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In a followup to an article discussed previously here on SoylentNews:
Bloomberg has a three-part series on the use of an obscure legal document that unscrupulous lenders are using against small businesses.
- In Part 1 - I Hereby Confess Judgement, (the part discussed earlier on SoylentNews,) they go into detail on what the predatory lenders are doing to small businesses using a document known as a "Confession of Judgement" to extract court wins from small businesses without a trial.
- In Part 2 - The $1.7 Million Man, they go into how a debt collector became NYC's top earning official.
- In Part 3 - Rubber Stamp Justice, the article describes how the courts are involved, and what some of them are doing to prevent this abuse.
After the story was released on Bloomberg, the New York State Attorney General's office opened a formal investigation last month.
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Predatory Lending is Crushing Small Businesses (continued)
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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
Confess your sins to the Lord and you will be forgiven;
confess them to man and you will be laughed at.
-- Josh Billings
(Score: 4, Insightful) by Thexalon on Tuesday December 04 2018, @12:13PM (1 child)
Never, ever, do business with somebody really eager to give you a big loan. A legitimate loan officer is someone you have to beg, not someone who approaches you checkbook in hand.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 3, Informative) by All Your Lawn Are Belong To Us on Tuesday December 04 2018, @05:31PM
Also never, ever do business with somebody who sent you a fax or email that you never asked for. And while we're at it: Never sign a contract which involves money without actually reading it and figuring out what it means.
This sig for rent.