The Center for Responsible Lending is probably the biggest critic of payday loans. Well as fate would have it, the founders of CRL, Marion and Herb Sandler, are in Time’s “25 people to blame for the financial crisis.” Seems those running the Center for Responsible Lending haven’t practiced what they preach.
In the 1980′s, the Sandlers owned World Savings Bank. They began to specialize in tricky home loans called the option ARM. The couple pocketed $2.6 billion when they sold their bank to Wachovia in 2006.
Unfortunately, losses on their loan portfolio caused Wachovia to implode. Seems the Sandlers really don’t have a clue when it comes to lending. And they call payday lenders the swindlers?
These people clearly cannot be trusted. The vitriol and hollow rhetoric they have spewed about payday loans holds no sway.
