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Friday, August 29, 2008

This Weeks Articles:

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HISTORIC LAWSUIT SETTLEMENT FOR NEW MEXICO...AG'S PURSUIT MEANS GOOD NEWS FOR CONSUMERS
The lawsuit alleges that Merchants' Credit Guide Company violated the New Mexico Unfair Trade Practices Act by attempting to collect debt that was unenforceable in court proceedings due to the running of the statute of limitation without disclosing that information to the debtors.
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THE FEDERAL RESERVE BOARD ON THURSDAY ANNOUNCED THE LAUNCH OF AN ONLINE RESOURCE TO HELP CONSUMERS MAKE INFORMED CHOICES WHEN REFINANCING A HOME LOAN.
A Consumer's Guide to Mortgage Refinancing," which is available at http://www.federalreserve.gov/pubs/refinancings/default.htm, contains useful tips and answers to frequently asked questions about the refinancing process. The information provided can help consumers determine when refinancing makes sense, what a refinancing will cost, and whether it is advisable to switch into a different type of mortgage. Consumers will also learn about mortgage terms and how to calculate the time it will take to recover refinancing costs before benefiting from a lower mortgage rate.
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MANY STATES SEE BOOST IN MEDIAN INCOME, DROP IN POVERTY
The Great Lake State was the only one in the union to see a drop in median household income and a jump in its poverty rate in 2007, according to Census Bureau figures released Tuesday. Much of the decline stems from the turmoil in the auto sector, which has shed tens of thousands of jobs in recent years.
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AMERICA'S RECOVERY SOLUTIONS, LLC NAMES SKIP FOSTER NEW PARTNER AND EXECUTIVE IN CHARGE
Amherst, Ohio based America's Recovery Solutions, LLC has named industry veteran Skip Foster as the President and Chief Executive Officer effective August 1, 2008. Foster will become a partner in the organization as well as being the lead executive in charge.
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BANK OF AMERICA APPOINTS ANDY CAIRNS AND MARIAM TOULAN TO LONDON CAPITAL MARKETS GROUP
LONDON - Bank of America today (28 August 2008) announced two senior appointments to its Capital Markets group. Andy Cairns has joined as managing director and head of Investment Grade Debt Capital Markets, EMEA and Asia. He is based in London. Mariam Toulan will join the London group in October as managing director and product head of Leveraged Loan Syndicate, EMEA.
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FANNIE MAE CEO DAN MUDD ANNOUNCES MANAGEMENT RESTRUCTURING TO DRIVE CAPITAL MANAGEMENT AND CREDIT LOSS REDUCTION PLAN
WASHINGTON, DC -- Fannie Mae (FNM/NYSE) President and Chief Executive Officer Daniel H. Mudd announced a series of senior executive appointments, effective immediately, to oversee and implement the company's recently announced capital management and credit loss reduction plan. The executives include Peter Niculescu, who has assumed the duties of Chief Business Officer, as well as the appointments of David C. Hisey as Chief Financial Officer and Michael Shaw as Chief Risk Officer.
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ENCORE CAPITAL GROUP ELECTS NEW CHAIRMAN
SAN DIEGO, Aug. 28 /PRNewswire-FirstCall/ -- Encore Capital Group, Inc. (Nasdaq: ECPG) announced today the appointment of George Lund, a current member of the Board and its Audit Committee, to the Chairmanship of the Board. Mr. Lund, who was elected to the Board in September 2007, brings 20 plus years of senior executive experience from the banking and credit card industry to the Chair and is part of the Board's commitment to increase the company's growth and to provide additional executive and strategic support to the management team. Prior to joining Encore's Board, Mr. Lund was Chairman and CEO of BANKFIRST and led its growth from $20 million to $1 billion in assets. His extensive expertise and relationships in the specialty finance and consumer debt origination and collection areas will provide Encore's President and CEO, J. Brandon Black, and his senior management team with greater depth to evaluate and capitalize on new growth opportunities.
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BANKRUPTCY FILINGS SURGE TO 1 MILLION - UP 29%
NEW YORK (CNNMoney.com) -- As things in the economy have gotten worse, the number of people and businesses heading to bankruptcy court has spiked.
read more

OTS 08 038 - OTS ISSUES GUIDANCE ON HOME EQUITY LINES OF CREDIT
Washington, D.C. - The Office of Thrift Supervision (OTS) issued guidance today to OTS-regulated financial institutions about managing programs offering home equity lines of credit, a revolving form of credit in which the borrower's home serves as collateral.
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ONTARIO SYSTEM ANNOUNCES SUCCESSFUL LAUNCH OF FACS 17.1
August 28, 2008 - Ontario Systems is pleased to announce the general release of FACS version 17.1. More than an update, FACS 17.1 has been specifically conceived as enabler of telephony features and technology that increases productivity while decreasing costs.
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HOUSING FIX BACKFIRES
NEW YORK (Money Magazine) -- Back in February, Congress passed into law a quick fix for the housing market. Unfortunately, it hasn't done much good.
read more

TSYS SIGNS PROCESSING AGREEMENT WITH FIRST CITIZENS
Columbus, Ga., August 26, 2008 - TSYS announced today that it has signed an agreement with First Citizens Bank to exclusively manage its commercial and consumer credit card processing needs. The multi-year agreement also includes fraud detection services, as well as card and statement production.
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ALLIANCE DATA SIGNS NEW LONG-TERM PRIVATE LABEL CREDIT AGREEMENT WITH ORCHARD BRANDS
DALLAS, Aug. 27 /PRNewswire-FirstCall/ -- 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 new long- term agreement with Orchard Brands, a portfolio company of Golden Gate Capital, to provide fully integrated private label credit services for specialty catalog brands, Old Pueblo Traders, Bedford Fair, Willow Ridge, Lew Magram, Brownstone Studio, Intimate Appeal, Monterey Bay Clothing Company and Coward Shoes. According to public documents filed by Charming Shoppes, the women's apparel specialty catalogs generated approximately $280 million in sales in 2007.
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CITIBANK SETTLES WITH STATE, TO REPAY MILLIONS
Citibank will refund millions of dollars to credit card customers and pay $3.5 million to the state of California to settle a lawsuit that accused the company of stealing funds from some of its customers who had died, gone bankrupt or fallen behind in their payments.
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117 BANKS IN TROUBLE, FDIC SAYS
WASHINGTON - The number of troubled U.S. banks leaped to the highest level in about five years and bank profits plunged by 86 percent in the second quarter, as slumps in the housing and credit markets continued.
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INSURED BANK AND THRIFT EARNINGS FELL TO $5.0 BILLION IN THE SECOND QUARTER
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported net income of $5.0 billion in the second quarter of 2008, a decline of $31.8 billion (86.5 percent) from the $36.8 billion that the industry earned in the second quarter of 2007. With the exception of the fourth quarter of last year, the latest earnings were the lowest for the industry since the fourth quarter of 1991.
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THERE IS STILL SPACE AVAILABLE FOR THE RECOVERY MANAGEMENT STRATEGIES AND TECHNIQUES COURSE
The leader in Agency Management auditing and consulting is now taking registrations for the October session of Recovery Management Strategies and Techniques, a two-day classroom course designed to assist Creditor and Debt Buyer Recovery Managers with fundamental and advanced strategies, plans, and tools for managing an outside vendor recovery operation.

This course will bring real-world experience and answers to the challenges that Recovery Managers face in structuring and managing the external recovery operation. Topics covered will include Agency Selection, Placement Strategies, Performance Measurements, Contracts, Work Standards, Settlements, Auditing, Compliance, and Financial Issues.

This session is scheduled for will be October 7 - 8, 2008 in Chicago, IL at the Hyatt Rosemont (O'Hare Airport).

For more information and registration information contact: infoRMST@resourcemanagement.com or call Resource Management Services, Inc. at (562)906-1101
read more

FISERV CBS WORLDWIDE UPGRADES CORE BANKING SYSTEM
Fiserv CBS Worldwide, a business unit of Fiserv, Inc. (NASDAQ: FISV), today announced the availability of Product Packaging in release 9.0 of its leading, SOA-based International Comprehensive Banking System (ICBS) core solution.
read more

BANKS NOT FEELING URGE TO MERGE
NEW YORK (CNNMoney.com) -- With all the difficulties the nation's banking system has had to endure over the past year, it's a surprise that there hasn't been more of an urge to merge.
read more

MORTGAGE FRAUD STILL SOARING
NEW YORK (CNNMoney.com) -- With the housing market in turmoil and lending standards tougher than ever, you'd think that the kind of unscrupulous activity that helped plunge the industry into crisis would be a thing of the past.
read more

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:

Agency

REINTEGRA, S.A.
+34610492685

INFINITY GROUP RECEIVABLES, LLC
678-327-2303

CAPITAL CREDIT RECOVERY CORP.
905-836-9774

Debt Buyers

FIRST COAST RECEIVABLES, LLC.
904-514-9494

BELTWAY CAPITAL MANAGEMENT
615-883-1792

Incentives/Promotions

EVENTIVE MARKETING SOLUTIONS, INC.
Eric Cross
678-460-0440
More Information

Software

TOTALITY SOFTWARE, INC.
800-285-3536

Industry Events

Debt Connection Symposium & Expo 2008
Resource Management Services, Inc.
San Diego Marriott Hotel & Marina
San Diego, CA
September 3 - 5, 2008
More Information

16th Annual Southwest Bankruptcy Conference
American Bankruptcy Institute
Four Seasons Las Vegas
Las Vegas, Nevada
September 4 - 6, 2008
More Information

2008 Home Equity Lending Conference
Consumer Bankers Association
Hilton Austin
Austin, TX
September 7 - 9, 2008
More Information

Bankruptcy 2008: Views from the Bench
American Bankruptcy Institute
Georgetown University Law Center
Washington, D.C.
September 12, 2008
More Information

Buyer / Seller 101
The Debt Marketplace, Inc.
Embassy Suites
Downey, California
September 25 - 26, 2008
More Information

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At A Glance Archive 2007 20062005

At A Glance - Friday, November 14, 2008

At A Glance - Wednesday, November 12, 2008

At A Glance - Friday, November 07, 2008

At A Glance - Wednesday, November 05, 2008

At A Glance - Wednesday, October 29, 2008

At A Glance - Friday, October 24, 2008

At A Glance - Wednesday, October 22, 2008

At A Glance - Friday, October 17, 2008

At A Glance - Wednesday, October 15, 2008

At A Glance - Friday, October 10, 2008