Tuesday, April 03, 2007

Now both milk and starbucks are rape. I call a moratorium on calling things 'ghetto'. Now, it's time for the mortgage post.

A major subprime lender flied for bankruptcy protection
as many defaulted on their loans because of the lax rules for lending. NPR has been covering subprime lenders at least since last week. It seems that the disclosure rules were too complicated and the lenders too greedy. The ballooning of mortage rates has led to foreclosures that have put an Iraqi vet out of his house. Also, predatory lenders are putting the poor and minorities out of their houses, with their rates that go up after a certain time, making them unable to pay the payments. Immigrant families, already suffering from the problems of mixed status families, are also being put out of their houses by people who take advantage of language barriers.

Also, did you know that subprime credit card companies are out to rip you off? Just say no to people who benefit from a credit industry that gets rich off the poor!

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