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Time to Make Deceptive Loan Deals Illegal

November 13, 1994

What outraged me about the article headlined "Undisclosed Fees Spark Truth in Lending Battle" (Oct. 9) was that this loan shark was aware that Marta Rodash could not possibly afford to make the payments, not to mention the four points, but went ahead with the loan anyway.

I am disgusted that the only recourse the lawyer had was to go after them for not disclosing minuscule fees in the truth-in-lending disclosure, when in my mind, this is a clear case of fraud. I would like to see our government change the legislation to make such loan deals illegal.

People like Marta Rodash are all too susceptible to such rip-offs, and although the truth in lending law was set up to protect us by forcing lenders to disclose all fees, what use is it if the Marta Rodashes of the world cannot figure out that they are being ripped off until it is too late.

It is not enough and we have to do more to protect these people.

DEIRDRE KELLY

Irvine

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