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Legislators Again Seek Tighter Rules for Payday Loans

American Banker  |  Thursday, April 2, 2009

The Texas Legislature and Congress are once again seeking to rein in short-term lenders as economic conditions force more people to seek out a costly quick fix for financial emergencies...

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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