First Look With Katie Couric: Subprime Mortgages
Senior producer Bill Owens and correspondent Anthony Mason preview tonight’s newscast, which will look at the subprime mortgage meltdown, John Edwards’ campaign, and healing. (CBSNews.com)
New Ohio legislation limits payday loans to 28% APR, down from an average of 391% APR.
WHAT HAPPENED: Ohio voters upheld state law that caps annual interest rate on payday loans to 28 percent and limits the number of loans per customer to four a year.
CINCINNATI - The payday loan industry stung at the Ohio ballot box with a strict new law is looking for other ways to do business, prompting consumer advocates to worry that lenders are finding a way around the election results.
WHAT HAPPENED: Ohio voters upheld state law that caps annual interest rate on payday loans to 28 percent and limits the number of loans per customer to four a year. WHAT PLANNED: Payday lenders are looking at other services like pawn brokering and gold…
As expected, some in the so-called payday loan industry have announced they will close a combined 79 stores in Ohio after the passage of a state ballot issue that meant payday loan interest rates were capped at 28 percent. But several lenders, including those that will close stores, are launching new types of loans that carry origination fees. Others will focus on other services to maintain …
(AP) WHAT HAPPENED: Ohio voters upheld state law that caps annual interest rate on payday loans to 28 percent and limits the number of loans per customer to four a year.