I have trouble talking about this in any terms other than a string of profanities. Durham's own Center for Responsible Lending has been reporting on the damage wrought by predatory lendors for at least a decade.
Republicans have vigorously defended the predatory lending industry. Even now, with the human cost illustrated by the 40,000 North Carolina families who have had their homes stolen by dishonest financial advisers, Republicans refuse to turn against their friends on the radically dishonest fringe of the banking industry.
During yesterday's hearing on CEO compensation, NC's own Patrick McHenry asked Countrywide executives, "Isn't it true that you love kittens?" and "Didn't Mother Theresa publically state that she considered you men to be personal role models?" Go to cspan to watch the hearing: CSPAN.
Obviously all the banks, and most elected officials, share some blame for this. Some are culpable by protesting too weakly, some by ignoring predatory lending, others by participating, and some by inventing and aggressively promoting it. McHenry looks toward those most personally and directly responsible and suggests we all give them a round of applause.
For what it is worth, Bank of America has at times stood up to oppose predatory lending practices. When we had a Republican majority, and all the sketchy ass banks wanted to push through radical legislation that would have made even easier for them to rip off America, BoA refused to sign up and reigned in the pillagers.
Sunday, March 9, 2008
McHorny defends his predatory banking buddies
From Jerimee at BlueNC: