Saturday, October 10, 2009

Predatory Lenders Kill Livestock

CASPER, WY - Ranchers reported a pack of predatory lenders have pulled down and killed several head of cattle. "They [lenders] had suits on," said rancher Burrell Jefferson. "One put a contract over a cow's eyes with loan fees in excess of five percent. Then the others jumped on the cow and ate it down to the hoofs." With the housing slump continuing, predatory lenders have turned feral, roaming farms and ranches, carrying abusive prepayment penalties and preying on older, subprime cattle. "We're fighting back," said Cliff Willis, another rancher. "I've got bait boxes out with poisoned phone numbers of home owners interested in loan flipping. Then we've got steel traps baited with lists of borrowers who prefer mandatory arbitration." Willis hopes to cull predatory lenders before spring. "Otherwise, they'll get after the calves with teaser loans." None of the ranchers know how long their livestock will be at risk, but Willis aims to turn lemons into lemonade. "I just hope to bag enough lenders to make my wife a muff." (Photo:

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