Tag: consumer protection

High-cost loan industry ally defeated

May 9, 2012 at 1:25 pmCategory:Uncategorized

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Pinpointing THE one thing that did in conservative Democratic state lawmaker Jim Crawford in yesterday’s election is tough given the long list of progressive causes the Granville County state rep has angered through the years.

But here’s one issue that was clearly a significant factor: Crawford’s longstanding opposition to tougher consumer protection laws in the predatory lending arena.

For several years, Crawford has been one of the high-cost loan industry’s “go to” friends on Jones Street. Last year, he joined with Republicans to help pass industry-drafted legislation that would jack up already exorbitant interest rates (currently already above 50% per year) on consumer loans made by storefront lenders. The bill is pending in the state Senate.

Now, it appears Crawford’s close relationship with high-cost moneylenders has finally come back to bite him. Crawford’s opponents apparently distributed thousands of copies of a mailer during the latter days of the campaign connecting the dots (accurately, it turns out) between Crawford and the sharks.

Going forward, it will be interesting to see if Crawford’s demise has an impact on any of his soon-to-be former colleagues.

The 99% pay more for electricity in NC

May 3, 2012 at 10:00 amCategory:Uncategorized

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Duke Energy’s electricity rates are poised to continue skyrocketing over the next few years, but only some customers will feel the burn. While the utility lures the world’s elite technology giants to NC by offering cheap electricity, captive small business and residential customers are charged higher rates. The rate structure is patently unfair and is being challenged before the NC Utilities Commission by environmental watchdog NCWARN.

While this issue has been debated before Commission in the past, Duke Energy has successfully negotiated it away. The NC Attorney General also recognizes the unfairness but has yet to force a resolution to protect consumers. Read More…

Charlotte O: Hospitals can and should do more

April 30, 2012 at 8:46 amCategory:Uncategorized

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The Charlotte Observer has an excellent editorial this morning calling on the hospital industry to do more to help vulnerable consumers.

As the editorial makes pretty clear, Carolinas HealthCare System ought to start by removing the lien on Joyce Jones’ home.

AG appeals Duke rate hike – says profit gain unjust

March 29, 2012 at 9:00 amCategory:Uncategorized

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NC Attorney General Roy Cooper appealed the Duke Energy electric rate hike Wednesday, arguing the company should not raise customer rates to gain a 10.5% profit for its shareholders. This is Duke’s second increase since 2009 and another is anticipated this year. Read More…

Guilford County official takes on the banking industry

March 14, 2012 at 2:08 pmCategory:Uncategorized

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Hooray for Guilford County Register of Deeds Jeff Thigpen. Yesterday, this rather obscure public official had the guts to file a lawsuit against a goodly part of the American banking industry.  Here’s a link to the press release (also reproduced below) and other relevant documents.

Guilford County Sues To Clean Up Banks’ “Mess” at the Register of Deeds

Guilford County, ex rel. Jeff L. Thigpen, Guilford County Register of Deeds, filed suit today against LPS/DocX, MERSCORP, MERS, Inc., and numerous banks, loan servicers, and foreclosure specialists seeking to clean up the “mess” Defendants created in the County’s property records registry.   

“Our office uncovered an abundance of falsified, forged, and fraudulently executed mortgage documents,” said Thigpen.  “But our investigation only found the tip of the iceberg.  We need the banks to clean up their mess.”    Read More…