Gretchen Morgenson: Find the Loan Behind the Loans

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Gretchen Morgenson: Find the Loan Behind the Loans

Gretchen Morgenson: Find the Loan Behind the Loans

NYT-

ONLINE lenders who charge borrowers stratospheric interest rates are coming under pressure from state regulators — and it’s about time. But to get at the root of the problem, the regulators may need to dig much deeper.

Last month, for example, the New York attorney general followed other states’ regulators in suing Western Sky Financial and its affiliate Cash Call Inc. The lawsuit contended that rates charged to borrowers by the companies — from 89 to 343 percent, depending on loan size — far exceed the caps determined by the state’s civil and criminal usury laws. A borrower receiving $1,000 could wind up owing almost $5,000 in finance charges, fees and principal over two years, the complaint said.

[NEW YORK TIMES]

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CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

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One Response to “Gretchen Morgenson: Find the Loan Behind the Loans”

  1. Charles Reed says:

    Our these reporters interested in catching the crooks or do they just like telling half the story? If the only people who are getting the bad guys to paid up are the whistle-blowers why do we keep listening to them when they refuse to listen to the entire truth.

    What I mean if you saying something smells funny but in 5yrs you not found out anything that causing the rot until after the whistle-blower already been paid and yet the Federal Government keeps sealed the case for the next 1 1/2yr. But when the Szymoniak case is finally open it the Holy Grail of forgeries and bad securities and these financial reporters are still in the freaking dark!

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