predatory lending

A good thought piece by Al Ripley over at NC Policy Watch today - on the rationale behind regulating lending practices.

Atlas has shrugged. The Masters of the Universe have screwed up so badly that even with their massively disproportionate power and influence they can't hide their failure. The Ponzi scheme is over and the financial industry is so badly busted that they can't even manage to take possession of many of the homes they foreclosed on.

You have been directly injured by what these people have done, and what they continue to do. I'm really tempted to name names and go through the list of suffering- suffice to say that by my count two thirds of the active contributors to BlueNC have had their lives (and livelihoods) directly affected.

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

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.

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.