CollectionsPredatory Lending
IN THE NEWS

Predatory Lending

FEATURED ARTICLES
NEWS
April 16, 2001
Dear Mayor Street, We are writing to urge you to sign the anti-predatory-lending ordinance passed by City Council 16-0 on April 5. As members of ACORN, we have been arguing for an ordinance like this one for a year-and-a-half. For much longer than that, lenders have been stripping this city's residents of their savings and their homes through unfair and abusive loans. These loans serve no useful purpose and are certainly not required in order for fair lending to take place.
REAL_ESTATE
August 29, 2010 | By Al Heavens, Inquirer Columnist
A few weeks back, I wrote a brief article for the daily Business section about a complaint filed against Wells Fargo by the Pennsylvania Human Relations Commission, which accused the lender of engaging in predatory-lending practices, primarily in Philadelphia's African American neighborhoods. Wells Fargo denied the accusation and promised to "vigorously defend" itself against the commission's claim. In the days that followed, I was inundated with responses from people across the country who wanted to tell me their stories about Wells Fargo and other lenders.
NEWS
June 19, 2001
IT IS commendable that Philadelphia officials are determined to do something about predatory lending, but banking regulations are determined at the state and federal level. State legislators have a responsibility to address this issue for all 67 counties, not just Philadelphia. I suggest you take your own advice and read the actual legislation. It contains the provisions you call for in your editorial (June 13). In places, it is actually more pro-consumer than what city officials are promoting.
BUSINESS
September 15, 2000 | by Earni Young, Daily News Staff Writer
An increasing number of Philadelphia homeowners are at risk of losing their homes and financial security because of predatory mortgage lending. The need to stop the abusive practices by a small segment of the mortgage lending industry is behind the creation of a Philadelphia Task Force on Predatory Lending, said Michelle Lewis, founder and CEO of Northwest Counseling Center, one of the city's largest nonprofit housing counseling agencies....
NEWS
July 1, 2003 | By Leonard N. Fleming INQUIRER STAFF WRITER
The Street administration announced three new loan programs yesterday aimed at helping people avoid predatory lenders that could leave them with insurmountable debt and damaged credit. The mayor's Neighborhood Transformation Initiative will provide $750,000 in loan-default protection for eight banks that have agreed to participate in the programs. The programs were announced at a news conference at a North Philadelphia real estate counseling agency. Street, Councilwoman Marian B. Tasco, a vocal critic of predatory lending, and a bevy of agencies promoting proper lending practices attended.
NEWS
November 1, 2011
The Pennsylvania Human Relations Commission ordered Thomas Richter, the owner of a Bala Cynwyd lender that specialized in financing taverns, to pay $668,951 to seven borrowers "for damages, humiliation and suffering caused by illegal predatory lending," plus $10,000 in civil penalties to the state. The order was dated Oct. 24, but Richter said Tuesday that he had not seen the order and was "totally shocked" to hear about it. "I've been dealing with this case for a couple of years.
NEWS
April 25, 2006 | By Pat Meehan and Guy Ciarrocchi
A homeowner wanted to remodel her bathroom, and Edwin Rivera, who operated a home repair company in Philadelphia, helped her get a loan. She trusted Rivera because he spoke Spanish. He persuaded her to give him $7,000 up front for the project. Workers came to the house, ripped out the old bathroom, but never returned. They hadn't been paid because Rivera pocketed the $7,000. The woman spent the next several months showering with a garden hose in a kiddie pool in her basement. This woman was one of dozens of Rivera's victims.
BUSINESS
July 28, 2010 | By Alan J. Heavens, Inquirer Real Estate Writer
The Pennsylvania Human Relations Commission Tuesday accused Wells Fargo, N.A., of engaging in predatory lending practices in primarily African American neighborhoods in Philadelphia. In a complaint, the panel said that since 2004, Wells Fargo had engaged in lending practices contributing to the "disproportionately large number of foreclosures" in these neighborhoods. The complaint said Wells Fargo's "predatory practices" included charging excessive fees as well as high interest rates "not justified by the borrowers' creditworthiness.
NEWS
January 2, 2004
Watch out when state lawmakers launch repairs on a consumer-protection law that's been in effect only weeks - particularly when they're cheered on by the very industry that's being regulated. Case in point: New Jersey's tough, new measure to protect borrowers from high-cost home loans. No sooner had the law taken effect in late November than proposals were floated in the Senate and Legislature to scale it back. That makes absolutely no sense at this early stage. This lending law takes dead aim at a serious problem - the abusive lending practices of a small but growing segment of the home loan industry.
NEWS
April 3, 2001
Here's an overlooked element of an anti-blight strategy for Philadelphia: Stem high-cost loans that target homeowners in struggling neighborhoods. What about demolition crews tearing down abandoned buildings, wreckers towing junk cars, volunteers cleaning vacant lots? Good things, all. But this initiative is about keeping people in their homes before abandonment and its first cousin, blight, take over. High-cost mortgages and home-improvement loans are blamed for tripling city foreclosures since 1995.
1 | 2 | 3 | 4 | 5 | Next »
ARTICLES BY DATE
NEWS
June 17, 2015
AS CLERGY, our lives revolve around the religious calendars. For our Jewish brothers and sisters, September's Yom Kippur is a time of quiet reflection and atonement, followed by the celebration of Rosh Hashanah, the Jewish New Year. Christians follow the familiar rhythms of the liturgical calendar, celebrating Christmas every December and Easter every spring. And nearly every spring for the last three years, clergy from across Pennsylvania sent urgent pleas to Harrisburg to stop predatory payday lenders who are seeking permission to charge usurious, triple-digit interest rates in the Keystone State.
NEWS
July 9, 2013
FRIENDS, YOU CAN'T make this stuff up. Just when you think your opinion of Pennsylvania politics has hit rock bottom, our "leaders" drill down to find new levels of ineptitude and wastefulness. I'm talking about the Legislature that ended its annual budget season by doing nothing, nothing and nothing, then left until late September, now returning to Harrisburg to finish the budget we were told was done. Why? Oh, you missed it over the holiday break? You were distracted by lawmakers and top-of-the-pyramid (or, to critics, bottom-of-the-barrel)
NEWS
July 8, 2013
Reports of the demise of bipartisanship have been exaggerated. Consider Harrisburg's recent remarkable display of unity in the service of getting almost nothing done. The Capitol had been virtually convulsing with activity through last weekend as the end of the fiscal year approached, all in the supposed service of addressing major policy problems such as the state's extensive transportation needs, its underfunded pensions, and its backward booze ministry. But when the shouting subsided and the dust cleared last Sunday, all our leaders had produced was a budget - the bare minimum required of them by law. Harrisburg's reflexive, cynical brand of partisanship is beginning to make Washington look pragmatic.
NEWS
June 15, 2012 | by Mensah Dean
Daily News Staff Writer After a string of courtroom victories this year, the Occupy Philly movement felt the sting of defeat Wednesday, when 12 members were found guilty of defiant trespassing and conspiracy, stemming from a November sit-in protest at a Center City Wells Fargo Bank. After a more than five-hour trial, Municipal Judge Marsha Neifield said she believed that prosecutors had proved their case, then announced the sentences for the 12 defendants: each is to pay a $500 fine plus court costs.
NEWS
June 14, 2012 | By Mensah M. Dean and Daily News Staff Writer
After a string of courtroom victories this year, the Occupy Philly movement felt the sting of defeat Wednesday, when 12 members were found guilty of defiant trespassing and conspiracy, stemming from a November sit-in protest at a Center City Wells Fargo Bank. After a more than five-hour trial, Municipal Judge Marsha Neifield said she believed that prosecutors had proved their case, then announced the sentences for the 12 defendants: each is to pay a $500 fine plus court costs.
NEWS
June 12, 2012
Re: "This is a president who loves to blame": First of all, Mr. Baronofsky, the economy started declining when President Bush and Vice President Cheney spent President Clinton's left over trillions of dollars, as well as other program dollars, on a deceptive war with Iraq. And, the economy started descending on Bush's watch. President Obama's stimulus package was a success on many counts: Let's start with the auto industries that have bloomed and paid back the bail-out loans; and don't forget the banks that benefited from the stimulus package and are profiting from it. Oh, yes, how about the Recovery Act — investing in the infrastructure, Wall Street reform — empowering the consumer and investors, stopping predatory lending; middle-class tax cuts, credit-card reform, building a clean-energy economy, affordable health-care act, children's health-insurance expansion (SCHIP)
NEWS
November 1, 2011
The Pennsylvania Human Relations Commission ordered Thomas Richter, the owner of a Bala Cynwyd lender that specialized in financing taverns, to pay $668,951 to seven borrowers "for damages, humiliation and suffering caused by illegal predatory lending," plus $10,000 in civil penalties to the state. The order was dated Oct. 24, but Richter said Tuesday that he had not seen the order and was "totally shocked" to hear about it. "I've been dealing with this case for a couple of years.
REAL_ESTATE
November 14, 2010 | By Al Heavens, Inquirer Columnist
A Mortgage Bankers Association-financed study that challenged the statistical models used to accuse lenders of discrimination and predatory lending prompted me to ask you for your opinions on its findings. The study, by George Washington University economics professor Anthony Yezer, said that none of the models on which such accusations were based included the borrower as a determining factor, and that "mortgage rates and the probability of rejection are the result of choices of both the applicant and the lender.
REAL_ESTATE
September 19, 2010 | By Al Heavens, Inquirer Columnist
I recently suggested here that, based on the response to an article I had written about predatory lending, few people seemed to know what it was. Of course, that brought reaction from both sides to what was simply an observation gleaned from a large harvest of e-mails and phone calls after a relatively tiny story that appeared deep inside a Wednesday Business section. To clear things up - personally, I consider even solicitations from credit card companies predatory - I provided an academic definition from the Center for Housing Studies at Harvard.
REAL_ESTATE
August 29, 2010 | By Al Heavens, Inquirer Columnist
A few weeks back, I wrote a brief article for the daily Business section about a complaint filed against Wells Fargo by the Pennsylvania Human Relations Commission, which accused the lender of engaging in predatory-lending practices, primarily in Philadelphia's African American neighborhoods. Wells Fargo denied the accusation and promised to "vigorously defend" itself against the commission's claim. In the days that followed, I was inundated with responses from people across the country who wanted to tell me their stories about Wells Fargo and other lenders.
1 | 2 | 3 | 4 | 5 | Next »
|
|
|
|
|