Sign Here to Lose Everything

[broken ed]

careful  what you sign...

"The lenders’ weapon of choice is an arcane legal document called a confession of judgment. Before borrowers get a loan, they have to sign a statement giving up their right to defend themselves if the lender takes them to court."


"Armed with a confession, a lender can, without proof, accuse borrowers of not paying and legally seize their assets before they know what’s happened."

full story on Bloomberg here: https://www.bloomberg.com/graphics/2018-confessions-of-judgment/

 

[ByeBye]

Debt is one of the scourges of our time.

 

[SLB_SA]

Wow.  That law is terrible. 
Going off on a tangent, the Federal Reserve released a new note today; CNBC has an article which states: In what is often a boiler plate report on conditions in the banking system and corporate and business debt, the Fed instead warned of "generally elevated" asset prices that "appear high relative to their historical ranges." AND "An escalation in trade tensions, geopolitical uncertainty, or other adverse shocks could lead to a decline in investor appetite for risks in general," the report said. "The resulting drop in asset prices might be particularly large, given that valuations appear elevated relative to historical levels."
This brings the Global Financial Crisis (GFC) to mind; I hope we do not see a repeat of this.  I take statements from the Federal Reserve seriously.  Lots of people lost homes and retirement funds in the GFC.  

Link: https://www.cnbc.com/2018/11/28/fed...-prices-is-possible-if-risks-materialize.html

 

[Bailey Dillion]

Seems like another scheme to take away our rights

Sent from my SM-G920T using Tapatalk

 

[Redbearded]

Just remember that Mortgage literally translates to "Death Payment"...

 

[SLB_SA]

@Bailey Dillion
I love the raised eyebrows on the Doberman Pinscher in the picture.

 

[Plant]

Debt is evil. It takes your freedom away. Been there, never again.

 

[Ken in Anaheim]

@Bailey Dillion
I love the raised eyebrows on the Doberman Pinscher in the picture.

Isn't that a German Shepard ?

 

[Firtree]

Isn't that a German Shepard ?

Or maybe a Belgian Tervuren or Malinois.

 

[highdesertranger]

I thought it was a poodle. highdesertranger

 

[Spaceman Spiff]

Chihauhau on left, chickadee on right; both on steroids.

 

[SLB_SA]

Thank (all of) you for educating me about types of dogs. ;-)

 

[Ella1]

It's a Mal. The Tervs and Sheepdogs have long hair.
https://www.akc.org/dog-breeds/belgian-tervuren/
https://www.akc.org/dog-breeds/belgian-sheepdog/
aka groenendael
My girl was a sheepdog.

 

[SoCaliVanner]

Yep, that's a Malinois. Awesome dogs, they are an intensely driven working breed.

 

[Jim_Rockford]

Jokes on them I have no assets..lmfao

 

[sreesekelley]

I didn't know poodles had feathers

 

[willingtorelocate]

There are all kinds of contracts that creditors and the state use to hold you down. When you really dive into it, stuff like this is only the the tip of the iceberg. What we sign away by way of contract in America is absolutely nuts.

My personal thought, is that I like living within my means. My accounts don't overdraw, and I don't use the debt system unless I have to. Recently upgraded my telecommunications setup. I'm using verizon now, because they have the biggest network and easiest data plans. I was using a prepaid modem before that, but Metropcs was shutting me down at my data limit. I work on the web, so that was unacceptable. Had to get a real plan. But now that I have it, I don't really think about it much.

The only thing I would consider going into debt over at this point, maybe, might be a new camper. But even then, it's pretty easy to get a nice one used.

 

[WanderingCanuck]

Far too often someone will hand me a document to sign and after a few seconds, they'll very "helpfully" point out the signature line. My response is usually something like "oh, no, that's ok. I wasn't looking for that. I was actually reading it." Few people do. Even fewer actually understand it even if they do read it.

 

[ByeBye]

Debt makes a slave out of you and me. Chains come in various forms

 

[Txjaybird]

I thought it was a poodle.   highdesertranger

GET GLASSES! 

QUEENIE & TJB