Mortgage Problems in Peoria
Normally I don’t comment or read the Consumerist too much, but I could not help this one article.
A direct link to Peoria Pundit. Get angry, people! Easy credit is not good for this country. It’s not good for the folks who shouldn’t have been loaned money. It’s not good for the banks that have to write off bad debt. It’s not good for governments who have to assist or bail out banks and consumers from predatory lending practices.
I’m not calling for regulation. I’m calling for lending institutions to rethink their profits and perhaps tighten credit appropriately to minimize their own losses and stop screwing people over who can least afford it.
Sorry for getting a little radical, but I’m not in the mood to pay for it with my taxes today. (I’m actually having a GOOD day at work today.)
Bill Dennis wrote:
Thank you for the link to Peoria Pundit. I’ve been trying to generate interest in this story beyond my usual readership.
There’s a ton of corrupt government here in Illinois and in Peoria, so it’s hard to cut through the white noise and get people as POed as they ought to be.
The major kudos for this story belong to Journal Star reporter Elaine Hopkins, whose done some fine reporting. The editorial board has pretty much acted as apologists for the guilty parties, however.
Posted on 24-May-06 at 7:28 pm | Permalink
LAMoneyGuy wrote:
Whoa, don’t want to get you started when you’re having a BAD day at work!
I’m generally pretty anti regulations, but this is a tricky one. See, if the gov’t chooses to stay out of the way of the banks, and let them make risky/stupid loans, they better not step in with your or my tax dollars to bail them out. If they are going to use our tax dollars, it better have been regulated in the first place to prevent the need for our tax dollars.
Posted on 24-May-06 at 7:37 pm | Permalink
mapgirl wrote:
LAMoneyGuy - I KNOW! That’s why it sucks. I think access to credit should be left to the banks, but at the same time look at where we could be heading! It’s very scary.
There was a radio story this morning on Market place. Actually it was an editorial about the Pension Benefit Guaranty Corporation saying that the government better do something now before our tax dollars have to bail all these pensions out like the S&L bailout of the ’80’s.
Posted on 24-May-06 at 10:04 pm | Permalink