predatory lending

Just letting everyone know of two awesome political sites:

Fascism at its finest

Office of Strategic Influence (for the good guys)

In which we don't just complain about a problem..we look for solutions.

It’s time that you and I had a little talk, my dear reader, about a subject your Mom and Dad never really explained that well. It’s gotten to a point where it is affecting your daily life, and you probably don’t even know why.

They didn’t cover it well in school, either, and if they had it likely would have just been one of those things you make jokes about later in the locker room.

That’s right…it’s time we discussed bond insurance, collateralized debt obligations…and how all of this is hitting you right in the wallet—and some comments about what’s coming next.

In other words, complicated economics, simply explained.

Yall already knew the the Center for Responsible Lending was awesome. But you probably don't realize how awesome.

Let's just say there is a reason why North Carolina leads the nation in consumer protection against predatory lending. Based in Durham, CRL's efforts to defend blue collar folks from white collar greed extend well beyond North Carolina's borders.

“The proposed rule is worse than I could have ever imagined,” Eakes seethed in his Southern drawl. “I had thought that the Bernanke Fed would be different, [but] it is the most pathetic response to a serious crisis that I have seen from any regulator in my adult career.”

From politico.com:

The Sunlight Foundation and Matt Stoller, who blogs at Open Left, have organized a live blog tomorrow at TPMCafe about the foreclosure epidemic. We’ll talk about the legislation that Linda Sanchez (D-California) and I introduced to allow bankruptcy courts to modify predatory mortgages.

While out on the campaign trail in South Carolina on Thursday, Senator Edwards won two key endorsements, the first from the Communications Workers of America of the early primary state of Nevada, with the second from notable social activist, Harry Belafonte.

Nevada CWA Union Endorsement

As labor expert Jonathon Tasini predicted, the Nevada Communications Workers of America endorsed John Edwards.

Nevada Communications Workers Of America Endorse Edwards

As should be expected from Republican corporatists, those who profit most from screwing poor people through predatory lending are whining like banshees now that Congress is finally taking on their abusive practices. Their big new worry comes in the form of legislation being proposed by Barney Frank (D-Mass.), the chairman of the House Financial Services panel.

According to The Hill, Frank's bill builds on some excellent work done last session by two of North Carolina's most effective Congressmen, Brad Miller and Mel Watt.

Crossposted at Kos -Sam.

It's simple, really. We need a proven perspicacious progressive in the United States Senate to talk for Kossacks and, more importantly, Americans. We need United States Representative and fellow Kossack Brad Miller in the United States Senate. And all weekend, Blue South and I have been asking for the small amount of $5.08 to make it happen. If you help make it happen, I swear this will be the last Draft Brad diary for a long time.

Today I received an email from Brad asking for money. At this time of the year most of us are pretty tapped out, but we still want our Dems to win. This is part of his plea:

We’ve almost raised enough to pay for what we’ve planned to spend on television, mail, flyers, signs, campaign staff, and all the rest. But not quite. To be precise, we need an extra $37,895 by Tuesday, October 31.

If you can find any money, maybe $5.00, maybe forgo that lottery ticket or a night out, it will help a good Democratic Representative keep his seat. Brad has been working hard in Washington, looking out for us, here in North Carolina and across the USA. He understands the plight of the middle class worker and has introduced legislation to prohibit predatory lending. He founded and co-chairs the bi-partisan Community College Caucus. Seeing case after case of the suppression of science by this administration, he is actively collecting stories about this censorship of real science and is building a case for the House Science Committee to investigate after the Rubber Stampers leave.

Recently Bi-Lo stores has tried to introduce a store card managed by Compucredit which is a plastic equivalent of payday lending. After an outcry Bi-Lo has delayed, but not stopped, plans for implementation in NC. Compucredit sees this as the thin edge of a wedge for their sub-prime lending but it is essentially a subterfuge for usurious payday lending.

Payday lending money has been an insidious influence in state politics. Though payday lending has been banned it keeps coming back like a character in a bad horror movie.