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How payday lenders spent $1 million at a Trump resort — and cashed in

In mid-March, the payday lending industry held its annual convention at the Trump National Doral hotel outside Miami. Payday lenders offer loans on the order of a few hundred dollars, typically to low-income borrowers, who have to pay them back in a matter of weeks. The industry has long been reviled by critics for charging stratospheric interest rates — typically 400 percent on an annual basis — that leave customers trapped in cycles of debt.

The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads.

On the edge of the Doral’s grounds, as the payday convention began, a group of ministers held a protest “pray-in,” denouncing the lenders for having a “feast” while their borrowers “suffer and starve.”

But inside the hotel, in a wood-paneled bar under golden chandeliers, the mood was celebratory. Payday lenders, many dressed in golf shirts and khakis, enjoyed an open bar and mingled over bites of steak and coconut shrimp.

Prominent Senate Democrats want reversal of HUD policy on FHA mortgages for Dreamers

This week, a dozen Democrats introduced the “Homeownership for Dreamers Act,” which would ensure that Dreamers cannot be denied a mortgage backed by the FHA, Fannie Mae , Freddie Mac , or the Department of Agriculture based solely on their immigration status.

A companion bill was passed out of the House Financial Services Committee last week after being introduced in the House of Representatives by Rep. Juan Vargas, D-CA.

The Senate version of the bill was introduced this week by Sens. Kamala Harris, D-CA; Cory Booker, D-NJ; Amy Klobuchar, D-MN; Kirsten Gillibrand, D-NY; Bernie Sanders, I-VT; Robert Menendez, D-NJ; Catherine Cortez Masto, D-NV; Sherrod Brown, D-OH; Mazie Hirono, D-HI; Ron Wyden, D-OR; Richard Blumenthal, D-CT; and Tammy Duckworth, D-IL.

The bill comes about after HUD Assistant Secretary for Congressional and Intergovernmental Relations Len Wolfson stated definitively last week that Dreamers are not eligible for FHA mortgages, a move that was a reversal from HUD’s previous answers to questions about whether FHA is backing mortgages for Dreamers.

What's the best way for me to become a Mortgage Broker in CT?

I have been a Loan Originator for a year now, but I'd like to become a mortgage broker. This way, I can shop around to different lenders to help close more loans.


You can try Countrywide, but honestly...your current position is the safer bet of the two. Mortgage Brokers and getting the short end of the stick lately and banks (like Wichovia) are no longer even dealing with them.

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