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Post by graybeard on Sept 17, 2007 5:47:38 GMT -6
It's not just risky mortgages that have been packaged and sold as securities, but debt on all kinds of merchandise, such as overpriced used cars. Business Week had quite an article on it in May of this year. The poor and ignorant are especially vulnerable to shady lending practices, such as stealthy terms in contracts that require bi-weekly payments, rather than monthly as the borrower is led to believe by the salesman.
The payday loan companies that have sprung up everywhere are especially usurious in their lending terms.
This brings up the question in my mind, "How soon will it be okay for citizens to starve to death in the US?"
GB
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Post by beachbumbob on Sept 17, 2007 17:07:17 GMT -6
food pantries here running out of food....unheard of for this time of year
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