Predatory Lending: Edwards Takes the Lead by Endorsing AFFIL Principles of Fairness in Lending
Ohio's place in the forefront of the mortgage foreclosure crisis highlights the larger issue of predatory lending in general. Abusive practices by lenders can lure or steer borrowers into loans with unnecessarily high interest rates or unfavorable terms, and some of the terms that lenders stick into loans simply ought to be banned.
Americans for Fairness in Lending is a non-profit organization dedicated to raising awareness of abusive credit and lending practices and calling for re-regulation of the industry. Sarah Byrnes, Campaign Manager for AFFIL, informed me in an email today that on September 13th former Sen. John Edwards (D-NC) became the first presidential candidate to endorse their Six Principles of Fairness in Lending.
Read the rest of this post at my new location, Ohio Daily Blog.