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Barbara Ehrenreich: Looting the Lives of the PoorOpEdNewsLenders, including major credit companies as well as payday lenders, have taken over the traditional role of the street-corner loan shark, charging the poor insanely high rates of interest. When supplemented with late fees (themselves subject to ...and more » |
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Preying on the PoorHuffington Post... Poor Became Big Business, says the poor pay an effective surcharge of about $30 billion a year for the financial products they consume and more than twice that if you include subprime credit cards, subprime auto loans, and subprime mortgages.and more » |
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Credit unions are a real alternative to the door-step lendersConservative Home (blog)In the sub-prime, high cost credit market, APR percentages generally stretch to three digits, and sometimes four. This is bigger business than you might think. The leader in home credit claims to be making its weekly calls on 1 in 20 UK households. |
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Mortgage delinquencies at lowest level in five yearsAGBeatCompared with the first quarter of 2011, the foreclosure inventory rate: decreased 77 basis points for prime ARM loans, remained unchanged prime fixed loans, decreased five basis points for subprime fixed, decreased 71 basis points for subprime ARM ...and more » |
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Rockland company accused of defrauding hundredsWCVB BostonFourteen families told Team 5 Investigates they've suffered huge losses because Inofin, a subprime auto loan lender in Rockland, Massachusetts, lied to them. Together, their calculated losses, according to documents filed in US Bankruptcy Court, ...and more » |
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Subprime borrowers issued more creditWWLP 22News"These people don't have good credit to begin with and now they look at it as an avenue to get more money and we're going to have a lot of bad loans out there and it's going to put the banks more at risk in the long run. Transunion reports banks are ...and more » |
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Subprime Foreclosures Improve Despite Rise in Overall RateMortgage DailyBy MortgageDaily.com staff Past-due payments on home loans have fallen for three consecutive quarters, though performance on mortgages to veterans deteriorated. But the rate of foreclosures was higher despite an improvement in subprime foreclosures. |
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Foreclosed Americans find way back to homeownershipCNBC.comThe number of FHA-insured home loans has soared in recent years as subprime loans have disappeared and fewer Americans have qualified for conventional mortgages backed by Fannie Mae and Freddie Mac, which were rescued in 2008 by the US government after ...and more » |
December 4, 2008
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