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schmikbob
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Quote schmikbob Replybullet Topic: Predatory lending
    Posted: 19 April 2011 at 1:11pm
I was wondering what the Islamic position was on loans.  I thought the Quran prohibited usury but not the legal charging of interest. 
 
I started thinking about this because of today's Reuter's article that says the US Congress is considering rules that will allow a borrower to sue a lender that does not verify certain loan qualification information such as employment history.  Specifically this is legislation proposed by none other than Barney Frank, one of the precipitators of the present day home foreclosure problem.  I find in fascinating that Congress is proposing rewarding the borrower that lies to the lender.
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abuayisha
 
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Quote abuayisha Replybullet Posted: 19 April 2011 at 2:40pm

There is no such thing as a perfect law. Opposing interests intersect, compromises are made, and the end result almost always never pleases everybody. Lenders violating any provision of the Dodd-Frank Act will not be criminally liable. Violating any of the new provisions are just civil offenses. The Dodd-Frank Act is nothing like the New Deal that protected depositors, borrowers, and investors between 1933 and 2000. Even with the short comings, the mortgage reform provisions within Title XIV of the Dodd-Frank Act are good first steps towards ensuring higher standards within the lending industry, promoting financial stability, and aiding in consumer protection.

by Peter Hébert

http://www.mynorthwesthomes.com/Blog/The-Mortgage-Reform-and-Anti-Predatory-Lending-Act

https://www.lariba.com/home-financing.htm    (Islamic Loans)

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Sign*Reader
 
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Quote Sign*Reader Replybullet Posted: 19 April 2011 at 11:20pm
Have you seen the "Inside Job" staring Barney yet?
It is worth the time!


Edited by Sign*Reader - 19 April 2011 at 11:21pm
Kismet Domino: Faith/Courage/Liberty/Abundance/Selfishness/Immorality/Apathy/Bondage or extinction.
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Quote Sign*Reader Replybullet Posted: 19 April 2011 at 11:47pm
The usury is an obsolete term for interest! They call it interest and than it becomes usurous in some state laws when people don't pay on time!
 The test of a true Islamic state would be the absence of interest; promotion of education, business enterprise and employment of the all able bodied...

There are dire warnings about the interest based societies who borrow and spend to their destruction and misery!






Edited by Sign*Reader - 19 April 2011 at 11:53pm
Kismet Domino: Faith/Courage/Liberty/Abundance/Selfishness/Immorality/Apathy/Bondage or extinction.
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IssaEl999
 
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Quote IssaEl999 Replybullet Posted: 21 April 2011 at 9:48am
  • Rep.%20Barbara%20Lee:%20Put%20the%20brakes%20on%20home%20foreclosures

    Rep. Barbara Lee: Put the brakes on home foreclosures

    By Rep. Barbara Lee

    8:54 AM on 10/19/2010

    OPINION - It's time for a national foreclosure moratorium -- It's the right thing to do...

    > read more
  • El's Holy Qur'aan , States In Chapter 17 ; 81 , '' And Say ; Truth Has ( Now ) Arrived , And Falsehood Perished ; For Falsehood Is ( By Its Nature ) Bound To Perish (81 ) .
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    Sign*Reader
     
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    Quote Sign*Reader Replybullet Posted: 21 April 2011 at 1:01pm
    What else is new?
    There is no more free lunches, you want desserts too...Tongue
    What is so special about the moochers who want free houses?
    They are the ones who main agents of the current mess who helped the banksters; it takes two to tangoWink


    Edited by Sign*Reader - 22 April 2011 at 12:56am
    Kismet Domino: Faith/Courage/Liberty/Abundance/Selfishness/Immorality/Apathy/Bondage or extinction.
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    schmikbob
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    Quote schmikbob Replybullet Posted: 21 April 2011 at 9:19pm
    Brilliant idea, a foreclosure moretorium.  All those people that are owed the house they are in won't have to make payments at all now.  Someone tell me why a bank would wish to participate in this market given the idiocy that passes for legislation in Washington these days.
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    Douggg
     
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    Quote Douggg Replybullet Posted: 22 April 2011 at 9:30pm
    Originally posted by Sign*Reader

    What else is new?
    There is no more free lunches, you want desserts too...Tongue
    What is so special about the moochers who want free houses?
    They are the ones who main agents of the current mess who helped the banksters; it takes two to tangoWink

    It is a complicated issue.   The banks made loans they shouldn't have made.  Many people were buying homes with the idea that they would profit big time in a few years, by flipping in a resale, and moving up.   The banks created phoney mortage backed securities CDO's.     Real estate became a speculative game that collapsed in on itself.
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