Subprime Lending Doesn’t Create Jobs

Rick Perry once called the subprime lending industry “a national model for creating jobs.” In the end, his push to bring subprime lenders to Texas cost his state $35 million.

(Thanks, CL&P Blog!)

Payday loan measures on ballots in Ohio and Arizona

Sarah Byrnes of Americans for Fairness in Lending is an occasional guest contributor to Caveat Emptor.

In addition to all the other excitement surrounding this election, Ohioans and Arizonans will get the chance to vote on payday loan protections on November 4.  If you live in either of those states and you read this blog, you have probably already figured out the consumer-friendly position on those measures (Ohioans, vote “YES” on Issue 5; Arizonans, vote “NO” on Prop. 200).

FYI, if you are somehow still undecided about the presidential election, check out AFFIL’s Voter’s Guide which spells out the positions of Senators Obama and McCain on credit cards, mortgages and foreclosures, bankruptcy, and other issues.

If you’re not from Arizona or Ohio but know folks who are, please make sure they can see through all the advertising hype the industry has paid for, and let them know what the measures really mean.  The Ohio Coalition for Responsible Lending and Arizonans for Responsible Lending have great websites on the ballot measures.  Here’s a sample what they say: Keep Reading »