Bad Paper: Chasing Debt From Wall Street to the Underworld by Jake Halpern The New York Times Magazine has just published a cover story adapted from Jake Halpern’s phenomenal upcoming book, Bad Paper. You can read the entire article here. Because I can’t possibly capture Halpern’s outstanding writing style or story telling abilities, I offer the following excerpts article. In my opinion, Halpern’s book demonstrates that, despite what the industry contends, there is still plenty of actual ongoing systemic fraud and abuse.Read More »“Bad Paper” by Jake Halpern featured in New York Times Magazine Cover Story
Consumer Financial Protection Bureau Sues Large Debt Collection Law Firm, Calling it a “Mill” and a “Factory.”
In what is probably an unprecedented move, a federal regulator has filed a lawsuit accusing a debt collection law firm of violating the Fair Debt Collection Practices Act because the law firm is a mill, and taking a factory approach to litigation. Specifically, the lawsuit alleges that in filing over 300,000 lawsuits, there was a… Read More »Consumer Financial Protection Bureau Sues Large Debt Collection Law Firm, Calling it a “Mill” and a “Factory.”
This week Peter was quoted in the Wall Street Journal, where he stated that the alleged unfair practices described in the Consumer Financial Protection Bureau’s Complaint Against a large collection law firm are not an anomaly. Peter’s “Junk Justice” study was cited in an article in Bloomberg News, and also in a written decision of… Read More »Weekly Roundup for the Week Ending August 8, 2014
For an eye-opening experience, read this description of a sales meeting from a fictional dealership, written by Remar Sutton, who used to be in the business.
Ever wonder who regulates what in terms of consumer finance? Here is a simple explanation of the federal regulators, all in one place, courtesy of The Consumerist.
This is a group definitely of interest to anyone who cares about tax fairness and the fact that many of our largest corporations pay $0.00 taxes in the U.S. From the Tax Justice Network USA mission statement, here: “Tax Justice Network USA promotes tax justice and tax cooperation, including policies to address tax avoidance, tax… Read More »Tax Justice Network USA
Someone recently gave me a groundbreaking book called “Treasure Islands,” by journalist and author Nicholas Shaxson. I highly recommend this book, and it comes with a great blog which refutes the common defenses to offshore tax havens, here.
Two Data Brokers Settle With Federal Trade Commission for Selling Inaccurate Information About Consumers to Employers and Landlords
Instant Checkmate, Inc. and InfoTrack Information Services have agreed to pay civil penalties and stop their alleged illegal practices. The FTC press release is here.
While it can take different forms, what we are seeing most often in Maryland these days involves 5 players: 1) a victim in foreclosure who has lots of equity in their home, usually between $100,000 and $300,000; 2) a mastermind con artist who swoops in and promises the help the homeowner “save their home” by… Read More »What is a Foreclosure Rescue Scam?
Yo-Yo Sales: Why are they so wrong? Chances are, if you financed your car through a Maryland car dealer, they had you to sign a “contingent delivery agreement” or “spot delivery agreement” or “bailment agreement” or some similar nonsense sounding document that was not explained and/or you did not understand. Spot delivery means delivery today,… Read More »Spot Delivery: The Problem With Yo-Yo Sales