STATEMENT BY SECRETARY HENRY M. PAULSON, JR. ON FANNIE MAE AND FREDDIE MAC
Washington, DC - Secretary Henry M. Paulson, Jr. made the following comment today on news stories about "contingency planning" at Treasury:
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ALLIANCE DATA SIGNS MULTI-YEAR AGREEMENT EXTENSION WITH TOP-10 CLIENT NEW YORK & COMPANY
DALLAS - Alliance Data Systems Corporation (NYSE: ADS), a leading provider of loyalty and marketing solutions derived from transaction-rich data, today announced it has signed a multi-year contract extension agreement with top-10 client New York & Company, Inc. (NYSE: NWY) to continue providing private label credit card services to over 593 retail stores in 44 states and online.
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IRS REFUSES TO STOP USING PRIVATE DEBT COLLECTORS
Despite repeated reports by the IRS's own independent review service that recommend dropping the use of contracted, private debt collectors for its delinquent collections, the IRS is continuing its Private Debt Collection (PDC) program.
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TRANSUNION LAUNCHES UPDATED ACCOUNT MANAGEMENT AND NEW ACCOUNT MODELS, IMPROVING ABILITY TO IDENTIFY BANKRUPT ACCOUNTS
CHICAGO - TransUnion announced today the launch of its newly updated TransUnion Account Management and TransUnion New Account scoring models.
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FANNIE AND FREDDIE ON THE BRINK
NEW YORK - The anxiety over Fannie Mae and Freddie Mac, crucial to a recovery of the battered housing market and the economy as a whole, reached fever pitch on Friday as shares plunged on speculation of a looming bailout.
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FRANK HOPES HOUSING BILL BOOSTS CONFIDENCE
Rep. Barney Frank (D-Mass.) said he hopes the housing rescue bill moving through Congress raises confidence amid uncertainty over the future of Fannie Mae and Freddie Mac.
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CITI TO SELL GERMAN RETAIL BANKING OPERATION TO CREDIT MUTUEL
Dusseldorf/New York - Citi announced today that it has entered into a definitive agreement to sell Citibank Privatkunden AG & Co. KGaA, its German retail banking operation, and certain of its affiliates, to Credit Mutuel, the third largest retail banking group in France.
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DEADLINE FOR NOMINATIONS FOR THE INDUSTRY CHOICE TRIBUTE AWARDS IS JULY 15, 2008
Nominations for Industry Choice Tribute Awards have begun. All nominations will be reviewed by a committee of qualified industry professionals. Finalists will then be voted on by you, with the Industry Choice Tribute Awards being presented at the DCS 2008 Black Tie Charity Event on September 4, 2008 in San Diego.
Some selection criteria include: progressive attitude, integrity, ethics, innovation, and of course, results and success. You may know other criteria, or reasons you believe a company or individual is deserving of this award. Number of nominations will be a factor, as well as number of votes. The selection committee will determine the finalists, and voting will be completed on the web.
Hollywood has the People's Choice Awards, now the Collection and Recovery Industry has their Industry Choice Tribute Awards! Being recognized by your peers as a superior performer is one of the best compliments you can receive. Three company awards, and three individual awards will be presented at the Debt Connection Symposium & Expo ® 2008 Charity & Awards Gala to be held September 4, 2008 at the San Diego Marriott Hotel and Marina. Individual Awards will be presented to: Debt Buyer of the Year 2008, Debt Seller of the Year 2008, and Recovery Manager of the Year 2008. Companies will vie for Agency of the Year 2008, Attorney of the Year 2008 and Industry Vendor of the Year 2008.
Please help us recognize and reward the superstars by nominating a deserving person or company before July 15th.
To nominate your Industry Choice Click Here
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GE MONEY AGREES TO SELL ITS CONSUMER FINANCE BUSINESS IN JAPAN TO SHINSEI BANK
TOKYO - GE Money, the consumer financial services unit of the General Electric Company (NYSE: GE), announced today it has signed an agreement to sell its Japanese consumer finance business, which includes the Lake personal loan business, wholly owned credit cards and mortgages under GE Consumer Finance Co Ltd and its subsidiaries, to Shinsei Bank, a leading diversified Japanese bank.
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WACHOVIA NAMES NEW CEO
CHARLOTTE, N.C. - Wachovia Corp. named Treasury Undersecretary Robert Steel chief executive officer yesterday, ending a nearly six-week search for a new leader.
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COLLECTIONS INDUSTRY VETERAN LAUNCHES INNOVATIVE RECEIVABLES MANAGEMENT FIRM
PARSIPPANY, N.J. - For years, large organizations have had two principal ways to deal with delinquent receivables: build an in-house collections capability, or outsource recovery to one or more collection agencies. Neither approach is ideal, the former requiring an investment of money and effort that many organizations find a costly distraction from their core business activities, the latter a continuing level of oversight that many are ill-equipped to provide.
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FORECLOSURES AND BANK REPOSSESSIONS
The number of Americans losing their homes to foreclosure continued to soar in June, according to a report released Thursday.
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DISCOVER(R) U.S. SPENDING MONITOR(SM) DOWN NEARLY A POINT IN JUNE
RIVERWOODS, Ill. - The Discover U.S. Spending Monitor fell nearly a point in June to 85.9, as consumers struggled with rising prices for essentials and continued to lose confidence in the nation's economy. Economic confidence hit a new Monitor low, falling in June to a level that is nearly 30 points lower than a year ago.
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FORECLOSURES AND BANKRUPTCIES SOAR IN UTAH
More people are having serious money problems in Utah. Two different statistics that tell the story have gone way up.
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CHORDIANT LAUNCHES RECOMMENDATION ADVISOR 6.1
CUPERTINO, CALIF. - Chordiant Software, Inc. (Nasdaq: CHRD), the leading provider of Customer Experience (Cx™) software and services, today announced Recommendation Advisor 6.1, a real-time conversation and interaction management solution for organizations with high customer interaction volumes.
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TOUCHSTAR ANNOUNCES GLOBAL GROWTH IN ITS PARTNER PROGRAM
Denver, CO - TouchStar today announces global growth in its Partner Program; partners have been added in North America, Central America, South America, Asia, and The Middle East.
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PAULSON, BERNANKE CALL ON CONGRESS TO ACT
NEW YORK - Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke urged lawmakers Thursday to pass legislation aimed at modernizing the nation's beleaguered financial system.
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CONVERGYS APPOINTS JIM GOETZ AS CHIEF INFORMATION OFFICER
Cincinnati - Convergys Corporation (NYSE: CVG), a global leader in relationship management, announces the appointment of Jim Goetz as Chief Information Officer. Goetz will report to Earl Shanks, Convergys' Chief Financial Officer.
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COLLECTION TRAINING INSTITUTE, LLC ANNOUNCES THE OPENING OF THE FIRST EVER THIRD PARTY COLLECTION TRAINING SCHOOL IN INDIA
Collection Training Institute, LLC has set the bar in the collection industry by being the first group based in the U.S. to bring the only certified outsourcing total call center solution for third party collections to India. CTI is now operating as Collection Training Institute LLC in the U.S. and has also been listed in India as an official India corporation under Collections Training Institute Pvt. Ltd. and has opened an office in Noida, India in April 2008.
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DEBT COLLECTORS CANNOT BLAME THEIR MISTAKES ON CREDITORS, FEDERAL APPEALS COURT RULES
WASHINGTON - In a ruling that could help consumers nationwide, a federal appeals court this week held that debt collection agencies cannot shirk responsibility for abuses by blaming them on creditors.
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U.S. BANK SMALL BUSINESS SURVEY SHOWS MINNESOTA SMALL BUSINESS OWNERS BELIEVE ECONOMY IS IN RECESSION, BUT FEEL THEY HAVE ACCESS TO THE CREDIT THEY NEED
MINNEAPOLIS - Nearly three-quarters (74 percent) of Minnesota small business owners believe the economy is in a recession, and nearly half (46 percent) report lower revenues this year compared to 2007, according to the U.S. Bank Small Business Survey in Minnesota conducted statewide in June.
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2008 M&A ACTIVITY IN THE DEBT COLLECTION INDUSTRY ON TARGET TO EXCEED 2007 RESULTS DESPITE OVERALL GLOBAL DECLINE IN M&A
The combined deal value of mergers and acquisitions in the debt collection / accounts receivable management (ARM) industry could exceed last year's US$1.65 billion, according to Kaulkin Ginsberg, the leading strategic advisor to the industry. Despite the fact that only five M&A transactions closed in the second quarter of 2008, the estimated total deal value for the first half of the year is $1.43 billion.
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INDYMAC ISSUES STAKEHOLDER LETTER
In this very difficult and challenging environment, any of the actions that we take to keep Indymac safe and sound unfortunately have negative consequences to some important constituency. As we stated in our financial update on May 12, 2008, we have been working with our investment bankers to raise additional capital.
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FED CALLS FOR BANK SCRUTINY
WASHINGTON - Two days before Congress rolls up its sleeves and begins to consider new regulation of financial markets, Federal Reserve Chairman Ben Bernanke on Tuesday called for additional powers to look more closely at investment banks, with an eye toward preventing a future collapse of the global banking system.
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'RED FLAG' REGULATIONS REQUIRE FINANCIAL INSTITUTIONS AND CREDITORS TO HAVE IDENTITY THEFT PREVENTION PROGRAMS
Financial institutions and creditors are now required to develop and implement written identity theft prevention programs under the new "Red Flags Rules."
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THE STUDENT LOAN CORPORATION STRATEGICALLY REALIGNS BUSINESS TO POSITION FOR CONTINUED MARKET LEADERSHIP
STAMFORD, Conn. - The Student Loan Corporation (SLC), a subsidiary of Citibank, N.A., announced today a restructuring in various functional areas. This action demonstrates an ongoing strategic focus and decisiveness in managing the franchise through severe market and economic conditions as well as federal policy changes. In order to reduce expenses and drive efficiencies, a total of 146 positions within SLC and an additional 28 positions in Citibank (South Dakota), N.A. will be affected. The majority of these positions, from across the company in various functional areas, will be discontinued in August 2008.
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| DebtConnection.com is a searchable database of collection products and services.
The following Updates and New Entries occured since the last At A Glance was sent: | | | Portfolios For Sale | $6,868,684.00 Other
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?571
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690
$614,057.00 Judgments
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?570
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690
$1,052,448.00 Credit Cards
L & L FINANCIAL SERVICES
http://www.debtconnection.com/portfolio.asp?569
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2728
$3,397,664.00 Credit Cards
L & L FINANCIAL SERVICES
http://www.debtconnection.com/portfolio.asp?568
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2728
$2,608,684.00 Credit Cards
Argonaut Financial, LLC
http://www.debtconnection.com/portfolio.asp?567
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1826
$1,808,974.00 Credit Cards
Argonaut Financial, LLC
http://www.debtconnection.com/portfolio.asp?566
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1826
$2,119,554.00 Credit Cards
Argonaut Financial, LLC
http://www.debtconnection.com/portfolio.asp?565
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1826
| | Attorney | BRIGHAM LAW FIRM
Donald P. Brigham, Esq.
949-367-0227
More Information
| | Debt Buyers | NATIONWIDE DISCOVER & RECOVER, LLC
718-874-8171
| | Debt Sellers | FIRST FINANCIAL ASSET MANAGEMENT, INC. (FFAM)
Matthew Maloney
404-523-9901
More Information
WORLDWIDE DEBT EXCHANGE
Mandy L. Silva
866-332-8648
More Information
LOAN MARKET DIRECT
305-439-5400
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Industry Events
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ACA International 69th Annual Convention & Expo
ACA International
The Westin Diplomat Resort & Spa
Hollywood, FL
July 23 - 26, 2008
More Information
Debt Connection Symposium & Expo 2008
Resource Management Services, Inc.
San Diego Marriott Hotel & Marina
San Diego, CA
September 3 - 5, 2008
More Information
2008 Home Equity Lending Conference
Consumer Bankers Association
Hilton Austin
Austin, TX
September 7 - 9, 2008
More Information
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| At A Glance - Wednesday, August 27, 2008 |
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| At A Glance - Friday, July 11, 2008 |
| At A Glance - Wednesday, July 09, 2008 |
| At A Glance - Wednesday, July 02, 2008 |
| At A Glance - Friday, June 27, 2008 |
| At A Glance - Wednesday, June 25, 2008 |
| At A Glance - Friday, June 20, 2008 |
| At A Glance - Wednesday, June 18, 2008 |
| At A Glance - Friday, June 13, 2008 |
| At A Glance - Wednesday, June 11, 2008 |
| At A Glance - Friday, June 06, 2008 |
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| At A Glance - Friday, May 30, 2008 |
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| At A Glance - Friday, May 16, 2008 |
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| At A Glance - Friday, May 09, 2008 |
| At A Glance - Wednesday, May 07, 2008 |
| At A Glance - Friday, May 02, 2008 |
| At A Glance - Wednesday, April 30, 2008 |
| At A Glance - Friday, April 25, 2008 |
| At A Glance - Wednesday, April 23, 2008 |
| At A Glance - Friday, April 18, 2008 |
| At A Glance - Wednesday, April 16, 2008 |
| At A Glance - Friday, April 11, 2008 |
| At A Glance - Wednesday, April 09, 2008 |
| At A Glance - Friday, April 04, 2008 |
| At A Glance - Wednesday, April 02, 2008 |
| At A Glance - Friday, March 28, 2008 |
| At A Glance - Wednesday, March 26, 2008 |
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| At A Glance - Wednesday, March 19, 2008 |
| At A Glance - Friday, March 14, 2008 |
| At A Glance - Wednesday, March 12, 2008 |
| At A Glance - Friday, March 07, 2008 |
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| At A Glance - Friday, February 29, 2008 |
| At A Glance - Wednesday, February 27, 2008 |
| At A Glance - Friday, February 22, 2008 |
| At A Glance - Wednesday, February 20, 2008 |
| At A Glance - Friday, February 15, 2008 |
| At A Glance - Wednesday, February 13, 2008 |
| At A Glance - Friday, February 08, 2008 |
| At A Glance - Wednesday, February 06, 2008 |
| At A Glance - Wednesday, January 30, 2008 |
| At A Glance - Friday, January 25, 2008 |
| At A Glance - Tuesday, January 22, 2008 |
| At A Glance - Friday, January 18, 2008 |
| At A Glance - Wednesday, January 16, 2008 |
| At A Glance - Friday, January 11, 2008 |
| At A Glance - Wednesday, January 09, 2008 |
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