Let's bring this debate back to Minneapolis. Subprime lenders offer credit to people who conventional lenders don't serve, for a variety of reasons, but at higher interest rates and sometimes with lending practices that critics call predatory. But in the context of Minneapolis, subprime lenders provided the financing for the mortgage flipping epidemic that left several hundred people owing more on their homes than they were worth. As someone who interviewed dozens of people who were flipped, I can say their stories were heartbreaking. As I reported a week or so ago, a proposal to put restrictions on subprime lending is being drafted for City Council debate early next year.
Steve Brandt Star Tribune _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
