tailieunhanh - 100 + Diverse National and State Groups Support Speier’s H.R. 1608 Bill

We then look at how the credit rating industry evolved, and how its interaction with regulatory authorities served as a barrier to entry. We then show how these ingredients combined to contribute to the subprime mortgage debacle and associated fifi nancial crisis. Finally, we consider two possible routes for public policy with respect to the credit rating industry: One route would tighten the regulation of the rating agencies, while the other route would reduce the required centrality of the rating agencies and thereby open up the bond information process in way that has not been possible since the 1930s | 100 Diverse National and State Groups Support Speier s . 1608 Bill March 23 2009 The Honorable Jackie Speier 211 Cannon House Office Building Washington DC 20515 Dear Representative Speier We applaud you for introducing . 1608 that would stop a wide range of lending abuses by capping interest rates for consumer credit at 36 percent annually. Cleaning up the finance industry is essential to a sustainable economic recovery. The Protecting Consumers from Unreasonable Credit Rates Act would implement a key promise made by President Obama to extend to all Americans Congressional protection against predatory lending for Service members and their families. By limiting the total cost of consumer credit to 36 percent Congress will keep billions of dollars in the hands of low and moderate-income consumers helping to stimulate the economy without costing taxpayers a penny. This measure is designed to keep affordable financial products available as lenders who offer sustainable loans do so at rates well below 36 percent annually. But it would eliminate abuses that rely on high fees interest and other devices to charge extremely high annual rates some 400 percent and higher to trap consumers in debt they cannot afford to pay off. Protections that once curbed abusive lending in America have been shredded and consumers are paying astronomical rates for credit especially those who have the fewest resources. Payday loans cost 400 percent APR or higher car title loans cost 300 percent APR and put car ownership at risk loans secured by expected tax refunds cost 50 to 500 percent APR and credit card fees and interest can combine to produce triple-digit rates. Bank overdraft loans can cost quadruple digit interest rates. These extremely expensive credit products drain billions from families who struggle to make ends meet diminishing their ability to purchase products and services that would boost the economy. The ability of states to enact meaningful reforms on credit card and .

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