Broke, USA
Page 39
Check Cashing, Inc., 61
check-cashing industry, 7, 20, 24, 26–27, 31, 53, 122, 126, 178, 256, 262–67, 272, 281, 308, 315, 319, 321
Las Vegas convention of, 21–23, 32–35, 169, 262–73, 316–17
Check Exchange, 291
Check Into Cash, 72–73, 76, 80–84, 122–23, 161, 187, 224, 293, 332
IPO attempt of, 116–17
profits of, 73, 84, 116, 311
Checklist, 265, 270, 314, 320
Check ’n Go, 78, 128, 161, 186, 187–98, 224, 254, 258, 278–79, 291, 293, 310, 316
Checkpoints, 197
CheckSmart, 254, 255, 256, 273, 276, 279, 280–81, 291, 293
Cheney, Dick, 324
Chicago, IL, 139
Chicago Mercantile Exchange, 29
Chrysler First, 56–57, 153, 155
churning, see flipping
CIBC Oppenheimer, 116–17
CIGNA Insurance, 169
Cincinnati, University of, 173
Cincinnati Enquirer, 278–79
Citibank, 4, 57, 154
Citicorp, 148
CitiFinancial, 149, 152, 154–55, 156–57, 162, 164, 165, 203, 240, 293, 297, 299, 305, 323
Citigroup, 136, 148, 149, 168, 202, 203, 247, 294, 303, 322, 323, 327
annual shareholders meeting of, 163
Associates acquisition by, 143–67
“referring up” program at, 156–57
settlements and fines paid by, 165
Citylight Bullet Proof, 270
Clay, Martha and Larry, 248–50
Cleveland, Ohio, 239–40, 291
Cleveland, Tenn., 60, 64–65, 66–67, 69, 76–77
Cleveland Plain Dealer, 244, 256, 276, 278, 315
Clinton, Bill, 56, 87, 97, 118, 137, 215
closing costs, 11–12
Coakley, Martha, 298
Coalition for Fair and Affordable Lending, 207–8
Coalition for Responsible Lending, 113, 152, 155
Coalition on Homelessness and Housing in Ohio (COHHIO), 139, 241, 244, 275, 283, 284, 286
Coleman, Joseph, 23–24, 28, 35, 272
collateralized debt obligations, 85, 320, 323
Collier, Annie Lou, 36, 41–42, 43, 47
Colorado, 124, 231
Columbus, Ohio, 244–49, 251
Columbus Dispatch, 245–46, 247, 249, 259, 276, 283
Commercial Credit Corporation, 145–49, 152–53
community development zones, 132
Community Financial Services Association (CFSA), 126, 259
Community Legal Services, 140
Community Reinvestment Act (CRA), 85, 101, 324
Community Reinvestment Association of North Carolina (CRA-NC), 111
CompuServe, 295
Congress, U.S., 36, 55–56, 87, 208, 296, 302, 313, 319
see also House of Representatives, U.S.; Senate, U.S.
Congress on Racial Equality, 278
consumer advocates, 23–24, 40–41, 63, 87–88, 115, 123
see also housing activists Consumer Credit Counseling Services, 132, 304, 306–7
consumer debt, 29
Consumer Federation of America, 123, 183
consumer finance companies, 4, 5, 51–52, 56–57, 58, 111, 142, 146, 156, 204, 295
Consumer Financial Protection Agency (CFPA), 320–22
consumer protection laws, 80
Consumer Rights League, 233
Control Data, 146
Cooper, Roy, 113–14, 161, 165, 215–16
Corbett, Keith, 98, 114
couch payment, 75
Countrywide Financial, 29, 207, 212, 214, 233, 247, 296, 297, 298, 299, 322, 324, 325
Creative Loafing, 205
Credit Bureau Services, Inc., 70
credit card debt, 6, 8, 176–77
credit cards, 5, 8
fee harvesting and, 223
interest rates on, 8, 28
marketing of, 317
reform and, 319
subprime, 28, 31, 171, 175–76, 222, 223, 294, 320
see also debit cards
credit default swaps, 85, 297, 305
credit insurance policies, 12–13, 17, 52, 57, 108, 115, 136, 139, 150, 152, 156, 162, 164–65, 295
credit rating agencies, 212–13, 297, 301–2
credit scores (FICO scores), 11, 329
Credit Suisse First Boston, 151
credit unions, 130, 190, 283, 286, 326
Cuomo, Andrew, 137, 201, 330
Daddy’s Money Pawn Shop, 262–66
Daley, Richard M., 139
Dallas Morning News, 149–50
Dann, Marc, 254, 260–61
Dash, Eric, 212–13
data mining, 317
Daugherty, Jack, 25–26
Daugherty, Peggy, 251–52
David (payday borrower), 195
Davidson College, 91–92
Davis, Allen, 77, 120
Davis, David, 78, 84, 120, 128, 161, 168, 186, 187, 190, 254
Davis, Jared, 77–79, 84, 120, 121, 126, 127, 128, 161, 168, 186–88, 197–98, 254, 278, 279–80, 287
Day, Kathleen, 222–23, 236, 319
Dayton, Ohio, 1, 3, 7, 9, 16, 38, 128–42, 169–70, 181, 288–93, 304–9
affordable housing fund in, 132
African-American neighborhoods in, 307–8
anti-predatory lending bill in, 140–42
appraisal inflation in, 301
big-box store abandonment of, 292
first-ring suburbs of, 289, 290
foreclosures in, 135–36, 290, 292, 304, 308
poverty in, 131–32
predatory lending in, 132–42, 163–64, 239–41
Predatory Lending Solutions Project in, 15, 134–35, 141, 301
rental vacancy rate in, 131
Dayton, University of, 129
Center for Business and Economic Research of, 135
Dayton Black Cultural Festival, 135
Dayton City Commission, 129
Dayton Daily News, 133, 134, 140, 141, 170, 240, 287, 292
debit cards:
bank fees for, 28
prepaid, 27, 264, 268, 271, 272
debt collection agencies, 23, 61–62, 69–70, 329
debt consolidation business, 329
Dedman, Bill, 39
Delaney, Janet, 122
Delco, 293
Dell, Michael, 173, 174
Delta Funding, 154
deregulation, 52, 85, 139
Deutscher, Beth, 132, 301, 304, 327
DeVault, Lynn, 258, 261, 320
Dezenhall, Eric, 219, 234
Dezenhall Resources, 219–20, 223–24
Diamond Castle, 280–81
DiNardo, Nick, 253
direct deposit, 267
Dodd, Christopher, 322
Dominion Homes, 246–47
Dow, Tony, 67
Durbin, Dick, 272
Durham, NC, 87, 100
Dutton, Geoff, 245–46
Eakes, Marshall, 89
Eakes, Martin, 33, 63–64, 85–88, 92–103, 105, 106, 108–9, 121, 208, 226, 234–35, 251, 286, 304, 324, 325
attacks on, 232–34, 282
background of, 88–91
billing policy of, 92–93
in payday lending fight, 88, 123, 159–62, 187, 218–19, 220–21, 223, 227
phone call to Associates by, 108–9
as pied piper for responsible subprime lending, 327–28
in predatory lending fight, 110–15, 137, 139, 143–44, 151–53, 156, 157, 158–59, 163, 165–67, 222, 248
earned income tax credit, 171–72, 183, 266
Eaton, James, 60–62, 70, 72, 73
Economist, 42
Emory University, 38
Equal Justice Foundation, 248
EquiCredit, 57, 111, 153
equity, 96
stripping of, 52, 136
Eritrea, 168–69
Ernst & Young, 226–27
escrow fees, 12
Ethiopia, 16
8–69
Europe, payday lending in, 310–11
explodable ARMs, 298, 323
Extended Stay Hotels, 119
EZ Refund, 265
Fair Housing Center, 131, 132
Fair Isaac Corporation, 11
Faith, Bill:
background of, 242–45
in payday lending fight, 250–53, 258–61, 274–75, 276, 278, 280, 283–84, 285–87, 316
in predatory lending fight, 139, 239, 240, 241, 245, 247, 248–50
Fannie Mae, 12, 23, 58, 85–86, 103, 201, 210, 324–25
Fay, Greg, 224
Federal Deposit Insurance Corporation (FDIC), 87, 158, 272
Federal Housing Administration (FHA), 247
Federal Loan Modification Center, 328–29
Federal Reserve, 29, 31, 36, 46, 56, 58, 87, 202, 208, 230, 232, 302, 318
Federal Trade Commission (FTC), 150, 152, 162–63, 164, 165, 298, 329
Feehan, Dan, 227
Ferguson, Helen, 136
FICO scores, 11, 329
Fifth Third, 132
financial crisis of 2008, 18, 22, 23–24, 29, 30, 33–34, 85, 88, 324
financial literacy, 328
“Financial Quicksand” (CRL report), 230–31
Financial Service Centers of America (FiSCA), 23, 28, 33
see also National Check Cashers Association First American Cash Advance, 161
First Deposit, 175
First Premier Bank, 28
First Union, 57, 135–36, 153, 158, 168, 202
Fitch Ratings, 212
fix-it loans, 105–6, 107
Fleet Bank, 42, 57, 211
class-action suits against, 43, 44–46, 47–48, 49, 55
foreclosures by, 49–50
Fleet Finance, 42–48, 49–50, 53–56, 205
Fleishman-Hillard, 283
flipping, 52, 57, 104–5, 136, 149–50, 206, 231, 248–49
“Flipping Frenzy” (Dutton), 245–46
Florida, 231, 313
Floyd, Kathy, 210
Forbes, 111, 131
Ford Foundation, 103
Ford Motor Company, 57, 104, 112
foreclosures, 19–20, 42, 44, 48, 49–50, 58, 101, 135–36, 202–3, 210–11, 213–14, 229–30, 245–46, 247, 290, 291, 292, 295, 300, 304, 308, 323, 324
Fort, Vincent, 199–203, 205–6, 209–10, 211, 213, 214, 296, 326
Fort Bragg, NC, 229
Fortune, 145
Fox, Jean Ann, 123, 183, 185
Franchise Times, 182
franchising, 181–82
Frank, Barney, 321–22
Frank, Robert H., 226
Freddie Mac, 23, 58, 212, 324–25
Fringe Banking (Caskey), 231–32
Full Spectrum Lending, 298
funeral business, 28
Gabelhouse, Zach, 270
Galloway Ridge, 246
gambling, 317
Gates, Bill, 173, 174, 177
Gates, Bill, Sr., 163
General Electric, 303, 322
General Motors, 289, 292, 303
Georgia, 199, 232
anti-predatory lending legislation in, 200, 201–2, 203, 206–17, 223, 296
foreclosures in, 213–14
subprime lobbying in, 207–8
Georgia Association of Mortgage Brokers, 202
Georgia Fair Lending Act, 326
Georgia Mortgage Center, 49
Gerecke, Sarah, 308–9
Golden West Financial, 235, 238
Goldman Sachs, 25
Goodman, Peter, 328–29
Gottlieb, Steve, 37
Gramlich, Edward, 303
Gramm, Florence, 137, 139
Gramm, Kenneth, 137, 139
Gramm, Phil, 137–39
Gramm-Leach-Bliley Act, 138, 148
Gramm-Rudman-Hollings Act, 138
Grassley, Charles, 136
Great Britain, 25, 310
Great Depression, 29, 33
Green, Willie, 228, 230–31, 256
Greensboro, NC, 89, 90
Greenspan, Alan, 56, 302–3, 318, 319
Gregoire, Christine, 17
Gross, Daniel, 326
“Growth of Legal Loan Sharking, The” (Fox), 123
Grundy County, TN, 69
Gulley, Wib, 93–94, 98, 114, 159, 160
Gulyas, Esther, 178–79
Haas, Greg, 244, 283–84
Hagan, Robert, 253–54, 276–77
Hamill, John, 54
H&R Block, 169, 171, 172, 174, 175, 177, 178–79, 183, 247, 270, 293, 294–95, 301
Option One subsidiary of, 135, 212, 296, 298, 300, 301, 305, 322
Harrah’s, 316–17
Harris, Bill, 249, 250, 278
Harris, Sandra, 227, 228
Harris, Shari, 122
Harvard Business School, 55
Hastings, Charles, 50
Hauser, Larry, 316
Hawke, John D., Jr., 214–17
Hazard, KY, 147
Heartland Cash Advance, 316
Hewitt, John, 172, 177–79, 180, 182
Higgins, Jim, 32–33, 316, 317
“high cost” loans, 206, 208, 212, 318
Hirtle, Stan, 133
Hixson, Steve “Doughball,” 60–61, 62, 117
Hodges, Mike, 224, 268–69
Hodges, Tina, 269
Hogan, James, 48
Home Affordable Modification Program, 323–24
Homebuyer Protection Act (Ohio), 248, 249–50
Home Defense Program, 40, 41–42
home equity loans, 5, 6, 13, 15, 16, 48–50, 136, 297, 306
homeless shelters, 100
Home Ownership and Equity Protection Act (HOEPA; 1994), 56, 57, 156, 206, 240
Home Ownership Center of Greater Dayton, 301, 327
home-repair scams, 41, 43, 47–48
Homewise, 326–27
Household Finance Corporation, 3–7, 8–14, 15–16, 19, 29, 51, 52, 136, 146, 157, 203, 205, 240, 295, 296, 297, 303, 324, 325
class-action suit against, 16–18
closing of, 323
HSBC acquisition of, 18–19
House of Representatives, U.S., 54, 57–58, 321
Banking and Financial Services Committee of, 137, 143
Oversight and Government Reform Committee of, 319
see also Congress, U.S.
housing activists, 14–16, 17, 40, 46–47, 50, 140, 157–58
public awareness campaigns by, 15, 46
Housing and Urban Development Department, U.S., 14, 137, 156, 201, 247
HSBC, 18–19, 57, 303, 304, 323
Huber Heights, OH, 293
HUD-1
disclosure form, 134
Hudson, Mike, 105, 297
Husted, Jon, 260, 278
Hyatt, Joel, 295
Illinois, 78
IMC Mortgage, 149
Indiana, 73, 121, 124
industrial lenders, 204
Innis, Roy, 278
Inside B&C Lending, 37
Instant Refund Tax Service, 175
instant tax refund loans, see refund anticipation loans (RALs)
Instant Tax Service, 125, 169–85, 307
franchising of, 181–82
insurance:
credit, 12–13, 17, 52, 57, 108, 115, 136, 139, 150, 152, 156, 162, 164–65, 295
household, 3
life, 57
insurance companies, 4, 5
integration, 90
interest rates, 4, 5, 6, 33, 153–54, 204, 321
on credit cards, 8, 28
on mortgages, 9–11, 12, 13, 51
of pawnbrokers, 25, 26
on payday loans, 61, 62, 76, 220, 253–54, 259, 260, 272–73
on RALs, 184–85
on subprime loans, 12, 13, 41–42, 44, 48, 49, 50, 107, 111, 115, 141, 156, 272–73
Iowa, 215
IRS, 171
Issue 5, 261, 273, 274–87, 289, 312
Ivey, Ralph and Ethel, 112, 205
Jackson, Jesse, 131
Jackson, Ormond and Rosie, 136
Jackson Hewitt, 27–28, 169, 172, 177, 178–79, 180, 182, 186, 289, 291, 293
Jacobson, Jeff, 249–50
Japan, 150, 151
J. C. Bradford & Company, 75
Jent, Terrence, 258–59
JLL Partners, 26
Johanson, Peder, 277
Johnson, George Dean, Jr., 118–19, 120, 121, 125, 225
Jones, W. A. “Bill,” 67, 69–70
Jones, W. Allan, Jr., 33, 34, 60–73, 76–77, 78, 84, 85, 88, 89, 116–17, 120, 121, 123, 128, 160, 161, 168, 169, 186–87, 224, 237–38, 257–58, 278–79, 286, 289, 290, 310–12, 313, 320, 325, 330
class-action suits against, 80
diversification by, 315, 331–32
education of, 65–66
expansion by, 81–82
home of, 79–80
lobbying by, 80–81
philanthropy of, 67–68
reputation of, 67–68, 70
wealth of, 71–72
wiretapping charges against, 68
Jones Airways, 71, 311
JPMorgan Chase, 25–26, 27, 28, 176, 185, 303, 321, 322
judicial foreclosures, 210–11
Justice Department, U.S., 69, 150, 296
Just Right Auto Sales, 331
Kahr, Andrew, 175–76
Kansas, 263–65
Kansas City, MO, 53
Keest, Kathleen, 7, 50–54, 57, 58, 295, 299, 302–3, 319
Kemp, Jack, 233
Kentucky, 73
Kettering, OH, 289, 291, 306
KeyBank, 132
Keyes, Alan, 278
King, Uriah, 226
King & Spalding, 47
Kirk, Tom, 255
Kirkpatrick, Joe, 73–74
Klein, Gary, 16
Kmart, 83
Kroger, 83
Kubiniec, Gail, 152
Kucan, John, 227