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Friday, November 25, 2011
This Week Articles:
MORTGAGE INSURER PMI'S BANKRUPTCY WILL MAKE IT HARDER TO OBTAIN LOANS
One of the nation's major mortgage insurers filed for Chapter 11 bankruptcy protection Wednesday -- a move that's seen as a blow to lenders and ultimately to borrowers who seek home loans.
read more

FTC ADDS NEW PROTECTIONS FOR CONSUMERS SEEKING TO WORK FROM HOME
The Federal Trade Commission has approved changes to its Business Opportunity Rule that will ensure that consumers have the information they need when considering buying a work-at-home program or any other business opportunity. The changes simplify the disclosures that business opportunity sellers must provide to prospective buyers. The simplified disclosures will help prospective purchasers assess the risks of buying a business opportunity, while minimizing compliance burdens on businesses.
read more

CONSUMER SPENDING, DURABLE ORDERS SIGNAL SLOWER GROWTH
U.S. consumer spending growth slowed in October and business capital investment plans were weak, raising questions about expectations for solid growth in the fourth quarter. But other data on Wednesday showed the largest rise in household income in seven months, while first-time claims for jobless benefits remained in a range that hinted at improving labor market conditions.
read more

ATTORNEY GENERAL KAMALA D. HARRIS ANNOUNCES 5-YEAR SENTENCE FOR FORECLOSURE SCAM TARGETING NORTHERN CALIFORNIA HOMEOWNERS
SACRAMENTO--- Attorney General Kamala D. Harris announced that Angeline Lisa Lizarrago, 69, of Fremont, was sentenced today to five years for a foreclosure scam in which dozens of struggling Bay Area and Central Valley homeowners paid for foreclosure services that were never delivered.
read more

COLLECTION AGENCY PLEDGES TO COLLECT HEALTH CARE DEBTS WITH DIGNITY AND RESPECT
Waco, TX, November 24, 2011 --(PR.com)-- As local health care providers continue to develop patient-friendly billing and collection practices, one area collection agency is advancing the effort through its voluntary commitment to a new set of principles endorsed by ACA International, the Association of Credit and Collection Professionals (ACA).
read more

OCC RELEASES STATUS REPORT ON FIXING DEFICIENT FORECLOSURE PRACTICES
The Office of the Comptroller of the Currency (OCC) issued a report Tuesday on actions taken to correct deficiencies in mortgage servicing and foreclosure processing by the 12 national banks and federal savings associations it oversees.
read more

MARYLAND IS CHANGING THE RULES FOR DEBT COLLECTORS
In the fall of 2007, Kevin Zurrin and his wife, Jennifer Levy, were shocked to learn that they were being dunned for almost $20,000. A writ of property garnishment had been filed in the city's Circuit Court, and a law firm was coming after them.
read more

PCI RULES APPLY EVEN ON BLACK FRIDAY
Uptime may be the name of the game during the holiday shopping season, but retailers need to balance the focus with security and compliance best practices.
read more

MORTGAGE RATES IN THE U.S. DECLINE WITH 30-YEAR LOAN AT 3.98%
Nov. 23 (Bloomberg) -- U.S. mortgage rates declined, sending long-term borrowing costs to the second-lowest level on record after an unexpected increase in home sales.
read more

RETAIL GROUPS SUE FED OVER NEW DEBIT CARD RULES FOR BANKS
Nov. 22 (Bloomberg) -- The Federal Reserve was sued by retailer groups over new regulations governing so-called swipe fees, claiming the Fed disregarded the law when deciding how much banks can charge merchants for debit-card transactions.
read more

U.S. LAUNCHES ANTITRUST PROBE OF BANKS' ABORTED DEBIT-CARD FEES
The Justice Department is reviewing banks for possible antitrust violations related to their recent efforts to charge debit-card fees.
read more

DEBTORS' PRISON LEGAL IN MORE THAN ONE-THIRD OF U.S. STATES
Not paying off debts can eventually land you in jail -- at least in a sizable minority of U.S. states.
read more

CHASE BANK AND OTHERS SUED OVER DEBT ALREADY PAID; MAN SEEKS $1.5 MILLION IN ST. CLAIR COUNTY
A St. Clair County man accuses several banks and collection agencies of improperly attempting to collect a debt.
read more

BANK CREDIT CARD AND RETAIL CREDIT CARD LENDING GROWS 45% HEADING INTO HOLIDAY SEASON, EQUIFAX REPORTS
ATLANTA , Nov. 21, 2011 /PRNewswire/ -- While total consumer debt has nearly returned to pre-recession levels*, the amount of total new credit issued still lags behind pre-recession levels by a full 45%**, according to the most recent Equifax National Credit Trends Report.
read more

MADIGAN PUSHING TO LIMIT DEBT COLLECTORS' USE OF ARREST WARRANTS
The top state law-enforcement official in Illinois said she plans to fight the use of arrest warrants by debt collectors pursuing money they are owed on credit cards, auto loans and other bills. Illinois Attorney General Lisa Madigan, in an interview, vowed to push state-court judges to quash arrest-warrant requests by lawyers representing the fast-growing debt-collection industry. Madigan also said she will file enforcement actions against companies that "abuse" their power to seek arrest warrants under Illinois law.
read more

ONTARIO SYSTEMS ONE OF FIRST IN INDUSTRY TO COMPLETE NEW SSAE ATTESTATION ASSESSMENT
MUNCIE, IND., November 21, 2011-Ontario Systems, software manufacturer for the accounts receivable management and healthcare industries, has received its Service Auditor Report on the Statement on Standards for Attestation Engagements No.16 - SSAE-16 Reporting on Controls at a Service Organization, or SSAE-16, by the American Institute of Certified Public Accountants (AICPA). This assessment replaces the SAS-70 and brings companies up to date with international reporting service organization standards and was conducted by BKD, LLP, a top 10 U.S. CPA and advisory firm. All Ontario Systems products are affected, including Collect SAVVYT, FACS and FACS Advance, and Artiva and Artiva Advance.
read more

AKCELERANT AND ALLIED SOLUTIONS JOIN FORCES TO DELIVER AND MARKET NEW LOAN ORIGINATION CONNECTOR
MALVERN, PENNSYLVANIA - Akcelerant and Allied Solutions have developed a unique system for capturing point-of-sale opportunities for Mechanical Breakdown Protection (MBP) and Guaranteed Asset Protection (GAP) during the loan origination process. This new integration, named CONNECT.ALLIED IQQ, seamlessly blends Allied's cutting-edge online quoting software, Internet QuikQuote (iQQ), with SOLUTION.LENDING, Akcelerant's loan origination system powered by the Akcelerant Framework.
read more

FDIC: BANK EARNINGS HIT HIGHEST LEVEL IN 4 YEARS
Bank earnings rose over the summer to their highest level in more than four years, while the number of troubled banks fell for the second straight quarter, federal regulators reported Tuesday.
read more

DEMAREST MAY HIRE DEBT COLLECTOR TO RECOUP OVERDUE COURT FEES
DEMAREST - Government officials said on Nov. 14 that they may hire a debt collection agency to recoup approximately $16,000 in overdue court fees.
read more

REGULATOR GIVES BANKS DEADLINE TO FIX FORECLOSURE PROCESS
A U.S. bank regulator said mortgage servicers must fix problems in their foreclosure processes by the first part of 2012.
read more

CREDITWATCH SERVICES (CWS) IS PROUD TO ANNOUNCE A NEW BUSINESS INITIATIVE WITH RENT-A-CENTER (RAC).
November 22, 2011, Supporting RAC's accounts receivables revenue cycle, CWS has been retained to pursue collections of delinquent accounts within RAC's Rent-To-Own (RTO) business unit.
read more

TWO PROFESSIONALS JOIN CBE GROUP'S LEADERSHIP TEAM
CBE Group (CBE), a leader in the debt collection industry, recently hired two new experts to join CBE's Leadership Team. Mr. Ryan Schimmel joined CBE as Vice President of Financial Service Operations and brings more than 12 years of industry experience. Mr. Stephen Ogunyemi has been appointed as CBE's Vice President of Analytic Solutions Group and brings over 16 years of experience and education in the areas of analytics, risk management and project management.
read more

FTC ADDS DEFENDANT IN CASE AGAINST ALLEGEDLY BOGUS PRECIOUS METALS DEALERS
The Federal Trade Commission has named an additional defendant as part of its case against a telemarketing operation that allegedly conned senior citizens into buying precious metals on credit without clearly disclosing significant costs and risks, including the likelihood that consumers would have to pay more money or lose their investment. According to papers filed with the court, the scheme took in more than $37 million from consumers. In May 2011, the FTC charged Harry R. Tanner, Jr., and his wife, Andrea Tanner, and their company, American Precious Metals LLC, with violating the FTC Act and the FTC's Telemarketing Sales Rule. The court subsequently halted the defendants' allegedly deceptive practices pending a trial, froze their assets, and appointed a receiver to oversee the business. The amended complaint announced today adds Sam J. Goldman as a defendant.
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
$3,202,089.00     Payday Loans
MLA Holdings
http://www.debtconnection.com/portfolio.asp?1843  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4996  

$1,570,126.00     Payday Loans
USA DEBT SALES
http://www.debtconnection.com/portfolio.asp?1842  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5682  

$980,407.00     Payday Loans
USA DEBT SALES
http://www.debtconnection.com/portfolio.asp?1841  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5682  

$1,727,462.00     Payday Loans
Bay Capital Management Group
http://www.debtconnection.com/portfolio.asp?1840  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4866  

$650,634.00     Credit Cards
Bay Capital Management Group
http://www.debtconnection.com/portfolio.asp?1839  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4866  

$1,703,930.00     Credit Cards
Bay Capital Management Group
http://www.debtconnection.com/portfolio.asp?1838  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4866  

$3,315,177.00     Payday Loans
Bay Capital Management Group
http://www.debtconnection.com/portfolio.asp?1837  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4866  

$964,702.00     Payday Loans
MLA Holdings
http://www.debtconnection.com/portfolio.asp?1836  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4996  

$3,237,253.00     Payday Loans
USA DEBT SALES
http://www.debtconnection.com/portfolio.asp?1833  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5682  

$587,546.00     Credit Cards
4EY INC
http://www.debtconnection.com/portfolio.asp?1828  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5375  

$1,193,810.00     Credit Cards
4EY INC
http://www.debtconnection.com/portfolio.asp?1829  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5375  

$8,000,000.00     Credit Cards
Pipeline Debt Acquisitions LLC
http://www.debtconnection.com/portfolio.asp?1830  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4416  

$1,477,819.00     Payday Loans
USA DEBT SALES
http://www.debtconnection.com/portfolio.asp?1832  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5682  

$750,628.00     Payday Loans
USA DEBT SALES
http://www.debtconnection.com/portfolio.asp?1834  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5682  

$3,315,177.00     Payday Loans
USA DEBT SALES
http://www.debtconnection.com/portfolio.asp?1831  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5682  

$1,801,068.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?1827  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4820  

$287,457.00     Payday Loans
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?1826  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4820  

$249,814.00     Other
USA DEBT SALES
http://www.debtconnection.com/portfolio.asp?1825  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5682  

$347,265.00     Payday Loans
USA DEBT SALES
http://www.debtconnection.com/portfolio.asp?1824  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5682  

$771,409.00     Payday Loans
USA DEBT SALES
http://www.debtconnection.com/portfolio.asp?1822  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5682  

$1,039,242.00     Payday Loans
USA DEBT SALES
http://www.debtconnection.com/portfolio.asp?1823  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5682  

$880,000.00     Payday Loans
Premier Asset Management, LLC
http://www.debtconnection.com/portfolio.asp?1818  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5453  

$1,339,046.00     Credit Cards
NCSCorp
http://www.debtconnection.com/portfolio.asp?1817  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?241  

$2,109,498.00     Credit Cards
NCSCorp
http://www.debtconnection.com/portfolio.asp?1816  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?241  

$926,109.00     Payday Loans
Wellington Acquisition Group
http://www.debtconnection.com/portfolio.asp?1815  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5079  

$2,994,581.00     Other
Wellington Acquisition Group
http://www.debtconnection.com/portfolio.asp?1814  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5079  

$2,099,929.00     Consumer Loans
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?1812  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690  

$5,087,828.00     Credit Cards
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?1811  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690  

$50,164,841.00     Credit Cards
Cascade Receivables Management, LLC
http://www.debtconnection.com/portfolio.asp?1819  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5692  

$24,837,602.00     Telecommunications
Wellington Acquisition Group
http://www.debtconnection.com/portfolio.asp?1813  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5079  

$916,212,930.00     Consumer Loans, Credit Cards, Retail
Cascade Receivables Management, LLC
http://www.debtconnection.com/portfolio.asp?1820  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5692  

$598,031.00     Payday Loans
Bay Capital Management Group
http://www.debtconnection.com/portfolio.asp?1809  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4866  

$746,471.00     Payday Loans
Bay Capital Management Group
http://www.debtconnection.com/portfolio.asp?1808  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4866  

$762,000.00     Payday Loans
Bay Capital Management Group
http://www.debtconnection.com/portfolio.asp?1810  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?4866  

Agency
DYNAMIC RECOVERY SERVICES, INC.
800-886-8088

Debt Buyers
FITZGERALD DEBT ACQUISITIONS, LLC
567-336-9400

Debt Sellers
MLA HOLDINGS
Gerald Lewis
404-583-8353
More Information

Scoring/Scrubbing
JUDGMENTSCORE(TM)
Richard Morris
757-439-9902
More Information

Industry Events

DBA International 15th Annual Conference
DBA International
Aria Las Vegas
Las Vegas, NV
February 7 - 9, 2012
More Information
Southern Region Conference
Commercial Law League of America (CLLA)
J.W. Marriott Hotel
Houston, TX
March 2, 2011
More Information

NASP 2012 Subrogation Litigation: Skills and Management Conference
National Association of Subrogation Professionals (NASP)
Wild Horse Pass Resort and Pass
Phoenix, AZ
March 22 - 25, 2012
More Information
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