If You're Going To Do It, Do It Right!

I learned this from one of my old pastor's in Dallas. I think of this phrase as I watch all the hullabloo going on with the financial disaster bailout in Washington. I was in the mortgage lending industry for 15 years. I have been a residential mortgage loan officer. I know about the subprime mortgage mess. I have done many of these loans for many customers. I remember sitting at my desk one day thinking how I had just completed a loan for 100% financing for a customer who couldn't buy a car with no money down. It was completely crazy and we all knew it was going to blow at some point. The flip side of that situation is that I and many of my loan officer friends tried. We tried to keep these customers from getting into these loans. All they wanted was the keys to the house. They didn't care about anything else despite our best efforts. So, I have a very hard time feeling sorry for many of these individuals. And, let's not forget the best part, if I refused to give them "substantially all of the financing they request", I could be in violation of the Fair Housing Act. Talk about a double edged sword!

So, on to my point. If we're going to go after "predatory lending", why is no one talking about the credit card companies?!? If any industry ever needed regulation, it's the credit card industry. They charge astronomical rates, change their terms to hurt their customers and trick them into late payments. Oh, and if you're late on a payment on one card, your other card companies will jack their rates up also. They change due dates all of a sudden so you will hopefully be late. This is an evil empire! So, why aren't we talking more about this? Can anyone say Lobbyist?

Well, I agree that if we were all living within our means and not using these cards, we wouldn't be in a mess so maybe no one should feel sorry for us either. I know that this is my family's first priority. No more credit card debt!! We are paying them off hell or high water at this point. We have not been chargers for a long time but we did have some credit card debt from before law school so now we want to concentrate on paying off the ones we have. They are from satan!

So, Washington, if you're going to do it, do it right and go after ALL predatory lenders and don't just stop halfway!