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Mayor A C Wharton says Memphis’ high poverty rate and low level of financial literacy make the city a target for scams aimed at homeowners faced with foreclosure.
Perhaps he was too polite to mention the Tennessee General Assembly, which has resisted efforts to curb predatory lending practices at almost every opportunity.
Just last April, for example, the House subcommittee on utilities and banking buried a package of bills sponsored by Memphis Democrats Johnnie Turner and Jeanne Richardson aimed at abuses by the title pledge, payday and mortgage loan industries.
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With little help coming from the legislature, Memphis has had to take action on its own to protect vulnerable consumers from underhanded tactics.
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