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EDUCATION DEPT. RE-HIRES COLLECTORS IT FIRED FOR LYING TO BORROWERS
- The Department of Education has apparently re-hired two of the debt collectors that it fired a year ago after charging them with making false representations to borrowers who were trying to get their loans out of default. The two collectors – Coast Professional and National Recovery – received nearly $1.5 billion in new accounts after taking “corrective action” according to the Department of Education.
SEC INVESTIGATING COLLECTION PRACTICES OF MORTGAGE SERVICERS
- The Securities and Exchange Commission has opened an investigation into non-bank mortgage services that are allegedly “prematurely unleashing” debt collectors on delinquent borrowers, according to a published report. Servicers like Ocwen Financial and Nationstar Mortgage Holdings are said to be two of the targets of the investigation.
SUPREME COURT ASKS FOR ADVICE ON MIDLAND FUNDING FDCPA CASE
- The U.S. Supreme Court has asked the Solicitor General’s office for its opinion on whether the court should review an appeals court ruling involving Midland Funding and whether loans purchased by a debt buyer from a national bank are pre-empted from state usury laws. A plaintiff brought a class-action lawsuit against Midland alleging that the debt buyer violated the FDCPA by trying to collect on a loan with interest rates that violated state law.
WORTH NOTING: 50 million boxes later, Kraft announces a new formula for it’s Mac and Cheese … The three unknown morning rituals of the world’s most successful people … When “Thank You” is the best response … An American Mormon missionary who survived the terror attacks in Boston and Paris was injured in the attack in Brussels yesterday … The top smartphone, according to Consumer Reports … Two brothers have been identified as the suicide bombers in yesterday’s attack in Brussels … The world’s most reputable companies … There is a mini-revolt underway at the Federal Reserve Board as more people are coming out against Janet Yellen’s strategy … How Derek Jeter turned pro athletes into essayists … How to turn around a bad day, week or month.
How to avoid tax scams
Hands on with the new iPhone
The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
