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DEL.ICIO.USNap time’s over: Martin hits Cagle on predatory lending
The Atlanta Journal-Constitution
Georgia’s sleepy race for lieutenant governor woke up .
Democratic candidate Jim Martin has gone up with a 30-second ad attacking Republican Casey Cagle for his support of “predatory lending” practices that “prey on our families, seniors, even soldiers.”
Expect Cagle to respond in kind. They’ve been holding fire.
The Martin ad accuses Cagle of gutting a bill to restrain the practice, and taking campaign contributions from the industry.
Brad Alexander, a spokesman for Cagle, called the ad a falsehood.
“The legislation Martin references would not force anyone out of their homes, and was in fact a bipartisan effort to reform a 2002 Democrat bill that was significantly endangering Georgia homebuyers,” he said.
Comments
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By Michael
October 24, 2006 3:47 PM | Link to this
The brand new law that the newly minted Republican legislature gutted in 2003 was significantly endangering bank and mortgage company profits. Can’t have that. Georgia is a screw- the-consumer state and Roy Barnes had the will to go after it. Apparently flaggers, teachers and Republican coattails were too strong.
By GLC
October 24, 2006 7:52 PM | Link to this
Jim Martin is credible and if he says it I believe it. I will cast my vote accordingly.
By cman
October 24, 2006 8:45 PM | Link to this
Just being the devil’s advocate here. Shouldn’t folks be more upset with the major banks for not making short-term loans available for people that have fallen on hard-times?
By Philly
October 25, 2006 9:12 AM | Link to this
I will vote Libertarian for Lt. Governor and Governor and GOP the rest ot the ticket.
I am glad Martin is running these ads. Cagle would be hypocritical to say one word about the negative ads.
Cagle is crooked and voters need to know it. He can be bought.
By masonlee
October 25, 2006 10:41 AM | Link to this
Nice revisionist history there. The reason the law was amended was that the langauge Barnes rammed through the legislature was on the verge of shutting down the secondary mortage market as the threat of uncapped assignee liability, coupled with certain ambiguities in the law, caused virtually everybody to stop buying any mortgages originated in Georgia. This quite literally caused a meltdown in the Georgia mortgage markets. Since lenders couldn’t sell their loans, they couldn’t get money to make new ones. As to the rest of the statute, it remains one of the strictest predatory lending laws in the country.
By buck
October 25, 2006 1:47 PM | Link to this
Ga’s predatory lending laws are scary. It’s really amazing.