by Jeff Sovern
Last week at the University of Houston's Teaching Consumer Law Conference (presided over by fellow-blogger Richard Alderman) I spoke about the House and Senate Consumer Financial Protection Agency (or Bureau) bills and their differences and similarities. I had hoped to find some time this week to blog about that, but it hasn't happened yet. In the meantime, the California State Bar Association asked to post my slides on their website (there are 58 of them), so I thought it might be helpful if I made the slides available on this blog as well. I'm hoping you can get to them by clicking on the following link: Download Houston 2010 Conference.
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
Posted by: jmb27 | Monday, June 07, 2010 at 03:51 PM