Blogosphere starting to notice PHA loan scandal story

May 24, 2006
By Billy Dennis

Law enforcement agencies haven’t done a damn thing yet, our congressman and Illinois’s two U.S. Senators haven’t gotten involved and the Journal Star editorial board has given the perpetrators a free ride.

But two bloggers have noticed, and they are making the rest of the nation aware that of the Peoria Housing Authority predatory loan scandal.

Mapgirl says this:

I’m calling for lending institutions to rethink their profits and perhaps tighten credit appropriately to minimize their own losses and stop screwing people over who can least afford it.

Harsh, but true, I suspect. At the least, one would expect the government to not partner up with the predators.

The Consumerist reports that “the American dream faces a setback in Peoria.”

Ho hum, a 58-year old housekeeper who took one of the loans, “will pay $97,494 in interest on the $53,500 loan and won’t be building equity in the home until making five years of payments.” Whoopsydaisy.

I’ve also noticed a ton of hits today from the Technorati tag “Peoria Housing Authority,” so I know someone out there is paying attention or at least trying to learn more.

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5 Responses to “ Blogosphere starting to notice PHA loan scandal story ”

  1. Blogosphere starting to notice PHA loan scandal story » Peoria Pundit on May 24, 2006 at 5:25 pm

    [...] But two bloggers have noticed, and they are making the rest of the nation aware that of the Peoria Housing Authority predatory loan scandal. [...]

  2. The Dude on May 24, 2006 at 6:28 pm

    Just a thought, but could the proper authorities BE investigating, but just haven’t bothered to tell you? I know you are important, but maybe not on everyone’s speed dial.

  3. Bill Dennis on May 24, 2006 at 6:42 pm

    Possible. But highly unlikely.

    ;-)

  4. mapgirl on May 25, 2006 at 9:44 am

    Thanks for the link back. I’ve been doing some research about sub-prime lending and reverse mortgages. Predatory lending is out there and folks have to be made aware of it.

  5. Snarkelicious on May 25, 2006 at 10:15 am

    Very socialist viewpoint for a capitalist like yourself. I explain in detail what I mean here.