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Wednesday, September 24, 2008

Mid-Week News:

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HOUSE VOTES TO PASS CREDIT CARDHOLDERS BILL OF RIGHTS TO CURB ABUSIVE LENDING PRACTICES
WASHINGTON - Consumers Union Urges Senate to Include Credit Card Reforms as Part of Any Wall Street Bailout Package By a vote of 312 to 112, the U.S. House of representatives voted today to pass HR 5244, the Credit Cardholders Bill of Rights.
read more

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 or go to
http://www.resourcemanagement.com/t_rmst_training.html

GMAC TO SELL REAL-ESTATE OFFICES TO BROOKFIELD ASSET MGMT
GMAC LLC announced that it has agreed to sell its home-services unit, which includes some 1,000 real-estate offices, to Canada's Brookfield Asset Management Inc.
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FED UNVEILS DEAL WITH FOUR MORE CENTRAL BANKS
The Federal Reserve Bank announced a deal with four nations Wednesday meant to help increase dollar liquidity in global financial markets.
read more

AMERICAN AIRLINES PURCHASES FAIR ISAAC XPRESS-MP TO MEET COMPLEX DECISION MANAGEMENT CHALLENGES
Minneapolis, Minnesota, USA - Fair Isaac Corporation (NYSE: FIC), the leading provider of analytics and decision management technology, today announced that American Airlines has agreed to purchase an enterprise license of its Xpress-MP suite of modeling and optimization tools.
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CHAIRMAN BEN S. BERNANKE BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS, U.S. SENATE
Chairman Dodd, Senator Shelby, and members of the Committee, I appreciate this opportunity to discuss recent developments in financial markets and the economy. As you know, the U.S. economy continues to confront substantial challenges, including a weakening labor market and elevated inflation. Notably, stresses in financial markets have been high and have recently intensified significantly. If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse.
read more

SCHNURMAN: CREDIT CRUNCH FORCES AMERICREDIT TO DOWNSIZE
Wondering what the credit crunch looks like in Fort Worth? Consider AmeriCredit Corp., a local company that specializes in used-car loans. It's in the process of cutting loan volume by almost two-thirds - a gargantuan retrenchment - in part because it can't get enough money to lend.
read more

SALLIE MAE MAKES EXECUTIVE APPOINTMENTS
RESTON, Va. 2008-Sallie Mae (NYSE: SLM), the nation's leading saving- and paying-for-college company, today announced the appointment of David West as senior vice president and chief credit officer.
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THE SQUEEZE ON GETTING A CAR LOAN
NEW YORK - A massive pile-up in the credit markets is causing serious congestion for new car buyers who want financing, according to industry observers. But some dealers say they're still able to work out deals.
read more

VISA ENABLES ISSUANCE OF UNEMBOSSED CARDS IN U.S.
Visa Inc. (NYSE: V) today announced that it will begin supporting the issuance of "unembossed" cards in the U.S. for Visa consumer debit, business debit and consumer credit cards. Unembossed payment cards feature printed personalized information, such as the account number and cardholder name, rather than embossed with raised lettering currently found on most U.S credit and debit products. By changing the Visa U.S.A Inc.
read more

WELLS FARGO SAVES PAPER AND TREES WITH ENVELOPE-FREE SM ATMS IN LOS ANGELES
Wells Fargo & Company (NYSE: WFC) is eliminating paper envelopes from its ATMs throughout Los Angeles County. Wells Fargo now has 1,575 Envelope-Free WebATMs® in California and will be adding 277 more new machines in the Los Angeles area by the end of the year.
read more

CONGRESS PUSHES BACK ON BAILOUT
NEW YORK (CNNMoney.com) -- On the day of the first public discussion between lawmakers and the administration about the Treasury's $700 billion financial rescue proposal, the debate is being framed by a few key issues.
read more

URGENT CALL FOR BAILOUT
NEW YORK (CNNMoney.com) -- Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, intensifying their campaign for passage of an extraordinary financial bailout, said Tuesday that immediate action is needed to preserve the health of the U.S. economy.
read more

FDIC ROLLS OUT DEPOSIT INSURANCE AWARENESS CAMPAIGN
The Federal Deposit Insurance Corporation (FDIC) today launches a national campaign designed to help consumers learn about the benefits and limitations of deposit insurance. The campaign's public service announcements (PSAs) will feature personal finance expert Suze Orman.
read more

FED GIVES 2 INVESTMENT BANKS NEW LOOK
NEW YORK - In one of the most sweeping changes on Wall Street in decades, Goldman Sachs and Morgan Stanley, the last two independent investment banks, will become bank holding companies, the Federal Reserve said.
read more

THE FEDERAL RESERVE BOARD ON SUNDAY APPROVED, PENDING A STATUTORY FIVE-DAY ANTITRUST WAITING PERIOD, THE APPLICATIONS OF GOLDMAN SACHS AND MORGAN STANLEY TO BECOME BANK HOLDING COMPANIES.
To provide increased liquidity support to these firms as they transition to managing their funding within a bank holding company structure, the Federal Reserve Board authorized the Federal Reserve Bank of New York to extend credit to the U.S. broker-dealer subsidiaries of Goldman Sachs and Morgan Stanley against all types of collateral that may be pledged at the Federal Reserve's primary credit facility for depository institutions or at the existing Primary Dealer Credit Facility (PDCF); the Federal Reserve has also made these collateral arrangements available to the broker-dealer subsidiary of Merrill Lynch.
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ADVANCE-FEE CREDIT CARD TELEMARKETERS TO TURN OVER $1 MILLION FOR CONSUMER REDRESS
Under the terms of a court order announced by the Federal Trade Commission today, a Florida-based telemarketer and his company have been barred from violating the FTC Act, the agency's Telemarketing Sales Rule (TSR), and its Do Not Call (DNC) Rule, and will pay nearly $1 million to provide redress to consumers defrauded by their deceptive conduct.
read more

FTC ACTS AGAINST TWO FAMILY-OWNED MORTGAGE FORECLOSURE ‘RESCUE' OPERATIONS
The Federal Trade Commission has charged a Florida couple with violating federal law by deceiving consumers into believing that their homes could be saved from foreclosure in return for a fee. At the Commission's request, a federal court halted the defendants' allegedly unlawful practices pending further litigation.
read more

CONGRESS SCRAMBLES ON RESCUE BILL
NEW YORK (CNNMoney.com) -- The Bush administration's proposed $700 billion financial rescue took fuller shape on Monday as lawmakers debated whether to add provisions to protect taxpayers while banks and other companies called for expanding its scope beyond mortgages.
read more

GE MONEY CONCLUDES SALE OF CONSUMER FINANCE BUSINESS IN JAPAN TO SHINSEI BANK
TOKYO, GE Money, the consumer financial services unit of the General Electric Company, announced today it has concluded the Y580 billion (US$5.4 billion) sale of its Japanese consumer finance business to Shinsei Bank, a leading diversified Japanese bank. All closing conditions have been satisfied, including the receipt of all regulatory approvals.
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:

Portfolios For Sale

$19,600,000.00     Credit Cards
Charge-Off Clearinghouse
http://www.debtconnection.com/portfolio.asp?605
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?247

$49,283,443.00     Auto Deficiencies
AmeriCredit Financial Services
http://www.debtconnection.com/portfolio.asp?604
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?3538

$75,001,039.00     Auto Deficiencies
AmeriCredit Financial Services
http://www.debtconnection.com/portfolio.asp?603
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?3538

$25,012,328.00     Auto Deficiencies
AmeriCredit Financial Services
http://www.debtconnection.com/portfolio.asp?602
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?3538

$39,597,915.00     Auto Deficiencies
AmeriCredit Financial Services
http://www.debtconnection.com/portfolio.asp?601
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?3538

$40,003,276.00     Auto Deficiencies
AmeriCredit Financial Services
http://www.debtconnection.com/portfolio.asp?600
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?3538

$2,500,000.00     Other
BAL Financial LLC
http://www.debtconnection.com/portfolio.asp?599
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1774

$750,000.00     Auto Deficiencies
MATTIA & ASSOCIATES
http://www.debtconnection.com/portfolio.asp?598
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2999

Debt Buyers

GLOBAL DEBT NETWORK, INC.
Monica Maynerick
866-559-4339
More Information

PROFITS 4 INVESTORS, LLC
623-565-0885

A P SOLUTIONS
716-725-0290

ELITE COLLATERAL RECOVERY, INC
800-625-7376

WORLDWIDE COLLECTION SERVICES
949-338-2688

BAY COLLECTION SERVICES
740-417-4118

Debt Sellers

GLOBAL DEBT NETWORK, INC.
Monica Maynerick
866-559-4339
More Information

AMERICREDIT FINANCIAL SERVICES
Craig Paterson
817-524-3802
More Information

UNDERGROUND ELEPHANT
858-815-5322

Legal Networks/Services

GARRETT & ASSOCIATES
310-226-7134

Software

GOGI SOFTWARE LLC
520-888-9714

Industry Events

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

28th Annual Midwestern Bankruptcy Institute
American Bankruptcy Institute
H. Roe Bartle Hall Convention Center
Kansas City, Missouri
October 3, 2008
More Information

Midwestern Consumer Forum
American Bankruptcy Institute
H. Roe Bartle Hall Convention Center
Kansas City, Missouri
October 3, 2008
More Information

Recovery Management Strategies and Techniques
Resource Management Services, Inc.
Hyatt Rosemont Chicago O'Hare Airport
Chicago, IL
October 7 - 9, 2008
More Information

Chicago Consumer Bankruptcy Conference
American Bankruptcy Institute
The Standard Club
Chicago, Illinois
October 13, 2008
More Information

Distressed Retailed Summit
Infocast
Digital Sandbox
New York, NY
October 16 - 17, 2008
More Information

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Our consulting projects are customized to provide the level of involvement and information that best meets our clients' needs.
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At A Glance Archive 2007 20062005

At A Glance - Thursday, November 20, 2008

At A Glance - Wednesday, November 19, 2008

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