Showing posts with label predatory lending. Show all posts
Showing posts with label predatory lending. Show all posts

Monday, May 19, 2008

No wonder the bankrupcy bills passed when they did

One of my biggest complaints against Hillary was that she voted to tighten restrictions on bankrupcy filings.

I was pretty angry about this because it seemed to me that she was voting in favor of the predatory lenders who defraud customers and then take away everything they own.

Also, I thought of the uninsured who, faced with skyrocketing medical bills, have to sell their houses to pay for it.

In light of the mortgage-backed securities crisis, you can imagine the lenders very worried that the customers with bad-credit, no credit, and yes-criminal backgrounds would default on their mortgages intentionally and then get to keep their houses under the former bankrupcy laws and prevent the lenders from being able to foreclose on the houses to get their collateral.

The lenders won, but they lost anyway with their irresponsible and predatory practices. The borrower loses. Again.