Here's hoping.
In the issue of SFR that hit the streets yesterday, we noted legislative proposals by Lt. Gov. Diane Denish and state Sen. Peter Wirth, D-Santa Fe, to
curtail the quickly evolving practices of predatory lenders
.
This morning, Reuters blogger Felix Salmon picks up on the New Mexico Attorney General's efforts in that vein. Check out the outrageous terms of the loan
:
To borrow $100, a New Mexico man was asked to pay $999.71 in finance charges
.
That's "
loan sharking, pure and simple
," Salmon writes. But the secondary market in debt complicates matters, at least from the perspective of the courts:
