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homestead - Re: [Homestead] The Usury Business, How To Avoid Going To Jail

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  • From: Gene GeRue <genegerue AT ruralize.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] The Usury Business, How To Avoid Going To Jail
  • Date: Thu, 02 Sep 2004 07:38:24 -0700


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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