As JPM Chase and BofA enable subprimers like World Acceptance, Regulators Do Nothing

Bottom feeding subprime lender World Acceptance, charging interest rates up to 215%, is enabled by credit lines from JPM Chase and Bank of America, among others.

World Acceptance feasts off repeated refinances and roll overs, using the rule of 78s to fleeces its borrowers.

Do Chase and BofA have any standards for the subprime lenders they will lend to?

JPM Chase was previously exposed by Inner City Press / Fair Finance Watch for extensive lending to pawn shops and high cost check cashers. Even post-crisis, the sleaze just continues. And what do the regulators do? Watch this site.

Subprimers from Fremont resurface as bottom feeders buying foreclosed home: Impunity

Once subprime, always subprime. Or, subprime never dies --

"Kyle Walker, a former top executive at Fremont Investment & Loan - a once-high-flying subprime lender - has a new firm that is buying distressed homes, some for as little as $1,000... 'We have a pitch book out with Cohen Financial and hope to raise between $6 million and $7 million,' said Mr. Walker. The company he owns and manages is called Home America. His management team includes Bob Clafford, a former executive vice president in charge of wholesale lending at FI&L." NMN

Our first run-in with Fremont was when, despite a timely request for the Home Mortgage Disclosure Act (HMDA) data in electronic format, they refused and gave it in a format that could not be analyzed. Later, Fremont settled predatory lending charges for $10 million with Massachusetts Attorney General Martha "Don't Go There" Coakley.

Now Fremont's Walker and Clafford resurface, buying foreclosed homes and renting or "land contracting" them back to lower income people while holding the note or deed in portfolio.

Some might call this impunity. And they would be correct.