The Sides of Lending EquiCredit Corp. Knows 'Predatory' Line a Fine One

By Barker-Benfield, Simon | The Florida Times Union, August 31, 2000 | Go to article overview

The Sides of Lending EquiCredit Corp. Knows 'Predatory' Line a Fine One


Barker-Benfield, Simon, The Florida Times Union


Three months ago, Helen Eggers was toasting the ongoing introduction of Bank of America's new red-white-and-blue corporate symbol. Today, she probably needs a couple of aspirins.

Back then, her job was director of branding communications, presenting the best public face of America's biggest commercial bank, before being promoted to president of BofA's Jacksonville-based EquiCredit Corp.

Yesterday, the Chicago City Council passed an ordinance designed to curb "predatory lending practices," the first city in the nation to do so.

It is unlikely to be the last.

The Chicago vote puts Eggers at the uncomfortable intersection of issues that touch on poverty and class, race and social equity, business risk and profit.

The burgeoning debate on how to stop abusive and deceptive lending practices stretches from Boston to Oakland, Calif., via Washington, D.C., has drawn in state and congressional legislators, not to mention Alan Greenspan, chairman of the Federal Reserve, and any number of advocacy groups.

And Eggers, the branding expert, has an additional challenge. EquiCredit faces having its speciality, subprime lending, re-branded as predatory lending.

EquiCredit is one of the biggest players in the business of lending to people who, for whatever reason, do not qualify for the lowest rates on mortgage loans or who have bad credit. Lenders call it the "subprime" market, as opposed to the segment of the market that qualifies for the best rates.

Eggers prefers the term "risk-based lending" and is exasperated that increasingly, the terms "subprime lending" and "predatory lending "are being used interchangeably.

"I think it is very clear to us that risk-based lending, unfortunately, has been too easily confused with what we would describe as abusive and deceptive practices," said Eggers, who grew up in St. Petersburg and started with Bank of America in the early 1980s as a credit specialist, before moving into marketing.

Predatory lending is not an easy term to define. Federal regulators have declined to do so, although they have identified practices ranging from loan flipping, where borrowers have to refinance their loans many times, to selling single-premium insurance policies without their knowledge. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

The Sides of Lending EquiCredit Corp. Knows 'Predatory' Line a Fine One
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.