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Keyword: usury

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    06/09/2017 1:55:13 PM PDT · by Maceman · 164 replies ^ | 6/8/2017 | LEO HOHMANN
    Shariah law is like a mysterious “other” for most Westerners, who may know of its intolerance of other religions and its criminal codes that call for stoning adulterers and the cutting off of limbs for petty thieves. But few know there is a portion of Shariah that includes a thriving area of finance — deals for real estate and business transactions taking place all over the world with Arab money. President Donald Trump’s pick to head the FBI, Christopher Wray, surely knows something about this segment of Shariah. Wray is a litigation partner at King & Spalding, which is one...
  • More auto title lenders are snagging unwary borrowers in cycle of debt (california)

    06/08/2015 5:50:27 PM PDT · by dynachrome · 38 replies
    LA Times ^ | 6-7-15 | JIM PUZZANGHERA
    Cash-strapped consumers are being shown a new place to find money: their driveways. Short-term lenders, seeking a detour around newly toughened restrictions on payday and other small loans, are pushing Americans to borrow more money than they often need by using their debt-free autos as collateral. So-called auto title loans — the motor vehicle version of a home equity loan — are growing rapidly in California and 24 other states where lax regulations have allowed them to flourish in recent years. Their hefty principal and high interest rates are creating another avenue that traps unwary consumers in a cycle of...
  • Don’t rush into (payday loan) regulations without research

    03/26/2015 6:01:09 AM PDT · by E. Pluribus Unum · 11 replies
    The Hill ^ | 03/26/2015 | Dennis Shaul
    The Consumer Financial Protection Bureau is set to hold a public hearing this week about new federal regulations for payday loans. As the head of the industry association that represents the short-term lending industry, the Community Financial Services Association (CFSA), I was disappointed the CFPB did not invite my participation as one of the panelists. In my three years of service at CFSA, I have frequently listened to the diverse audiences who will be impacted by the rule, especially small businesses owners who are often disproportionately harmed by new regulations.There have been early warning signs that the bureau is conclusion...
  • The Myth of Catholic Social Teaching: Zmirak [Catholic Caucus]

    09/01/2014 7:11:37 AM PDT · by Mrs. Don-o · 15 replies
    The Catholic Thing ^ | August 30, 2014 | John Zmirak
    Self-styled Catholic critics of the free market and “Americanism” have adopted the term “social Magisterium” to suggest that there is a coherent and morally binding body of papal teaching on politics and economics, from which we can derive specific policy initiatives and firmly condemn alternatives as “un-Catholic” or even (that dreaded word) “dissenting.” Hence defenders of market economics, or opponents of mass immigration, can be tarred with the same brush as those who favor women’s ordination or homosexuality. Indeed, if we accept the premise of a “social magisterium,” we are led to believe that we can actually build up a...
  • On Usury

    12/02/2012 11:35:39 AM PST · by annalex · 74 replies
    On Usury By Hilaire BellocTaken from ESSAYS OF A CATHOLIC, Usury does not mean high interest. It means any interest, however low, demanded for an unproductive loan. It is not only immoral [on which account it has been condemned by every moral code-----Pagan-----Mohammedan-----or Catholic] but it is ultimately destructive of society. It has only been the rule of our commerce to take usury since the breakup of Europe following on the Reformation. Usury will destroy our society, but meanwhile there is no escape from it. We are coming near the end of its maleficent action, not through awaking to its...
  • The terrible legacy of California's Propositions 10 and 13

    10/29/2011 12:01:22 PM PDT · by Oldpuppymax · 13 replies
    Coach is Right ^ | 10/29/2011 | Jerry Todd
    Bloomberg News’ Christopher Palmeri recently wrote of the legacy of Proposition 13 still hovering over California. It has far too often been said that “As goes California, so goes the nation.” 33 year old Proposition 13 has become a broad generic term for tax revolt. Palmeri reports that at least 20 states have followed the 13 lemming. Tax reform was needed, but it has become apparent that 13 was not the right formula. However, there was far more to that 1978 election than Proposition 13 – its evil stepsister was Proposition 10 promoted by the banking industry. I wised up...
  • What is usury? Why is it evil?

    02/01/2011 6:05:54 AM PST · by mbeaven · 24 replies ^ | 02/01/2011 | considerandhearme
    From a moral stand-point, money lent for things like entertainment and personal consumption are considered usury. Money lent for economic gain is not. For example, you discover you have oil under your land and need to borrow $50,000 to extract $5,000,000 worth of oil — the loan is not considered usurious so long as the lender shares in the profit or loss of the venture. Lending money to someone so they can watch a movie, go out to eat, buy a house to live in, a car to drive, or Christmas presents for their grandkids — all that is usury.
  • Issuer of 79.9% Interest Rate Credit Card Defends Its Product

    02/14/2010 9:08:16 PM PST · by ErnstStavroBlofeld · 21 replies · 791+ views
    Yahoo Finance ^ | 1/12/2010 | Connie Prater
    If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent. The sky-high rates may be a sign of things to come in the market for so-called subprime credit cards as issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card reform law. "We need to price our product based on the risk...
  • Dear AMEX,

    11/16/2009 3:18:55 PM PST · by jessduntno · 71 replies · 2,237+ views
    Warped Sense of Anger | Today | JessDuntno
    To whom it may concern; If I reduce my credit-card balance, American Express will cut my credit limit to a much lower “comfort limit.” If I don’t make a big payment, my card will be suspended. If I DO make the big, unexpected and unannounced payment on demand, my “comfort level” may be capriciously dropped anyway, leaving me both without operating capital and without a reserve. My “utilization rate” is a key factor in determining my credit scores, and the bank has crashed my credit rating. I am a small business owner and as a result of the usurious and...
  • Heh Dodd You TWIT!

    10/26/2009 11:57:43 AM PDT · by FromLori · 13 replies · 719+ views
    The Market Ticker ^ | 10/26/09 | Karl Denninger
    WT is wrong with this clown? WASHINGTON (MarketWatch) - Senate Banking Committee Chairman Christopher Dodd on Monday introduced legislation that would immediately freeze credit card interest rates on existing balances after he complained that financial institutions weren't supporting a new credit card act that is scheduled to take effect in February. "And no sooner had it been signed into law, but credit card companies were looking for ways to get around the protections this Congress and the American people demanded," said the Connecticut Democrat. "This bill would end those abuses and further protect customers today." Dodd has been giving Dirty...
  • Man offered credit card with 79.9% interest

    10/19/2009 6:26:46 PM PDT · by Jet Jaguar · 40 replies · 1,548+ views
    WIS TV ^ | October 19, 2009
    "The first thing they do is laugh. They think it is one of the most ridiculous things out there." Gordon Hageman is talking about a credit card offer that just came in the mail, an offer he could hardly believe. "I think they are trying to take advantage of me. I think that's what's going on right now with the economy, maybe just trying to see what they can get away with," says Hageman. And this card comes with an interest rate you won't believe. Not 20 or 30 percent, not even 50 or 60 percent, the Mastercard offer from...
  • No, You're Reading That Right 79.9 percent rate targets credit-challenged

    10/18/2009 7:18:23 AM PDT · by FromLori · 45 replies · 2,409+ views
    nbc ^ | 10/17/09
    Gordon Hageman couldn’t believe the credit card offer he got in the mail. "My first thought, it was a mistake," Hageman said. The wine distributor called the number on the offer, gave them the offer code and verified his information. Sure enough, it was right: the pre-approved credit card came with a 79.9 percent APR. Yes, 79.9 percent.
  • Debtors Revolt Beings Now!

    09/09/2009 7:05:58 AM PDT · by randita · 40 replies · 1,822+ views
    YouTube ^ | 9/9/09 | Rockerchic4God
    A woman ticked off by Bank of America notice raising her interest rates to 30%. Great rant! This needs to go viral.
  • Rep. Grace F. Napolitano (D-Norwalk CA) collected at least $158,000 in interest to HERSELF !!!

    02/15/2009 3:43:34 AM PST · by davidosborne · 39 replies · 1,775+ views
    LA Times ^ | 14 Feb 2009 | By Andrew Zajac
    Reporting from Washington -- Rep. Grace F. Napolitano (D-Norwalk) has collected tens of thousands of dollars in personal income by charging double-digit interest on money she lent her campaign 11 years ago and soliciting donations from Washington lobbyists at "debt retirement" fundraisers.
  • Small US bank goes Islamic, rides storm

    01/15/2009 10:19:50 PM PST · by nickcarraway · 17 replies · 691+ views
    Kuwait Times ^ | January 15, 2009
    Big financial institutions have been battered by mortgages gone bad. But a tiny Michigan bank is getting attention in the industry by turning a profit on loans without even charging interest. Its specialty: financial products that comply with Islamic law. That means no collecting interest, no short selling and no contracts that are considered exceedingly risky. It also rules out some of the activity that got Western finance in trouble - subprime mortgages, credit default swaps and the like. When you look at the economic crisis we're in, if you were to follow Islamic or sharia financing, you couldn't have...
  • Despite Pledge, Citigroup to Raise Credit Card Rates, Blaming ‘Difficult’ Environment

    11/21/2008 6:57:02 PM PST · by rabscuttle385 · 31 replies · 1,252+ views
    The New York Times ^ | 2008-11-14 | Eric Dash
    Citigroup is reneging on a promise it made to tens of millions of credit card customers in good times. After pledging that it would no longer reserve the right to raise interest rates at any time for any reason, Citigroup now plans to start raising rates for customers who have not had an increase in at least two years. The move appears to backpedal from a commitment that Citigroup executives made to Congress in early 2007 when they tried to fend off greater regulation by promising not to raise rates until an account expires. Citigroup attributed its decision to the...
  • Bad credit card debt is expected to reach $100B

    10/19/2008 2:28:11 PM PDT · by RKBA Democrat · 29 replies · 1,516+ views
    East Valley Tribune ^ | 10-18-08 | Edward Gately
    A massive tidal wave of bad credit card debt is surging toward Wall Street, prompting more investor panic and pushing more consumers to the brink of financial devastation. That’s according to Innovest Strategic Value Advisors, an international investment research and advisory firm. Its latest report, “Credit Cards at a Tipping Point,” forecasts that credit card charge-offs by financial institutions will reach near $100 billion by the end of 2009. Charge-offs are when credit card accounts have been deemed irrecoverable or there has been no payment for 120 days, according to Innovest. The economy already is shaky under the crushing weight...
  • Credit Card Terms Taking Turns For Worse

    10/18/2008 6:58:57 PM PDT · by RKBA Democrat · 87 replies · 2,393+ views
    CBS News ^ | 10-14-08 | Vera Gibbons
    The impact of ultra-tight credit markets is hitting your credit cards, and you might not even realize it. On The Early Show Tuesday, financial contributor Vera Gibbons explained that lenders are tightening terms in numerous ways, and you need to be aware of all of them to avoid possible trouble down the road. Behind the changes is the simple fact that lenders want to protect themselves from bad debt, so they're tightening standards and practices in hopes of avoiding defaults by credit card users. What are they up to? LOWER CREDIT LIMITS This is the biggest and perhaps most ominous...
  • Credit Cards Likely To Raise Fees And Rates, Cut Limits

    10/05/2008 5:22:56 AM PDT · by RKBA Democrat · 92 replies · 2,321+ views
    Credit-card holders, you’re in for a rough ride. As the financial crisis deepens, some experts say card issuers will be even quicker to raise interest rates, drop people’s spending limits and tighten up credit. “You can definitely expect that banks will tighten up the credit-card market,” said Bill Hardekopf, chief executive officer of “We’ve now moved into a more risky and tenuous financial environment.” Even consumers who have good credit habits are expected to suffer some as credit-card issuers move to minimize their exposure and maximize revenue. “What’s happening—and will continue happening until things get better—is credit-card companies are...
  • Chris Matthews: Brought To You By a Lender Charging 99% Annual Interest

    09/29/2008 3:21:17 PM PDT · by governsleastgovernsbest · 39 replies · 1,199+ views
    NewsBusters ^ | Mark Finkelstein
    Aren't Chris Matthews and Hardball the champions of the little guy? You know, those folks, embittered by the bad economic times, who get exploited off by questionable financial institutions? So why does Hardball have as a sponsor a lender with a target market of the down-and-out, that charges borrowers . . . over 99% per annum in interest? [Large screencap showing fine print after the jump.] There I was watching this afternoon's Hardball, when, just after Matthews got through playing [for the umpteenth time today on MSNBC] clips from Tina Fey's latest Sarah Palin impression, on came an ad for...