Former vice-presidential candidate John Edwards says on the one year anniversary of the banruptcy bill, it's high time to crack down on abusive lending practices.
"What’s especially outrageous is how predatory lenders go after African-American and other minority communities. If you are an upper-income African-American family, you are twice as likely to get a subprime loan as a lower-income white family. It’s incredible — even though you are doing better, you get a worse loan if you are African-American.""
"Rather than passing laws that punish consumers trying to make ends meet, we should be cracking down on the irresponsible lenders that prey upon them. Congress needs to start paying attention to the growing problem of predatory lenders.
Just like with the bankruptcy bill, we aren’t seeing action on Capitol Hill because financial companies are huge campaign contributors. In 2000, one of George Bush’s biggest donors was credit card giant MBNA. In 2004, it was the owner of Ameriquest’s turn."
