Comments on: Ron Paul on Freedom Watch http://www.ronpaul.com/2010-02-03/ron-paul-on-freedom-watch-5/ Ron Paul is America's leading voice for limited, constitutional government, low taxes, free markets, sound money, and a pro-American foreign policy. Fri, 10 Feb 2012 00:21:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: jmb27http://www.ronpaul.com/2010-02-03/ron-paul-on-freedom-watch-5/comment-page-1/#comment-66459 jmb27 Sun, 14 Feb 2010 19:17:36 +0000 http://www.ronpaul.com/?p=4741#comment-66459 Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.Here is an example of what I am talking about: Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices: "Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM."The Center for Responsible Lending says YSP "steals equity from struggling families." 1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
“Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

The Center for Responsible Lending says YSP “steals equity from struggling families.”
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

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