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Wednesday, October 08, 2008

This Weeks Articles:

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CONSUMER BORROWING DIPS IN AUGUST
Consumer borrowing fell in August for the first time in more than a decade as households, battered by rising job layoffs and the decaying economy, cut back sharply on their use of credit.
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FED ENACTS EMERGENCY INTEREST RATE CUT
The Federal Reserve, working in coordination with other central banks worldwide, enacted an emergency interest rate cut on Wednesday.
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SHARED NATIONAL CREDITS PROGRAM REPORTS LARGE INCREASE IN CREDIT VOLUME AND SIGNIFICANT DETERIORATION IN CREDIT QUALITY
The volume of Shared National Credits (SNC), loan commitments of $20 million or more and held by three or more federally supervised institutions, rose 22.6 percent to $2.8 trillion, and the volume of criticized credits increased to $373.4 billion, or 13.4 percent of the SNC portfolio, according to the 2008 SNC review results released today by federal bank and thrift regulators.
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LOWER MORTGAGE RATES MAY BE ONE SILVER LINING IN MARKET TURMOIL
There are few silver linings for investors who have seen the Standard & Poor's 500 Index drop more than 31 percent this year. Lower mortgage rates may be one of them.
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FTC'S JOEL WINSTON EARNS PRESIDENTIAL RANK AWARD
The Federal Trade Commission announced today that Joel Winston, Associate Director for Privacy and Identification Protection in the agency's Bureau of Consumer Protection, has received the 2008 Presidential Rank Award of Meritorious Executive.
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DISCOVER(R) U.S. SPENDING MONITOR(SM) DOWN 2.2 POINTS TO 86.5, AS CONSUMER CONFIDENCE IN THE ECONOMY FALLS
RIVERWOODS, Ill.--(BUSINESS WIRE)--The Discover U.S. Spending Monitor dipped 2.2 points to 86.5 in September, as consumers grew increasingly concerned about the U.S. economy and worked hard to hold-the-line on future spending plans. More than 55 percent of the nation's adults rated the economy as poor, and nearly 70 percent think it is getting worse. Both measures were 5 points higher than the previous month and both turned increasingly negative as the financial crisis played out.
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ICELAND STRUGGLES, ABANDONS FIXED EXCHANGE RATE
Iceland plunged further into financial crisis on Wednesday as it scrapped plans to nationalize a major bank, instead placing it into receivership, and abandoned attempts to put a floor under its falling currency by fixing the exchange rate.
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DAVID A. SCHIESZER JOINS SOUTHWEST CREDIT SYSTEMS LP AS COO
David A. Schieszer has joined Southwest Credit Systems, LP in Plano, Texas, as Chief Operating Officer. Schieszer will be responsible for leading the operational activities of Southwest Credit, ensuring that client and organizational expectations are met through strategic planning and solid execution.
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39 YEAR IT VETERAN JOINS FIRST DATA AS CHIEF TECHNOLOGY OFFICER DERODES TO LEAD COMPANY'S TECHNOLOGY STRATEGY AND INNOVATION
DENVER - First Data, a global leader in electronic commerce and payments, today named Robert P. DeRodes as its chief technology officer (CTO). DeRodes, 58, will join the company's executive management team and report directly to Chairman and Chief Executive Officer Michael Capellas.
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INDUSTRY EXPERT OFFERS 30 MINUTE WEBINARS WITH ANSWERS TO CONTACT CENTER CHALLENGES
Contact centers face the ultimate pressure of producing results every day. The biggest obstacles are agent attendance, schedule adherence, turnover, performance and quality.
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ATTORNEY GENERAL MCGRAW STOPS FLORIDA COLLECTION AGENCY FROM THREATENING CONSUMERS WITH COERCIVE COLLECTION PRACTICES
Attorney General Darrell McGraw filed suit today in the Circuit Court of Kanawha County against Charles Howell & Associates, ("Howell"), a Florida collection agency, and its President, Gregory Wells of Tampa, Florida, for unlawful, coercive debt collection practices.
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AGENCIES SEEK PUBLIC COMMENT ON PROPOSED RULEMAKING TO LOWER RISK WEIGHTS FOR CLAIMS ON, OR GUARANTEED BY, FANNIE MAE AND FREDDIE MAC
The federal bank and thrift regulatory agencies announced today that they will request public comment on a joint notice of proposed rulemaking (NPR) to allow a banking organization to assign a 10 percent risk weight to claims on, and portions of claims guaranteed by, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Claims include all credit exposures, such as senior and subordinated debt and counterparty credit risk exposures, but do not include preferred or common stock.
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CREDIT MARKETS EASE ON FED MOVE
Credit markets eased slightly Tuesday after the Federal Reserve announced plans to help unclog the pipeline by buying up short-term corporate debt that is typically used to cover day-to-day business expenses.
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FDIC BOARD ADOPTS RESTORATION PLAN -- PROPOSES HIGHER ASSESSMENTS ON INSURED BANKS
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today voted to adopt a restoration plan accompanied by a notice of proposed rulemaking that would increase the rates banks pay for deposit insurance, while at the same time making adjustments to the system that determines what rate a bank pays the FDIC.
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BERNANKE: ECONOMIC OUTLOOK WEAKER
NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke predicted that the global financial markets crisis is likely to restrain the economy well into next year and signaled that the Fed may be getting ready to cut interest rates.
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BUSINESS LOAN BAILOUT
NEW YORK (CNNMoney.com) -- The Federal Reserve announced a new program to help the battered market for short-term business loans - taking its closest step yet to lending directly to businesses.
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ILLINOIS ATTORNEY GENERAL MADIGAN LEADS $8.7 BILLION GROUNDBREAKING SETTLEMENT OF LAWSUIT AGAINST MORTGAGE GIANT COUNTRYWIDE
Chicago - Attorney General Lisa Madigan today announced a ground-breaking $8.7 billion settlement in her predatory lending lawsuit against Countrywide, the nation's largest mortgage lender and servicer. Madigan led the national settlement with California Attorney General Jerry Brown. Nine other states joined the settlement.
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CITI FILES $60 BILLION WACHOVIA SUIT
NEW YORK (CNNMoney.com) -- Citigroup, whose planned purchase of Wachovia was scuttled by Wells Fargo, announced Monday it is seeking more than $60 billion from the banks, accusing them of interfering with its earlier purchase agreement.
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AUTO LOAN DELINQUENCIES RISE; $25 BILLION IN LOANS PAST DUE, ACCORDING TO EXPERIAN AUTOMOTIVE
Las Vegas - As the economy struggles, automotive loan delinquencies are increasing, putting nearly $25 billion in loans past due, according to figures released by Experian Automotive, a part of Experian, at the Automotive Finance Summit here today.
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WELLS FARGO STATEMENT ON APPELLATE COURT DECISION TO VACATE TEMPORARY RESTRAINING ORDER
Wells Fargo & Company (NYSE: WFC) issued the following statement this evening regarding Citigroup's claimed exclusivity agreement with Wachovia Corporation:
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NOBLE® COMPOSER WEB AGENT OFFERS FLEXIBLE WEB-BASED AGENT DESKTOPS
Atlanta, GA - Noble Systems Corporation, a global provider of contact center technology, introduces Noble® Composer Web Agent, a powerful agent workflow design and desktop unification tool for web-based agent environments. Noble Composer Web Agent helps companies improve agent productivity, reduce training costs, increase customer service quality, and leverage technology investments.
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ATTORNEY GENERAL ABBOTT REACHES AGREEMENT WITH COUNTRYWIDE, HELPS HOMEOWNERS AVOID FORECLOSURE
AUSTIN - Texas Attorney General Greg Abbott and six other state attorneys general today reached a nearly $8 billion agreement with Countrywide Financial Corp. The settlement resolves states' lengthy investigation into Countrywide's lending practices. Bank of America, which recently acquired Countrywide, agreed to the settlement.
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OFFICIAL: KASHKARI TAPPED TO HEAD BAILOUT
WASHINGTON (AP) -- An official says the administration has decided to pick a key Treasury Department official to be the interim head of its $700 billion rescue effort for financial institutions.
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BATTLE FOR WACHOVIA
NEW YORK (CNNMoney.com) -- The fight for who would win Wachovia - Citigroup or Wells Fargo - heated up Sunday night.
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BANK OF AMERICA ANNOUNCES NATIONWIDE HOMEOWNERSHIP RETENTION PROGRAM FOR COUNTRYWIDE CUSTOMERS
CALABASAS, Calif. /PRNewswire/ -- Bank of America today announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial Corporation customers nationwide.
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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

$3,023,059.00     Credit Cards
Argonaut Financial, LLC
http://www.debtconnection.com/portfolio.asp?608
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1826

$983,804.00     Judgments
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?607
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690

Agency

NETQUEST RECOVERY SERVICES, INC.
Russel French
877-300-9297
More Information

VISION CREDIT SOLUTIONS, LLC
J. P. Belstadt
716-831-9677
More Information

MACKDELL FINANCIAL GROUP, LLC
888-980-8881

AMERICA'S RECOVERY SOLUTIONS, LTD
877-267-3261

Contact Solutions/Dialers

IAT
Jeff Savage
800-574-8801
More Information

Debt Buyers

FALCON COLLECTIONS INC.
832-300-6007

MERCHANTS CREDIT RECOURSE
248-565-2093

Debt Sellers

HUDSON & KEYSE, LLC
Jon Lazzarro
800-654-1660
More Information

Skip Tracing

ASSET SOURCE INTERNATIONAL
Walter Lockhart
800-782-7297
More Information

Software

TOUCHSTAR
303-338-0200

BFRAME DATA SYSTEMS INC.
678-387-0100

Industry Events

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

NARCA 2008 Fall Collection Conference
NARCA
Omni Shoreham Hotel
Washington, DC
October 16 - 18, 2008
More Information

Financial Services Collections Conference
Collections & Credit Risk
Bellagio Hotel and Casino
Las Vegas, NV
October 22 - 24, 2008
More Information

US Hispanic and Latin American Markets: A World of Emerging Opportunities
Credit & Collection Symposium of the Americas
Hyatt Regency Hotel
Miami, FL
October 28 - 30, 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

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At A Glance - Friday, October 24, 2008

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