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Friday, January 16, 2009

Mid-Week Articles:

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FINANCIAL INSTITUTIONS SET TO UNLOCK FUNDS
The nine Massachusetts banks that collectively received $2.3 billion from the federal bailout are poised to launch new loan programs to put money into the hands of homeowners and businesses.
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LAWMAKERS WILL TRY A SECOND TIME ON CREDIT CARD LEGISLATION
It's Round 2 for Congress and the Credit Cardholders' Bill of Rights. New York Rep. Carolyn Maloney today said she is reintroducing the pro-consumer credit card bill for consideration by the new 111th Congress.
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CIRCUIT CITY TO LIQUIDATE REMAINING US STORES
Circuit City Stores Inc., the nation's second-biggest consumer electronics retailer, said Friday it had run out of options and will be forced to liquidate its 567 U.S. stores. The closures could send another 30,000 people into the ranks of the unemployed.
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TREASURY, FEDERAL RESERVE, AND THE FDIC PROVIDE ASSISTANCE TO BANK OF AMERICA
The U.S. government entered into an agreement today with Bank of America to provide a package of guarantees, liquidity access, and capital as part of its commitment to support financial market stability.
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FEDERAL HOME LOAN BANKS SELL DEBT AT LOWER SPREADS
The Federal Home Loan Bank system, the government-chartered cooperatives that may be running low on capital, sold $3.5 billion of two-year debt at lower yields relative to benchmarks.
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DISCOVER FINANCIAL SERVICES ANNOUNCES FINANCIAL COMMUNITY BRIEFING
RIVERWOODS, Ill. - Discover Financial Services (NYSE: DFS) plans to host a Financial Community Briefing in New York on Thursday, Jan. 29, 2009, from 8:30 am to noon Eastern time. David W. Nelms, chairman and chief executive officer, and other members of Discover's senior management will update the financial community on the company's performance and business objectives.
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BOFA: $20B BAILOUT, HUGE MERRILL LOSS
NEW YORK (CNNMoney.com) -- Bank of America has received another $20 billion from the federal government's bailout fund, along with guarantees on $118 billion of assets at the bank, to absorb its recent purchase of the ailing Merrill Lynch.
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CITI SPLITTING INTO TWO AFTER $8.3 BILLION LOSS
NEW YORK (CNNMoney.com) -- Citigroup reported a much bigger-than-expected $8.3 billion quarterly loss Friday, while the beleaguered banking icon also revealed plans to split up into two businesses, effectively bringing an end to the company's "financial supermarket" model.
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THE GREAT DILUTION
IN 2008 battered banks scurried to raise fresh capital. As the recession bites, they will have to come back for more. Jostling with them for limited funds will be a fast-growing number of cash-strapped non-financial firms.
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J.P MORGAN, CAPITAL ONE SHOW CARD ISSUERS IN FOR MORE PAIN
The worsening trend in plastic, fueled by higher unemployment, means additional misery for financial firms already weighed down by red ink on everything from soured mortgages to bad bets on capital markets.
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FORECLOSURES UP A RECORD 81% IN 2008
NEW YORK (CNNMoney.com) -- U.S. foreclosure filings spiked by more than 81% in 2008, a record, according to a report released Thursday, and they're up 225% compared with 2006.
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SENATE CLEARS PATH FOR $350 BILLION BAILOUT BILL
WASHINGTON (MarketWatch) - Senate lawmakers on Thursday voted against a measure to bar the release of the second half of a $700 billion bank-bailout bill after House lawmakers approved a measure that would impose conditions on the funds.
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GM CUTS SALES FORECAST, MAY NEED MORE HELP
NEW YORK (CNNMoney.com) -- General Motors cut its forecast for industrywide U.S. auto sales Thursday, a development that could lead the company to ask for additional loans from the federal government.
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DISCOVER CARD GOES MOBIL
RIVERWOODS, Ill. - Discover® Card today announced the launch of a mobile solution for its cardmembers, Discover.com Mobile. This mobile version of the Discover Card Web site will allow cardmembers to manage their credit card account directly from their mobile phone's browser.
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MONEYWI$E FINANCIAL EDUCATION ELEARNING RESOURCE LAUNCHES IN SPANISH
MCLEAN, Va. - Capital One Financial Corporation (NYSE:COF) and national consumer advocacy and education organization Consumer Action announced today that their new, interactive financial education eLearning course is now available in both English and Spanish. The audio-enabled course modules offer consumers printable tip sheets, financial calculators, and case studies on a variety of money management topics.
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JPMORGAN CHASE POSTS SURPRISE PROFIT
NEW YORK (CNNMoney.com) -- JPMorgan Chase reported a surprise quarterly profit Thursday, even as the company suffered a hit in its investment banking business and was forced to set aside a chunk of cash for looming loan losses.
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DAVID SHONKA NAMED ACTING GENERAL COUNSEL OF THE FTC
Federal Trade Commission Chairman William E. Kovacic announced today that David C. Shonka will serve as Acting General Counsel for the agency. Shonka will replace William Blumenthal, who is leaving the agency to return to private law practice.
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FEAR IS BACK ON WALL STREET
Stocks plunged Wednesday, raising concerns about how long the recession will last and adding to doubts about the effectiveness of the bank bailout.
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BAD LOANS WIN DEBT COLLECTORS BANK JOBS
Kenyan banks are turning to external debt collectors to slowdown the steady surge in default rates as runaway inflation erodes borrowers' incomes in an economy in recession, making it difficult to service loans.
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SMALL BUSINESS CARD STUDY EXTENDED THROUGH FEBRUARY 13, 2009
The Debt Marketplace, Inc., in conjunction with its sister company, Resource Management Services, Inc. (RMS), has composed an innovative joint research project focused on Small Business credit card issues faced by creditors, collection agencies, attorneys and debt buyers in today's financial environment. Small business card research project will be extended to February 13, 2009. If you have not taken the survey now is the time.
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U.S. STOCKS DROP ON RETAIL SALES SLUMP; CITIGROUP, MACY'S FALL
U.S. stocks slid the most in six weeks, following European markets lower, after retail sales decreased at more than twice the rate forecast by economists and concern grew over the future of Citigroup Inc.
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WELLS FARGO LAYS OFF 300 WACHOVIA EMPLOYEES
NEW YORK -(Dow Jones)- Wells Fargo & Co. (WFC) laid off 300 Wachovia employees last month due to a human-resources process that evaluated eligibility of employees to work at the firm as part of the merger process.
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FEDS CLOSE TO EXTENDING MORE AID TO BANK OF AMERICA: WSJ
SAN FRANCISCO (MarketWatch) - The federal government is close to extending billions in additional aid to Bank of America Corp.
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STATE'S ATTORNEY HIRES COLLECTION AGENCY TO GET FINES, COSTS
WOODSTOCK - If you have any outstanding court fines or fees, now would be a good time to pay them.
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CDD PUSHES FTC FOR MOBILE RULES INVESTIGATION
As mobile marketing takes off as a direct marketing channel, questions are arising about the role of consumer privacy.
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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

$38,768,390.00     Credit Cards
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?658
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690

$43,359,308.00     Credit Cards
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?657
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690

$7,128,935.00     Credit Cards
Argonaut Financial, LLC
http://www.debtconnection.com/portfolio.asp?656
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1826

$4,805,865.00     Credit Cards
Argonaut Financial, LLC
http://www.debtconnection.com/portfolio.asp?655
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1826

Agency

DAVIS DAVIS ATTORNEYS P.C. - PITTSBURGH
412-344-0400

NCO PORTFOLIO MANAGEMENT INC.
215-441-2402

Attorney

TAG MESSENGER, INC.
David Rolf
602-254-3900
More Information

Debt Buyers

CREDIT BASE INTERNATIONAL
011-39-187-5361151

NCO PORTFOLIO MANAGEMENT INC.
215-441-2402

Debt Sellers

NCO PORTFOLIO MANAGEMENT INC.
Christopher T Cusack
215-441-2402
More Information

Mail Services

CREDIT.NET
866-322-3708

Scoring/Scrubbing

CREDIT.NET
866-322-3708

Skip Tracing

MERLIN INFORMATION SERVICES
877-781-8688

NCO PORTFOLIO MANAGEMENT INC.
215-441-2402

CREDIT.NET
866-322-3708

Software

PROFITERA CORPORATION
00603 - 61578886

FILLIMERICA INCORPORATED
973-808-1383

Industry Events

14th Annual Rocky Mountain Bankruptcy Conference
American Bankruptcy Institute
Westin Tabor Center
Denver, CO
January 22 - 23, 2009
More Information

8th National Symposium on Privacy and Security of Consumer and Employee Information
American Conference Institute
Four Points by Sheraton
Washington, DC
January 27 - 28, 2009
More Information

DBA International Annual Conference
DBA International
Mirage Hotel
Las Vegas, NV
February 3 - 5, 2009
More Information

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