Usury By Any Other Name…Still Usury.
Submitted by Usury Law on Sat, 05/31/2008 - 16:03
I’m sure the news of the stock markets continued rise hasn’t missed any ears. It makes me think this economy of ours is going strong, and we all have quit a financial future ahead of us. Then I consider our nation’s debt, our citizens’ debt, and I wonder why the stock market continues to rise.
The commercials that appeared on television sure were enticing, so much so I ran to my computer to check out the lenders online. I remember them clearly. They offered mortgages with dramatically lower rates than typically found. I saw monthly payments half what I pay, for a loan twice as large. How could that possibly be? I want in!
Luckily I checked it out and considered the implications, but how many did? Or how many considered them, but took that risk? Is it usury?
What implications? Well, these loans have borrowers paying towards the interest only. A $400 a month mortgage payment for a $200,000 dollar home sure sounds good, but when you read that your $400 is going entirely to the interest, and not a drop to the principle amount, you better take a step back and think about this. Imagine taking this and paying month after month, only to find out you don’t own even the smallest percentage of your home. No equity built whatsoever. Have you been paying a loan, or renting?
Then there’s subprime lending. What I find humorous is the names given to this type of loan seem so positive. “Subprime” sounds like the rate is lower than the prime rate, when it’s actually higher. Another name given to this loan type is a “second chance loan”. Again, sounds great! I get a second chance! Or how about “B-paper loan”? This doesn’t sound positive, necessarily, just confusing. What the hell is a “B-paper”?
The idea behind subprime lending is that you pay a higher interest rate because your credit isn’t good and you’re seen as a higher risk. The lenders say the extra interest helps them recoup their loses from subprime lendees who defaulted on their loan.
The problem with these loans is many are set up to fail, and let’s face it, the banks don’t really lose anything. If it’s a mortgage, the bank gets the house.
In recent months we’ve seen families lose their homes because of their subprime loans. Proponents of subprime loans say “well, these are people who wouldn’t have qualified for a loan before”. This virtually ignores the fact that the families are now worse off. Their debt building further, and credit rating dropping more.
The answer isn’t to give struggling people loans with higher interest rates, but help them build equity and retain a loan they can, and will be able to, afford. Subprime lending is a racket. Lenders get money from the lendees for as long as they can pay. And when that stops, they’ve got a home. This now becomes what we call predatory lending.
So what’s the point of all this? We need to be clear on what usury is. We need to address the problems of poverty and our struggling families so they do not become further victims of these predatory lending practices. It’s clearly wrong to be setting people up for failure. And, by the very heart of the term, taking more money from those who don’t have it is clearly usurious.
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The moneychangers HATED the
The moneychangers HATED the word USURY and they tried to drive it out of the dictionary. .... false coins, [f] usury, or by any other way forbidden by God; ... appeared to save usury and the pope's revenues. His name was John Calvin. ... If this is any Help you can go to .... Usury may be set at 21%, but case law can allow other costs, ... Usury By Any Other Name…Still Usury. ... finance In the name of God, Most Gracious, Most Merciful ... The Quran forbids usury, not interest. Quite a few states in USA have laws against usury. ... [2:282] O you who believe, when you transact a loan for any period, you shall write it down. ... Thus, if one woman becomes biased, the other will remind her. ... 13 May 2010 ... In other words, the "payday loan" problem is a problem with the entire banking industry. .... Usury is STILL a sin to anyone who is minimally devout. ... The finance con game is not a productive activity any more than picking pockets. .... An' dat's da name o' dat tune! [h/t to Baretta there] ... opinions 13 May 2010 ... Cahill said he is still considering the council's request to stop doing business with JPMorgan. ... “We're hoping to send a message to those banks and other ... While he would prefer that the state blacklist any noncompliant bank, ... that must follow the usury law. That would probably still pose an ... - Last post: 15 Aug 2009Hello, Debbie my Name is Dean in Cal. If this is any Help you can go to .... Usury may be set at 21%, but case law can allow other costs, ... breaking news Too bad so many people have been victimized in the name of “Free Enterprize”, ... But no, they only had one other argument (that sellers would have an advantage .... at a time when credit, private sector/consumer/etc, is still weak. .... I thought the best way to avoid usury – and punish the banks at the same time ... 18 May 2010 ... In other words, the "payday loan" problem is a problem with the entire ... But, needless to say, the paper could still be a sound piece of research. ... It's not an anti-usury law itself, it just gives states back the right to set ... We do not capture any email address. Your Email: *. Your Name: * ... On the other hand, the Roman and Greek laws while considering the mutuum, ..... There has never been at any time any prohibition against the investment of capital in ... Such is the usury against which the Fathers of the Church have always protested, ... are also instances of usury disguised under another name. ... But, even in this case, the mischievous influence of the law still pursues ..... If any species of usury is to be condemned, I see not on what grounds this ..... At any rate, I think the law cannot well punish it under the name of usury. .... To the head of Maintenance, I think you refer, besides other offences ... 625447117
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by R de Roover - 1967 - Cited
by R de Roover - 1967 - Cited by 17 - Related articlesTo expect more was usury, whether it applied to money or to any other fungible good. ..... but always involved an exchange transaction, as the name clearly indicates. ... 1314), and was still going strong in the eighteenth century when ... ... (the ones that have the word "national" or the term "N.A." in their name, ... In states without a usury limit, there still may be a federally imposed limit .... There is no other usury limit. There are certain limitations on consumer loans ... or establish any kind of professional attorney/client relationship. ... international - Last post: 15 Aug 2009Hello, Debbie my Name is Dean in Cal. If this is any Help you can go to .... Usury may be set at 21%, but case law can allow other costs, ... Whatever its continuously decried immoral atmosphere, usury was an economic ..... as individuals, apparently exceeds per capita that of any other nation .... towards Jesus of Nazareth referred to a different Jesus because it was a common name! ... Yehiel still emphasized that the Talmud was not responsible for ... international The moneychangers HATED the word USURY and they tried to drive it out of the dictionary. .... false coins, [f] usury, or by any other way forbidden by God; ... appeared to save usury and the pope's revenues. His name was John Calvin. ... 30 Sep 2008 ... Usury By Any Other Name…Still Usury. Submitted by Usury Law on Sat, 05/31/2008 - 16:03. I'm sure the news of the stock markets continued ... finance Rather We asked that they establish a fixed teaching on usury, since the opinions .... and so remiss that they hold any gain whatsoever to be free of usury. ... to those who say that today the issue of usury is present in name only, ... But, even in this case, the mischievous influence of the law still pursues ..... If any species of usury is to be condemned, I see not on what grounds this ..... At any rate, I think the law cannot well punish it under the name of usury. .... To the head of Maintenance, I think you refer, besides other offences ... On the other hand, the Roman and Greek laws while considering the mutuum, ... and we cannot find in them any expression of a general doctrine on this point; .... Such is the usury against which the Fathers of the Church have always protested, ... are also instances of usury disguised under another name. ... Usury - by any other name - thou art the bureaucracy of Canada.... To anyone FSO who has done a Consular Tour where you had to refuse/pend a Visa case for a ... 30273783
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Yep...it's usury...
No matter what banks call it, even an overdraft fee is, in essence, nothing more than an exorbitant usury fee. I have worked for Financial Institutions for 20 years, 8 of those were for "not for profit" credit unions, which were everything but not for profit.
Take Bank of America, for example, their income from just overdraft fees in 2007 was more than 66 billion dollars!
It occurs to me that Banks have been in violation of many usury laws, for many, many years. We could solve the government financial crisis, by prosecuting banks for being the real "loan Sharks"that they are!
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