Posted on April 14, 2015

The Preserving Access to Manufactured Housing Act of 2015" is a win-lose. It's a win if you want to make home loans to people with incomes of less than $30,000 at interest rates of more than twelve percent. So maybe those folks will benefit from more access to credit. But wait, they already borrow at those rates. With this bill, they will be able to get loans at interest rates of more than fourteen percent. That sounds like quid pro non.

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Posted on April 12, 2015

The Birmingham News says that Bryant Bank is tightly connected to the leadership at the University of Alabama System's governing body. They portray the leadership as insular and private. The News' reporting focuses on how that relates to the elimination of football at the University of Alabama-Birmingham. It largely ignored a discussion of their lending. But what is the nature of their business model? A not-very-colorful story emerges when answering that question through the lens of their mortgage lending.

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Posted on April 6, 2015

Community Choice Financial's Ted Saunders always has some interesting things to say.

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Posted on April 2, 2015

Last Thursday, the CFPB presented a proposal for the regulation of payday lending to a SBREFA panel in Richmond. On Monday, a group of banks renewed their credit agreement with the Illinois-headquartered online lender. Yesterday, Enova went so far as to state their support for the CFPB's intentions.

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Posted on March 30, 2015

Wherein I trace the dollars between Congress and the high-cost consumer finance industry.

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Posted on March 27, 2015

Wherein I reflect on the CFPB's payday loan proposed rule, some commentary on yesterday's field hearing in Richmond, and how it squares with what I see in my home town of Durham.

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Posted on March 24, 2015

An short summary of my comments to the CFPB on the proposed prepaid card rulemaking. My full statement is available here.

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Connecting the Dots: How Wall Street Brings Fringe Lending to Main Street

At-risk students, for-profit college

"I Feel Like I was Set Up to Fail: Inside a For-Profit College Nightmare."

This story was published in Salon Magazine on January 27th, 2014. In March, Senator Richard Durbin cited this story when speaking on behalf of his bill, The Student Loan Borrowers Bill of Rights.

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