Lending

Uganda’s Domestic Debt Surge Linked to Anti-Gay Legislation’s Impact on Foreign Lending

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Kampala, Uganda – The domestic debt in Uganda has surged dramatically amid international lenders pulling back in response to the country’s strict anti-gay legislation. This law has sparked widespread condemnation from foreign governments and organizations, leading to a tightening of available funds and increased financial pressure on the Ugandan economy. As foreign financing dwindles, Uganda’s reliance on domestic borrowing has escalated. The country’s debt reached approximately 57 trillion Ugandan shillings (about $15.5 billion) by the end of the last fiscal year, representing over 50% of GDP. The increase has raised concerns over fiscal sustainability and … Read more

Dr. Phil’s Son Implicated in Alleged Predatory Lending Scheme with Crow Creek Sioux Tribe

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A California resident has initiated legal action against River Valley Loans and several business leaders, including the son of television personality Dr. Phil, accusing them of operating a predatory lending operation that involved the Crow Creek Sioux Tribe. According to the complaint, the defendants are charged with facilitating small-dollar loans that carry excessively high interest rates, violating lending laws. The plaintiff alleges that the scheme exploits both the tribal affiliation of the lending entity and borrowers’ vulnerabilities by offering loans without adhering to legal interest rate limits. California state laws impose strict caps on interest … Read more

Landmark Fair Lending Rules Temporarily Halted by Texas Federal Judge

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Dallas, Texas – A federal judge in Texas has halted the implementation of updated rules aimed at promoting fair lending practices. The revised regulations, which were set to take effect, were blocked by the judge on Monday. The fair lending rules were designed to provide stronger protection against discrimination in lending practices, particularly targeting minority borrowers. The regulations were due to be implemented by the Consumer Financial Protection Bureau (CFPB) and would have required lenders to collect and report more detailed data on loan applications. The decision by the judge comes after a lawsuit was … Read more

Unregulated Lawsuit Lending Industry Sparks Crisis in New York’s Real Estate World

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New York City – An unregulated, multi-billion dollar industry in New York is causing a “crisis” in the real estate world, according to two powerful building and construction groups. The Associated Builders and Contractors (ABC-NYS) and Real Estate Board of New York (REBNY) are calling for reforms to the practice of “third-party litigation lending,” which provides quick cash advances to potential plaintiffs who may not have to repay the money if they lose their lawsuit. “What it’s created is a general liability crisis,” said Brian Sampson, president of ABC-NYS. The groups argue that the industry, … Read more