User:Oceanflynn/sandbox/Webliography (Debt buyer)

Webliography related to Debt buyer (United States)




 * September 9, 2015 The Consumer Financial Protection Bureau (CFPB) took action against the two largest debt buyers and collectors in the United States - Encore Capital Group and Portfolio Recovery Associates. Both companies used "deceptive tactics to collect bad debts."


 * GAO. 2009. "Fair Debt Collection Practices Act Could Better Reflect the Evolving Debt Collection Marketplace and Use of Technology" Study "GAO analyzed documents and interviewed representatives from six large credit card issuers, six third-party debt collection agencies, six debt buyers, two law firms, federal and state agencies, and attorneys and organizations representing consumers and collectors."


 * July 24, 2006 According to Pulitzer prize-winning journalist, Liz Pulliam Weston, in her July 24, 2006 article,


 * 2005 According to SEC 2005 filings, Asset Acceptance purchased $4.2 billion worth of debt for $102.3 million which represents 2.4 cents on the dollar; Encore Capital Group purchased $5.9 billion worth of debt for $195.6 million which represents 3.3 cents on the dollar; Portfolio Recovery Associates purchased $5.3 billion worth of debt for $149.6 million which represents 2.8 cents on the dollar.


 * 2005 By 2007, the use of Chapter 11 as a debtor relief vehicle had eroded. Bankruptcy reform benefited banks, credit card companies, and other creditors who lobbied for the reform because they bear the loss when debts are discharged through bankruptcy. According to a 2009 article in Berkeley Business Law Journal, as a result of BAPCPA, "although bankruptcies and credit card company losses decreased, and credit card companies achieved record profits, the cost to consumers of credit card debt actually increased. In other words the 2005 bankruptcy reforms profited credit card companies" and "increased the costs and decreased the benefits of bankruptcy to consumers."


 * May 2004 The Federal Trade Commission (FCA) charged the Pennsylvania-based NCO Group, Inc., one of the largest debt-collection firms in the United States with "a fine of $1.5 million for violating the Fair Credit Reporting Act (FCRA). NCO reported "inaccurate information about consumer accounts to credit bureaus." The 2004 "civil penalty" was the "largest civil penalty ever obtained in a FCRA case" up until that time. Reporting "later-than-actual delinquency dates" in a consumer’s credit file negatively affects the consumer's credit rating.


 * May 13, 2004 United States of America, v. NCO Group, Inc.


 * In her November 1989 article in Time, Carlson blamed Charles Keating (1923–2014), who ran the American Continental Corporation and the Lincoln Savings and Loan Association in the 1980s, for the savings and loan crisis (S&L crisis). Lincoln Savings and Loan Association failed in 1989 leaving 23,000 customers with worthless junk bonds. Using his influence with the "Keating Five", five senators, he was able to negotiate for loosened regulations on banking investments. When Lincoln failed, it cost the federal government over $3 billion.


 * American Continental went bankrupt in April 1989, and Lincoln was seized by the Federal Home Loan Bank Board (FHLBB). Lincoln had directed accounts insured by the Federal Deposit Insurance Corporation into commercial real estate ventures. By the end of 1986, that office of the FHLBB had found that Lincoln had $135 million in unreported losses and had surpassed the regulated direct investments limit by $600 million. About 23,000 customers were left with worthless bonds.




 * S&L
 * S&L

Debt buyers

 * Don Morrow, CEO, Acquisition Management, Macon, Georgia Area. Education: University of Georgia - Terry College of Business. Specialties: We are buyers of non-performing and charged off commercial debt. Acquisition Management: 1989 – Present (28 years) Lone Oak Fund Real Estate Business Forum, Pepperdine Private Capital Markets Project. Don S. Morrow, CEO and President. Douglas P. Quinn (Founder), Arthur E. Runquist (Founder), Jason J. Morrow (Chief Operating Officer and Vice President). Salary: 329.5K. Bonus: 350.3K. Total Short Term Compensation: 464.2K. Total Value of Options: $8.0M.
 * Jim Hess, AFNI
 * Jack Lavin, Arrow Financial Services LinkedIn, Chicago, Illinois - ‎Chairman of Javlin Capital. Sallie Mae,; Arrow Financial Services, LLC,; Bankers Trust Corporation. Education. "Previously in his career, Mr. Lavin served as an Executive Vice President of Sallie Mae and the CEO of its Asset Performance Group (APG) until September 2008. As the CEO of the APG division, he led Sallie Mae’s principal and structured finance units, international distressed consumer asset management functions and its collection activities. He joined Sallie Mae in 2004 as part of the acquisition of Arrow Financial Services, a leading accounts receivable management business, where he served as president and CEO from 1999 to 2008. Arrow Financial Services was recognized on the INC. 500 list as one of the fastest growing privately held companies in America and by Chicago Crains as one of the Largest Privately Held Companies in Chicago for three straight years. In June 2003, Mr. Lavin won the Ernst & Young Entrepreneur of the Year Award – Illinois, in the Financial Services category."

Definitions

 * non-performing receivables
 * credit opportunity strategies
 * coinvest