Conservative Viewpoints

"Government is not the solution…it is the problem" -Ronald Reagan

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NY Commisioner speaks to payday lending industry

Posted by Stephen on August 20, 2007

Many sub-prime lenders pray on families seeking the American Dream, hiding costs and penalties, downplaying the effects of variable rates, and pressing unaffordable loans for the purchase of fraudulently overvalued homes. 

Moreover, many of these practices are racially targeted:  African-Americans and Latinos are almost one-third more likely to get sub-prime loans than whites with comparable credit. 

There indeed may be a place for a sub-prime market that expands access to the American Dream.  But not for one that spreads the disease of deception, exploitation, and discrimination.

Kumiki Gibson
Commissioner, New York State Division of Human Rights, New York

Opinions expressed by oped writers do not necessarily reflect those of management of Conservative Viewpoints.


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