many of the people now in trouble probably never should have gotten that loan in the first place.

But, had you brought it up while times were good - well, you're being an alarmist and trying to keep the poor down.

Maybe in some ways it's kind of like global warming. Kudos to Al Gore for seeing it years ago, but as more evidence comes to light, more people are jumping on the bandwagon. It doesn't make them a "Johnny Come Lately" - or if it does, it's because they needed more information to realize how bad things are.

http://journals.democraticunderground.com/hfojvt/31

I am not sure if he is talking about the same kind of lending, but it seems to me that this type of the lender is the biggest exploiter of people crunched for money. The interest they charge is 1000% and up.

back in March. He is the Chair of the The Oversight Subcommittee on Domestic Policy. You can watch his opening statement below.


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x20100

It was not as bad as the 2005 one - but it was not all that good. The reliable liberals - Kennedy, Kerry, Corzine, etc voted against it.

The "money-lenders" are an integral cog in the wheel of politics.

They pay to play, and they expect things to go thier way when it comes time for legislation.

think about it..

Look at ALL the rules & regs that have been passed in recent years.. Have ANY of them benefitted the PUBLIC?

We are all just figures on the gigantic slot-wheel, and the government spins that wheel..There aren't many winning combinations...the only jackpot combinations are for the guys rigging the machines....not for the lowly average citizen.

And of course to get rid of lobbyists, but I don't see that happening. A few politicians will talk about it but really, what incentive do they have to actually do it? The current system gives a tremendous advantage to incumbents, and serves as a money spigot between elections. They won't shut it off until the mob is at the door bearing torches and pitchforks. How likely do you think it is that the American public will get that motivated?

It'll be the foundation for every future progressive advance, and every neo-con/corporatist defeat.

and you'll see check cashing stores and payday lenders all over the place--more ubiquitous than McDonald's and 7-11 in a lot of places. I would shed nary a tear over their loss!

As if you needed any further reason to be happy with your selection, here's David Sirota arguing that Edwards should be the candidate of progressive populists in "Who is the People Party Candidate in 2008?": http://www.workingforchange.com/blog/index.cfm?mode=entry&entry=BEAA1AD7-E0C3-F084-D74FE7E45E334D6E

issues that are effecting the Middle Class (oops, I meant Working Poor) and I truly believe he'll make an honest and effective President. He's had my support since 2004 and after seeing the polls in Iowa and NH, I think Clinton and Obama better be looking over their shoulders.