Senator Weyden questions Consumer Protection Agency
25
Jul

Installment Loans Aimed At Poor and Senior Consumers Become Target Of Hearing On Payday Loans


Yesterday, Sen. Ron Wyden (D-Ore)  questioned a Consumer Financial Protection Bureau representative, associate director David Silverman,  about the agency’s authority to deal with installment loan lenders.  Silverman indicated that the CFPB had no supervisory authority over such lenders but did have broad investigation powers.

Installment loans are yet another exploitative “small money market” product notorious for resulting in usurious interest rates, extra fees and additional charges from unnecessary insurance placements.   Unlike payday loans which are usually due on a date certain, installment loans are paid in increments over time spanning from months to years.  Reportedly, borrowers are encouraged to unwillingly renew these loans, as though they are credit cards, which could accrue as much as 200% annual rates.

The focus of Senator Wyden’s questions was a company called World Finance which was highlighted in a ProPublica story this spring because of their predatory tactics.  World has more than $800,000 customers and a major share of what has become a $10 million industry.

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Author’s Note: To learn more about how bankruptcy can help with consumer mortgage issues check out our Bankruptcy FAQ.  For more information regarding loan modifications subscribe for our free ebook 10 Secrets To Successful Loan Modification.

10
Jul

RHINOLD PONDER TO SPEAK AT FREE SEMINAR ON “MORTGAGE SURVIVAL FOR HOMEOWNERS” IN PRINCETON ON JULY 13, 2013

Rhinold Ponder to Speak on Bankruptcy, Loan Modification and BankruptcyOn July 13, 2013, 9:30 am,  at First Baptist Church of Princeton, attorney Rhinold Ponder will discuss strategies on how to survive mortgage problems and save homeowners from foreclosure at a free seminar.  Among the important issues to to be addressed are loan modifications, foreclosure defense and personal bankruptcy.  He also discusses the foreclosure process and how to avoid the numerous scams designed to take advantage of distressed homeowners.  Please join us.  The First Baptist Church of Princeton, the host for the event, is located at John Street and robeson Place in Princeton.  The church Pastor is Reverend Carlton E. Branscomb.

Update:  The seminar held at The First Baptist Church of Princeton was a huge success.  Many thanks to Lance Liverman and Reverend Branscomb.  Mr. Ponder looks forward to speaking to church members again in the future.

 

 

 

 

 

 

 

 

 

 

 

 

 

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Author’s Note: To learn more about how bankruptcy can help with consumer mortgage issues check out our Bankruptcy FAQ.  For more information regarding loan modifications subscribe for our free ebook 10 Secrets To Successful Loan Modification and read the special report on HAMP redefault rates by the Special Inspector General for the Troubled Asset Relief Program..  Rhinold is also available to speak at other venues on loan modification, bankruptcy, foreclosures and other solutions to the problems the financial crisis has created for regular folks.  Contact him at rhinold@pondertuckponder.com or call the office at 888.501.2318.