A 60-year-old Navy veteran needed money fast. So he did what far too many people do in that situation and applied for a short-term “payday-type” loan. When all was said and done, he was charged well over 100 percent interest. Seriously. One major player in the industry offered a $2,600, 47-month loan, and sought a total repayment of $20,280.03! That’s a 204.94 percent annual percentage rate!
Most of us realize that short-term lenders make their nut on exorbitantly high interest rates, but states have systematically cracked down on these companies and capped the interest they’re allowed to charge. State regulators have had a good deal of success in recent years securing hefty settlements for citizens victimized under state usury laws.
But our Navy veteran friend wasn’t so lucky. He got his loans from the wrong companies, and the state Department of Banking had to tell him that they were powerless to assist him.
It’s hard to believe a company can so blatantly thumb its nose at the rules, but they have a secret and some Biglaw bigshots on retainer to fight tooth-and-nail to protect their lending practices….
Back in June, when I reviewed employment data for the law school class of 2013, I sounded some cautiously optimistic notes. I wondered whether a stable job market and shrinking law school classes could produce better employment outcomes for many law grads.
Could the jobs picture be even brighter than “stable”? Check out what looks like a big expansion of the U.S. Department of Justice’s prestigious Attorney General’s Honors Program, along with other opportunities to work as a lawyer for the federal government….
With nothing else to rank at the moment, U.S. News decided to try its hand at “news” and put out an article analyzing the expected fallout from the new mortgage lending rules coming down from the Consumer Financial Protection Bureau. The new rules are intended to stem the tide of future foreclosures by clamping down on profligate lending.
But all clampdowns leave people out in the cold.
To put this more directly: if you thought being a lawyer with good credit would put you in a position to buy your own home, you’re probably wrong….
Get your cover letters ready, folks, because it’s that time of year again. If you’re a member of the class of 2013 and you’ve been scrambling to find a job for after graduation, you are not alone. The job market for graduating law students is still tough, so we try to bring our readers information about employment opportunities every now and then.
Today we bring you news about an arm of the federal government that is hiring graduating law students as well as experienced attorneys. But if you’re truly interested, you need to act fast; some of these applications are due as early as Monday night….
Rather than helping homeowners modify their mortgage loans or avoid foreclosure, Defendants dupe distressed homeowners into paying thousands of dollars based on false promises and misrepresentations. Indeed, Defendants provide little, if any, meaningful assistance to modify homeowners’ mortgage loans or prevent foreclosure.
It’ll take some time before a court rules on the legality of Barack Obama’s recess appointment of Richard Cordray to the Consumer Financial Protection Bureau. In case you haven’t been paying attention, Obama nominated Cordray two years ago, but the Republicans have refused to allow his nomination to come to a vote. Obama then wanted to use his recess appointment powers to fill the vacancy while Congress was away, but Republicans have blocked that through a series of sham sessions in which a couple of members gavel in and gavel out in a few seconds every couple of days. Last week, Obama decided those sessions did not constitute real sessions and appointed Cordray anyway, and we’ve all been treated to a week of howling from the right about an “illegal” power grab by the executive branch.
I appeared on the Mike Huckabee Show this weekend and defended the president’s appointment. It felt a lot like writing here at ATL: the live studio audience even booed me to make me feel at home.
But on Friday, Republican lawmakers did something really funny: they asked Eric Holder and the Department of Justice to explain what role the Office of Legal Counsel played in advising or authorizing Obama’s move. I’m immediately reminded of Bones McCoy trying to get back to the quarantined Genesis planet in Star Trek III when he says: “There aren’t gonna be any damned permits! How can you get a permit to do a damned illegal thing?”
Regardless of the legality of the recess appointments, did Obama do the right thing?
It woud be nice if the Senate could have actually given this guy a vote instead of forcing the present ugliness.
* The recess appointment of Richard Cordray to head the CFPB could get tricky — not because Republicans are outraged by recess appointments (much like Democrats are outraged by obstructionist filibusters), but because Congress isn’t technically in recess, due to the sham sessions Congress has been running. [WSJ Law Blog]
* Is it really that surprising that the unemployed are NOT on drugs? Aren’t Republicans the ones who are supposed to understand that in a market, desirable goods cost money? If you want to drug test a constituency, do a random raid at a white-shoe law firm, and don’t forget your chemistry set. [Huffington Post]
* It’s nice to ask permission before you appropriate somebody’s song as your campaign theme. [Fox News]
* Thanks to everybody who voted for us as their favorite legal blog for news in the ABA Journal’s Blawg 100 poll. You’ve given us the strength to keep reporting on spring bonuses, even though they don’t technically exist yet. [ABA Journal]
Today we bring you news about another arm of the federal government that is hiring graduating law students as well as experienced attorneys. But if you’re interested, you need to act fast; applications are due as early as tomorrow….
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
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