Editorial – The History of Subprime and Predatory Lending :: Financial Scams

The History of Subprime and Predatory Lending Many other countries have not gotten down to the dirty task of lending money for housing to people who can’t afford it and then financially leveraging the loans to create billions in false value. That’s what the U.S. has done and it has the potential to impact people …

Predatory lending went subprime, immoral, and reckless

President Barack Obama said the mortgage finance practices that led to the economic meltdown were “immoral, inappropriate and reckless,” but not necessarily illegal, making it difficult to punish key players, specifically in the subprime debacle. Obama said that in September of 2011 Obama’s statement reminds me of a lawsuit years ago against predatory lender Household …

JPMorgan Chase ordered to apologize

JPMorgan Chase had to publicly apologize before Congress to military families for the bank’s financial abuse of Americans fighting in Iraq and Afghanistan over the same period. In violation of the Servicemembers Civil Relief Act, designed to protect those serving overseas during their absences from home, JPMorgan overcharged at least 4,500 soldiers on their mortgages …