Comments on: Infographic of the Day: Bailouts Around the World http://organizationsandmarkets.com/2010/01/29/infographic-of-the-day-bailouts-around-the-world/ Economics of organizations, strategy, entrepreneurship, innovation, and more Sun, 12 Feb 2012 08:11:55 +0000 hourly 1 http://wordpress.com/ By: jmb27 http://organizationsandmarkets.com/2010/01/29/infographic-of-the-day-bailouts-around-the-world/#comment-78907 Thu, 04 Feb 2010 22:15:42 +0000 http://organizationsandmarkets.com/?p=8285#comment-78907 Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
“Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

The Center for Responsible Lending says YSP “steals equity from struggling families.”
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

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