Democratic Senate Challenger; member of State House
Hard look at abusive practices in the credit card industry
Congress should take a hard look at abusive practices of some in the credit card industry. Limiting bait-and-switch marketing, requiring the disclosure of the true-cost of making minimum payments, and restoring the
10-day grace periods that used to be standard in credit agreements are all ways to guarantee families are on an even playing field when it comes to their finances.
Source: Campaign website, www.jeffmerkley.com, “Issues”
Jun 3, 2008
Ban the predatory practices of the mortgage lenders
Among mortgage lenders, prepayment penalties and excessive fees have become the norm for extracting more and more hard earned cash out of consumers. States have led the way on trying to protect families from losing their most important asset
--their home; it is now time for Congress move in that direction too, banning those practices when they cross the line from legitimate transactions into predatory practices.
Source: Campaign website, www.jeffmerkley.com, “Issues”
Jun 3, 2008
Capped payday loan rates
Jeff was the chief sponsor of House Bill 2871, which imposes an interest rate cap of about 36 percent on state-regulated consumer loans in Oregon. It protects borrowers of the short-term payday and car title loans in Oregon. Prior to this legislation,
Oregon was one of only 16 states that did not cap interest rates on consumer loans. Since the legislature lifted the usury cap in 1981, predatory lenders have flourished, charging rates on consumer loans that have at times exceeded 500 percent.
Source: Campaign website, www.jeffmerkley.com, “Issues”
Jun 3, 2008
Capped the amount check cashers can charge
Left unchecked, some lenders have devised other methods of bleeding family finances. They have found creative ways around Oregon law, charging high interest rates and excessive fees. So under Jeff’s leadership, the legislature put a stop to it.
They capped the amount check cashers can charge; made sure loans made by internet, phone, and mail were subject to the same usury laws as bricks-and-mortar lenders; and capped the interest rate on loans that use car titles as collateral.
Source: Campaign website, www.jeffmerkley.com, “Issues”
Jun 3, 2008
No approval if a borrower can’t afford the loan
Too many American families have lost their homes in the recent housing market collapse for Congress to stand by and do nothing. Big lenders like Countrywide locked homebuyers into loans they couldn’t afford, refused to help families refinance,
and then skipped town when the bubble burst. That’s no way to build a strong economy and it is no way to put families on sound financial footing. The principle is simple, if a borrower can’t afford the loan, the underwriter should not approve them.
Source: Campaign website, www.jeffmerkley.com, “Issues”
Jun 3, 2008
End billion dollar giveaways to oil companies
When oil companies were reporting historic profits and the price of gas was squeezing families and businesses, Gordon Smith voted in favor of providing billions of taxpayer dollars to pad big oil’s bottom line.
Merkley will work to repeal more than $18 billion in tax breaks given to big oil companies and invest those funds in creating new green-collar clean energy jobs with good wages.
Source: Campaign website, www.jeffmerkley.com, “Issues”
Jun 3, 2008
Stop companies from setting up offshore tax shelters
We can take steps here at home to make sure all corporations are pitching in with their fair share by reforming the tax code to stop companies from setting up tax shelters in Bermuda in order to avoid paying their fair share in taxes.
Gordon Smith continually supports allowing companies to shelter their assets in offshore accounts, rather than making them pay their fair share like the rest of us do.
Source: Campaign website, www.jeffmerkley.com, “Issues”
Jun 3, 2008
