The Predatory Lending Scheme Destroying American Lives

The video discusses the impact of confessions of judgment on small businesses in the U.S. These legal documents allow lenders to seize borrowers' assets without notice, often leading to financial ruin. The practice is prevalent in the cash advance industry, particularly in New York, where laws permit such actions. The video highlights the story of Jerry Bush Jr., a plumber who faced severe financial distress due to these practices. Following media exposure, government officials have begun investigating and proposing legislation to curb these practices. Despite potential reforms, the cash advance industry continues to employ various abusive tactics.

What is a confession of judgment?

• A statement of financial health required by banks

• A confession made by borrowers to admit their financial mistakes

• A legal document that allows lenders to seize assets without a court hearing

• A document that guarantees a loan approval

What is the primary reason cash advance companies are attractive to certain individuals?

• They are regulated by the government

• They provide quick profits

• They have a strong ethical foundation

• They offer low-interest loans

Who founded Yellowstone Capital?

• Jerry Bush Jr.

• David Klass

• Zeke Fox

• Zack Miter

What was the financial impact on Jerry Bush Jr. due to Confessions of Judgment?

• He received a government bailout

• He had to close his business

• He was able to expand his business

• He successfully sued the lenders

What action did Jerry Bush Jr. take in response to his financial situation?

• He became a spokesperson for cash advance companies

• He attempted to take his own life

• He moved to another state

• He started a new business

What was the outcome of the investigative report on Confessions of Judgment?

• It led to the immediate shutdown of all cash advance companies

• It resulted in legislative actions to end the practice

• It had no impact on the industry

• It increased the popularity of cash advances

What ongoing issues remain in the cash advance industry despite potential changes to Confessions of Judgment?

• Government subsidies for cash advance companies

• Brokers signing customers up for unwanted loans

• Lack of demand for cash advances

• Complete transparency in loan agreements