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Anyone who has had or is having financial trouble has experienced the nightmare of the collection companies. Many ignore the law (Fair Debt Collection Practices Act) by calling before 8:00 am or after 9:00 pm, plus numerous other acts done for the sole purpose of bullying the consumer.
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Why is this “ground breaking”? This is the first time that payment processors are held to the same standard of responsibility as the debt collectors. Related Post Reverse Mortgages & Their Pitfalls Debt Collectors Could Face New Rules Is Your College Offering Checking & Pre-paid … New Mortgage Lending Rules – CFPB Protecting… CFPB Issues […]
According to Bloomberg News: Fannie Mae will begin bulk auctions of mortgages, including some sales targeted for non-profit groups and small investors, as Fannie Mae moves to reduce the number of non-performing loans “sour mortgages” on its books. Related Post HSBC sued by NY Attorney General for Violations of… Foreclosure Settlements with Banks Moving Very […]
Many people ask whether or not a student loan company or SBA creditor can garnish their wages without first obtaining a court order. The answer is “yes”. Related Post What To Do If Your Wages Are Being Garnished
Consumer Financial Protection Bureau (CFPB) filed its lawsuit in August 2013, against debt-relief services company Morgan Drexen. The CFPB alleges, among other things, that Morgan Drexen deceived consumers into paying unlawful up-front fees for debt relief services by disguising them as fees related to “sham” bankruptcy services. According to an article by Joanna M. Zdanys […]