Buying and selling debt has become a big business in the U.S. The FTC found that debt buyers typically purchase portfolios of debt for only four cents on the dollar, on average, and then collect on those debts for the full face value -- which nets them a huge profit.
I saw a "pat on the back" news release from the Federal Trade Commission today: "FTC Settlement: Tax Relief Scammers Agree to Pay More Than $15 Million." If you go down a couple of sentences, it notes that the scheme bilked consumers out of $100 million. Crime does pay.
There is nothing wrong with credit agencies making a profit. They are private businesses. Yet without adequate oversight, these agencies have little incentive to ensure the accuracy of consumer credit reports.
Mitt Romney is the poster child of big business expediency, where truth is less important than closing the deal. And if he gets elected we'll see a reprise of the Wild West days that ended in the 2008 crisis.
Paul Ryan has remained consistent. His statements are often lies, and when his talk turns to statistics and numbers and the financial facts faced by everyday Americans, his lies expand past the realm of "damned lies" into Mark Twain's third category of exotic deception.
Do you have a roof over your head?
Right now through October 9, Cornell Law School is giving the American public a unique opportunity to make our voi...
The open hostility of these people to the idea of a government "of the people, by the people, and for the people" really comes down to one thing: utter contempt for "you people." It's shameful. It's intolerable. It must be stopped.
NEW YORK -- In the latest effort by a federal regulator to force the mortgage industry to stop treating desperate homeowners like vagrants looking for...
NEW YORK -- Students took on more student-loan debt than they needed or could handle, during a borrowing boom from 2004 to 2008, largely due to relaxe...
Batman just wants to do his job of protecting Gotham from crime. And the CFPB wants to do its job of protecting consumers from financial predators. Perhaps as the Dark Knight Rises to defeat the princes of evil, American voters should finally stand up to this army of darkness.
The premise of these rules evolves around two principles -- protecting homeowners from surprise costs and preventing them from getting the runaround from their services.
When the framers of the national mortgage settlement agreed to let the deal expire in three-and-a-half years, it was with the assumption that the Cons...
In the latest Rasmussen poll, Scott Brown is tied 45-45 with Elizabeth Warren. The voters don't seem to be buying Brown's brutal attacks on Warren, nor do they seem to be buying Brown himself.
It's not quite Siri, but a new online question and answer tool created by the Consumer Financial Protection Bureau is gunning to be the most comprehen...
Once upon a time in America, Greek was routinely included in the curriculum of a liberal arts education. Today, we don't necessarily need to speak the language, but we do need to better understand what's happening.
President Obama flexed his muscles ever-so-slightly this week when he made a recess appointment of Richard Cordray as head of the Consumer Financial P...
This morning President Obama appointed former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau. It's was the right move, and it's about time.