stop financing payday lending and do more to keep people in their homes. glenn: that s all they have to do. all they have to do. nowhere in here, they talk about the government being involved. there is so much in that little clip, i could do an entire show on it, and maybe we will soon. but let me address this marxist mentality that all lenders with money are evil. it s their responsibility. if you lend somebody money, you better make sure that everybody can have a loan! and if they have a financial problem later, well, it s predatory. you ve heard this before. it s what always follows government pushing banks to make loans to people who can t afford them. no jobs, no documents, no income, no fingerprints? no problem! come see us. we ll get you a house. i mean i m surprised that people even have to be visible anymore to be able to get a loan. predatory. yeah, the banks, what they re
stop financing payday lending and do more to keep people in their homes. glenn: that s all they have to do. all they have to do. nowhere in here, they talk about the government being involved. there is so much in that little clip, i could do an entire show on it, and maybe we will soon. but let me address this marxist mentality that all lenders with money are evil. it s their responsibility. if you lend somebody money, you better make sure that everybody can have a loan! and if they have a financial problem later, well, it s predatory. you ve heard this before. it s what always follows government pushing banks to make loans to people who can t afford them. no jobs, no documents, no income, no fingerprints? no problem! come see us. we ll get you a house. i mean i m surprised that people even have to be visible anymore to be able to get a loan. predatory. yeah, the banks, what they re
that tactic, that patented rick berman tactic is being used right now to try to stop wall street reform. i want to introduce you to crl, the consumer rights league. sounds good, right? consumers with rights having a league. sounds great. that group founded in 2007. consumer rights league. crl. crl, also the acronym for the center for responsible lending. founded nearly 30 years ago. associated with the rural credit union in north carolina, they advocate against abusive financial practices like unauthorized overdrafts and payday lending. so there s the center for responsible lending which is a longstanding real consumer rights group, and then there s this new group with the exact same acronym, consumer rights league. and they re now organizing protests against the real group. earlier this week a bunch of protesters showed up at the center for responsible lendings head quarters in durham, north
a company which by the way netted $200 million last year. whoppers are clearly more profitable than payday loans. so payday lending king alan jones, maybe going to have to sell the maybach, right? or the yault? or the 433 acres in jackson hole, wyoming, or get back some of those campaign donations he s given to his friend and senate banking committee member bob corker, maybe just to make ends meet? right now payday lenders like alan jones are not regulated by the federal government at all. it s left to the states. some states have effectively banned payday lending. some have capped interest rates that payday lenders can charge, which has effectively driven them out of business in those states. one of those states was north carolina, home of senator kay hagan, who now wants to do that for the whole country. she introduced a bill called the payday limitation act, limiting
loan. roll the amount you couldn t pay back plus that fee you couldn t pay back plus a new fee into a new bigger payday loan and hope that maybe on your next payday you ll be able to pay back even more. if on your payday you can t pay back even more, why not just roll it over again? original loan amount, original fee, second fee, third fee, roll it altogether. how much do you owe them now? this is how they end up raking in up to 400% interest on their loans. they make these little loans seem so simple but just like with loan sharks, just like with the most predatory credit cards, you slip up, it rolls over and pretty soon you are very deep under water. as in 400% annual interest under water. according to the most generous estimates of how payday lending works, only 25% of payday lending customers pay off their loans on their next paycheck on time. which is how these companies like it. how else are you going to get up to 400% interest unless you can roll them over? payday lending is so