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I know I get outraged daily, but I think this is the most outraged I've been. I found a story in the Portsmouth Daily Times on the payday lenders.
It liberally quotes payday spokesperson Kim Norris peddling some of the biggest lies I've seen in a long time.
The lies aren't the worst part. The worst part is that she peddled it to a newspaper in one of the poorest regions of the state because she knows that the bigger papers have the staff necessary to call her out on her BS. Let's look at some of the bigger lies:
"In a nutshell, it (the proposed referendum) repeals Section 3 of House Bill 545, but still allows for short-term loans at 28 percent," said Kim Norris of the Reject House Bill 545 Committee.
Norris said Rogers rejected the organization's first two proposals - saying the first was too short and the second, too long. "It felt like the three little bears," Norris said. "But she did accept our third proposal." ...
"We have to go out and get signatures, but an attorney general cannot impede the process. That argument is still under way," she said.
"Yesterday, she rejected that one but approved this other summary, so we're moving ahead with our summary that she approved."
In a nutshell, here is what they are REALLY doing: They are trying to kill the part of the reform that banned them from charging you 391% interest. In other words, they want to keep screwing the poor by charging them 391% interest when they are so desperate that they take out a payday loan.
Now about the Three Bears comment. Nancy Rogers did not say one was too short and one was two long. She said neither was a "fair and truthful'' statement. In other words, each was UNFAIR and NOT TRUTHFUL.
Having the state's top lawyer accuse you of lying is a lot different than having her accuse you of being too wordy or too brief.
And finally, the attorney general is NOT impeding the process. She is doing her job.
Ohio law REQUIRES the attorney general to decide if a petition summary is fair and truthful.
If the payday guys don't want to slow down the process, they have the option of writing a fair and truthful summay. They control their own destiny.
These guys are amazing.
Link
The Three Little Pigs would have been more fitting, given the players involved.
Isn't the 3 Little Pigs more of a sub-prime lending cautionary tale?
Maybe this realy is about the Three Little Pigs!
Last year, Ohio held statewide public hearings on payday loans. Here is an except from the report:
Policy Matters research also showed that Ohio wages have been stagnant, employment
has not rebounded from the last recession, and predatory lending practices have caused a rise in home mortgage foreclosures - and a rise in those who turn to payday loans to try and keep their homes.
Cleveland Councilman Anthony Brancatelli focused his testimony on Slavic Village where an abundance of boarded up homes show the role of predatory and
payday loans in Ohio’s foreclosure crisis.
"The effect has been drastic, the effect has
been harmful, and we have to figure out a way to regulate this effect and regulate payday lending so that they may stay in business, but they are going to stay in business under a set of rules that aren’t so complicated that the individual gets preyed on,’’ he said.
In Cincinnati, Sister Busch said that about one-fourth of clients seeking help
with a home mortgage foreclosure have used payday lenders. Predatory lenders “tell our clients to go to the payday lender so you can pay your mortgage,’’ she said.
“This is a cycle. The cycle does not end up a success for anyone.
"Cleveland Councilman Anthony Brancatelli focused his testimony on Slavic Village where an abundance of boarded up homes show the role of predatory and payday loans in Ohio’s foreclosure crisis." While I'm sure Mr. Brancatelli does a fine job as a councilman that hardly makes him an expert on this industry. Slavic village has been going through economic woes long before the payday lending industry was even around in Ohio.
"In Cincinnati, Sister Busch said that about one-fourth of clients seeking help with a home mortgage foreclosure have used payday lenders. Predatory lenders “tell our clients to go to the payday lender so you can pay your mortgage,’’ she said." Sister Busch makes an excellent point and that is a very good reason to be upset with the mortgage lender, not the payday lender. The mortgage lenders who wrote variable rate mortgages then sold them to other lenders are the problem here. Not the payday lender.
It includes all entities that make short term loans in Ohio.