Archive for March, 2007
Wednesday, March 28th, 2007
The Loan Shark Lobby
Another creepy day in Debt Valley…
As this article titled Credit Is Slavery suggests, 40% of new loans in 2006 were made to borrowers who were considered higher risk. An 40% increase compared with last year. With an amount of 33% of homeowners falling behind faster than last year too, one doesn’t need to have a […]
2 Comments » - Posted in News by Sharon Kayser
Friday, March 23rd, 2007
Predators Unmasked
Today it became cristal clear that we’ll soon be the witnesses of a historical circus. The Committee Chairman Christopher Dodd, one of the rare officials willing to take a radical action, denounced the savage lending practices and even blamed mortgage crisis on “neglect” by Fed, Greenspan.
“About the same time, Dodd said, Greenspan was touting adjustable-rate loans. ‘American consumers might benefit […]
3 Comments » - Posted in News by Sharon Kayser
Tuesday, March 20th, 2007
The collapsing $1.3 trillion “subprime” only a beginning?
While many will argue that we need more regulations, I’d like to point out that perefection doesn’t exist. No system is fully secure. There are experts out there spending their time to search for exploitable loopholes. That’s human creativity after all. Nonetheless, reforms should always be encouraged.
The only way to solve horrors like this one is first to expose the fraudsters restlessly […]
1 Comment » - Posted in News by Sharon Kayser
Tuesday, March 20th, 2007
Students, Beware!
Yet another dirty story of kickbacks that you will not hear on TV any time soon. March 16, 2007, the Boston Globe exposed a web of student loan corruption so intricate that even the nation’s largest student-loan provider SLM Corp. — commonly known as Sallie Mae found itself among the culprits - along with Nelnet Inc.; Education Finance Partners […]
No Comments » - Posted in News by Sharon Kayser
Wednesday, March 7th, 2007
Bernanke’s Dire Warnings
Today there was a story particularly appalling and which is that of an Ohio man whose $3,200 credit card debt mushroomed to $10,700 with interest and fees. The most incredible is she was hit with over-limit fees on his Chase card account 47 times although he went over his credit limit only three times (!!!). […]
4 Comments » - Posted in News by Sharon Kayser
Monday, March 5th, 2007
This Emerging Scandal Is Reminescent Of Enron
A year ago, I started making a film about the debt crunch in America. I subtitled it “America Before The Bubble Bursts.” It deals in part with predatory lending practices. Sub prime lending by big financial institutions and the growing number of foreclosures. The film In Debt We Trust was well received but one negative […]
