[ZootSuit]

https://www.bloomberg.com/graphics/2...-court-clerks/

[Nunya]

They're losing their bite.

[J.Celifarco]

They're losing their bite.

agreed this article is a whole lot of nothing

[ZootSuit]

It's basically just a summary of the 2nd article.

[jenk12]

"That’s about to change soon. Hoose says he plans to start rejecting cases from outside the county. “I believe we have the grounds,” he says. “Stay tuned."'

Anyone know what legal grounds he's referencing?

[BROKER TIME]

"That’s about to change soon. Hoose says he plans to start rejecting cases from outside the county. “I believe we have the grounds,” he says. “Stay tuned."'

Anyone know what legal grounds he's referencing?

i wonder what he gets paid to stamp it

[Sean Cash]

Bloomberg reporters were ASTOUNDED to learn that lawyers are filing documents in counties with smaller caseloads because their local courthouse is weeks behind in paperwork. IT'S INCREDIBLE. WHERE IS THE OUTRAGE?!

[Cashman1]

I think this reporter just wants in. Karen can you hire him?

[Michael I]

haha ,that is the highlight of this article

[Big Mack]

Article #4 is going to be about the amount of money FedEx is making by shipping COJ's overnight, containing an interview with an anonymous low level Federal Express employee at their Memphis shipping center.

[HDF]

So plainly organized, timed and executed through the media. Their editorial head is a well known far left political asset of the deep left (personal aide and speechwriter for Clintons etc) Just an FYI, I could care less about the politics unless it is the driving force- but it is noteworthy.

Gotta ask why. Why now and to benefit whom? At the very least, if the COJ in NY and elsewhere is rendered useless for this purpose, what happens to the ability to raise money and mitigate losses by complete defaults. What hedge fund (large or small) wants to put money out at X% with their basis of return more at risk?

[Atlas Financial]

Maybe the strength of COJs loosing it's enforcement power is a good way to clean up the industry, and I don't mean brokers. You will be required to have better underwriting, better collections teams, better operations, etc or be forced out of business. How many funders are on here that literally fund a second or third position solely because On Deck is the first or *insert who you think is the best 2nd position funder* is the 2nd? How fast and loose is their "underwriting"? The game is a little different when you can't enforce a COJ to collect everything back on a default. No more guaranteed returns. I'm not saying there won't be stacking, that's never going to end, but there are companies that do not file COJs on any amount and are still thriving because they rely on information, due diligence, and processes rather than some legality for filing COJs.

[SmartAdvanced]

So plainly organized, timed and executed through the media. Their editorial head is a well known far left political asset of the deep left (personal aide and speechwriter for Clintons etc) Just an FYI, I could care less about the politics unless it is the driving force- but it is noteworthy.

Gotta ask why. Why now and to benefit whom? At the very least, if the COJ in NY and elsewhere is rendered useless for this purpose, what happens to the ability to raise money and mitigate losses by complete defaults. What hedge fund (large or small) wants to put money out at X% with their basis of return more at risk?

Most collections in the B and C space are done through AR and UCCs. COJs are collecting a fraction of is outstanding in the MCA space. According to Bloomberg the total balance on all the COJs filed is $1.5 Billion and only $30 Million was seized. (give or take).

[Sean Cash]

COJs are used all throughout the financial services and the legal industry. A COJ was even used against the owner of a large MCA company in Florida (WGF) by a hedge fund in New York. When he breached their agreement, they filed a COJ against him. Thousands of companies have a vested interest in keeping the legality of COJs right where they are.

[jenk12]

Maybe the strength of COJs loosing it's enforcement power is a good way to clean up the industry, and I don't mean brokers. You will be required to have better underwriting, better collections teams, better operations, etc or be forced out of business. How many funders are on here that literally fund a second or third position solely because On Deck is the first or *insert who you think is the best 2nd position funder* is the 2nd? How fast and loose is their "underwriting"? The game is a little different when you can't enforce a COJ to collect everything back on a default. No more guaranteed returns. I'm not saying there won't be stacking, that's never going to end, but there are companies that do not file COJs on any amount and are still thriving because they rely on information, due diligence, and processes rather than some legality for filing COJs.

That could be the one benefit of some regulation--the x-cons and thugs that pervade the industry will have to find another job. Perhaps the bursted bubble is near. I've had data entry people ask me for help in starting their ISO shop. The organized players will survive and thrive once the dust settles.

[Michael I]

That could be the one benefit of some regulation--the x-cons and thugs that pervade the industry will have to find another job. Perhaps the bursted bubble is near. I've had data entry people ask me for help in starting their ISO shop. The organized players will survive and thrive once the dust settles.

strongly disagree , they know how to beat the system and it will only help people like that . who it will kill are the small one man shops who will not be able to afford licensing and the less volume

[Garth Butcher]

Do you think there is one person in the world who finds this article interesting?

[Sean Cash]

I feel bad for the random dude stamping documents for $42 in a rural courthouse in Ontario County who is now the face of predatory lending.

[Don Dolla]

ever since karen revealed her identity she has been awfully quiet

[BROKER TIME]

ever since karen revealed her identity she has been awfully quiet

lollllllllllllllllllllllllllllllllllllll

[BROKER TIME]

I feel bad for the random dude stamping documents for $42 in a rural courthouse in Ontario County who is now the face of predatory lending.

$42 per stamp sounds predatory to me

[jenk12]

$42 per stamp sounds predatory to me

Can't be more than 5 minutes of work for $15/hr court staff. They're making 1000% returns!!

[MCNetwork]

I think this reporter just wants in. Karen can you hire him?

Karen37a is no longer on this forum. She may have been a bit nuts but she was entertaining. RIP.

giphy.gif

[Don Dolla]

lol

[Chargers]

A) Why is Karen37a no longer a part of this forum? Just curious
B) What/Who is her true identity?

thanks