Predatory Lending is Crushing Small Businesses (continued): SoylentNews Submission

Accepted submission by stretch611 at 2018-12-03 19:56:11 from the the-system-is-broken dept.

stretch611 [soylentnews.org] writes:

In a followup to an article discussed prior here on SN [soylentnews.org]:

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 [bloomberg.com], (the part discussed earlier on SN,) they go in to 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 $1.7million Man [bloomberg.com], they go into how a debt collector became NYC's top earning official.
In Part 3 - Rubber Stamp Justice [bloomberg.com], 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 [bloomberg.com] last month.

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