[Homestead] The Usury Business, How To Avoid Going To Jail
genegerue at ruralize.com
Thu Sep 2 10:38:24 EDT 2004
>But while banks, especially very large faceless banks, would be reluctant
>to change the status quo; I wonder if a great body of the
>unwashed consumers would not be just as reluctant since it would put them
>out of loop.
My view is that money lending is the world's third oldest profession and is
one that will always be with our foolish, impatient and opportunistic
species. The masses don't have money but want it. Money lenders have fierce
focus, powerful political pull, are insatiable and constantly seek greater
pastures. I muse that morality is in inverse proportion to wealth. Money
lenders are about making more and more money. We Realtors are currently
fighting them back on their plan to enter and control our business. Right
now we have more political clout--we buy more votes at the DC Whorehouse.
I was amused to read yesterday about the growing push for forty-year
amortized real estate loans. Amused not for the term but for the seductive
suggestion that stretching a loan out ten years longer makes sense for
consumers. We already have interest-only loans. The only way to get
meaningful lower payments is with reverse amortization loans. Trust me,
lenders will continue to be inventive, persistent and successful in their
quest for more business. Their business plan includes making more loans.
This they will do by any means.
James, what is the Libertarian Party's position on regulation of the
financial services industry?
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