Richard Cordray Quotes

While payday loans are often the only source of credit for low-income Americans, these lenders are notorious for predatory practices that cause borrowers to fall deeper into debt.

I was absolutely astonished and could not believe my eyes at the outrageous interest rates that people in need have to pay to get loans.

For too long, Americans have fallen victim to financial abuses at the hands of predatory lenders that operate in the shadows.

The Pentagon got fed up with its recruits getting ripped off by payday lenders and in 2007 got Congress to make it illegal to extend such loans to members of the military. But civilians remain fair game.

What Wall Street and credit card companies are doing is really not much different from what gangsters and loan sharks do who make predatory loans. While the bankers wear three-piece suits and don't break the knee caps of those who can't pay back, they still are destroying people's lives.

There were absolutely circumstances where Sallie Mae was working hand-in-hand with for-profit schools and other schools in offering and putting students into risky expensive subprime loans.

Lenders, including major credit companies as well as payday lenders, have taken over the traditional role of the street-corner loan shark, charging the poor insanely high rates of interest.

Usury once in control will wreck the nation.

People get into debt head over heels because banks make it so easy to do so. Then the banks come along and act like these people who can't or won't pay their bills are the dregs of society.

Families rely on financial services more than ever, but those who need them most - who struggle to make ends meet - too often must contend with sky-high interest rates and tricks and traps buried in the fine print of their loan products.

We believe that you know how pernicious the vice of usury is …. We command you all by this apostolic writing not to permit those who are known as usurers to clear themselves by any subterfuge or trick when they are charged with the crime.

I've repeatedly seen unscrupulous lenders use every con in the book to charm and lie to homeowners. Lenders actually paid brokers a premium to put people in higher-priced loans with toxic features, such as adjustable rates and prepayment penalties.

Man was lost if he went to a usurer, for the interest ran faster than a tiger upon him.

The problem is that people basically dangle debt in front of us. And the cost for the poor of course is much higher than for the wealthy.

Give a man a fish and he'll eat for a day. Give a man a sub-prime fish loan and you're in business, buddy.

When I was young, people lived from paycheck to paycheck. Today, it seems like they live from credit card payment to credit card payment.

The build-up of personal and collective debt in America and Europe should have sent warning signals to anyone familiar with the biblical institutions of the Sabbatical and Jubilee years, created specifically because of the danger of people being trapped by debt.

Community groups contend that door-to-door loan sales are often followed by foreclosures.

Making loans accessible to millions of the previously unbankable customers is a noble goal. Getting them hooked to such loans isn't.

Can't make your payments? No problem. The interest charges keep on coming. In fact, banks prefer it that way. More money for them. The government guarantees it.

Unfair servicing practices can worsen a family's already difficult economic situation, and the injury echoes from the family to the community and ultimately throughout the economy.

It’s going to put people into indentured servitude to the credit card companies.

I have ever been the enemy of banks. My zeal against these institutions was so warm … that I was derided as a maniac by the tribe of bank mongers who filch from the public their swindling and barren gains.

The trade of the petty usurer is hated with most reason: it makes a profit from currency itself, instead of making it from the process which currency was meant to serve. Their common characteristic is obviously their sordid avarice.

Money lending is a horrible profession. If we are to call it otherwise it is lawful plundering.