Thoughts 28 Apr 2007 03:01 pm
More on AB478
I see by a post in the Pioneer Loan Center Blog that dear ole Babs got her way in the house, which as far as I can tell, is run by her and her pet dilettantes.
AB478 passed.
These losers are so busy saving the world that they don’t even consider the consequences of their actions.
Instead of fixing the problem they simply created an untenable situation for the consumers.
They force people to try and repay a loan in 210 days, instead if a year or more.
If they had done something reasonable about interest rates and forced the 400% + crowd to actually do installment loans, the problem could have been resolved.
As far as I can tell, their goal is to put all the loan companies, except for banks and mortgage companies out of business.
Obviously, most short term and title loans go to people the banks won’t touch, and the mythical maximum 100 and 200 dollar loans exist mostly in the egocentric, delusional world of the idealogues.
These people are so attacking the evil loan companies that they are making it impossible for the little people to borrow from anyone but the local loansharks. (If you think loansharks have disappeared then you don’t know jack about human nature.)
If it was possible to loan money out to high risk customers at a total, including any and all fees, of 40%, the banks would be all over that market.
You’ll notice who’s not jumping in.