Kerry Joins Fight Against PredatoryLending

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SAN FRANCISCO - (08/30/04) -- Democrat John Kerry said Friday heplans to pursue broad legislation that would target predatorylending tactics by subprime mortgage companies, payday lenders andcredit card issuers, if he is elected president. Among thepractices Kerry wants to see reined in: credit cards that raiseinterest rates on existing outstanding balances when the cardholdermisses a payment on another loan; subprime loans in which fees arealso financed and terms are not fully disclosed, and mostballoon-payment loans. In addition, Kerry said he wants to seepayday lenders who prey upon young members of the military to besubjected to greater regulation.

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