JRE with Dupree Whitlow, 7, in Cleveland, Tuesday (AP Photo)
QUOTE
Edwards urges crackdown on risky loans
By THOMAS J. SHEERAN, Associated Press Writer Tue Jul 17, 6:32 PM ET
CLEVELAND - Democratic presidential candidate John Edwards, on an eight-state swing to highlight poverty issues, on Tuesday called for a national law to crackdown on predatory lending.
Walking through a struggling neighborhood in Cleveland, the nation's poorest big city, Edwards said that without national regulations predatory lenders who offer higher-priced loans to people with tarnished credit or low incomes "just move to another place where they are not regulated."
With the sleeves rolled up and without a tie, Edwards spent about 40 minutes walking through the Mount Pleasant neighborhood, a mix of renovated and boarded-up homes. He waved to residents saying, "How are you all doing?"
Edwards chatted on a porch with homeowner Glenn Curry, 57, who said his home was close to foreclosure because of his wife's medical bills, a cut in his hours as a school bus driver and a refinancing that he described as predatory.
Edwards also called for a national fund to provide assistance to working people at risk of losing their homes.
....
In Census Bureau rankings released last August, 32.4 percent of Cleveland's 452,200 people were living below the poverty level. Cleveland's median household income of $24,105 was the lowest among large cities.
Read the rest of the story...
By THOMAS J. SHEERAN, Associated Press Writer Tue Jul 17, 6:32 PM ET
CLEVELAND - Democratic presidential candidate John Edwards, on an eight-state swing to highlight poverty issues, on Tuesday called for a national law to crackdown on predatory lending.
Walking through a struggling neighborhood in Cleveland, the nation's poorest big city, Edwards said that without national regulations predatory lenders who offer higher-priced loans to people with tarnished credit or low incomes "just move to another place where they are not regulated."
With the sleeves rolled up and without a tie, Edwards spent about 40 minutes walking through the Mount Pleasant neighborhood, a mix of renovated and boarded-up homes. He waved to residents saying, "How are you all doing?"
Edwards chatted on a porch with homeowner Glenn Curry, 57, who said his home was close to foreclosure because of his wife's medical bills, a cut in his hours as a school bus driver and a refinancing that he described as predatory.
Edwards also called for a national fund to provide assistance to working people at risk of losing their homes.
....
In Census Bureau rankings released last August, 32.4 percent of Cleveland's 452,200 people were living below the poverty level. Cleveland's median household income of $24,105 was the lowest among large cities.
Read the rest of the story...
[Emphasis added.] I absolutely love this picture!
