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BARELY SURVIVING ON CREDIT CARDS Friday, May 09, 2008 NEW YORK (CNNMoney.com) -- These days, more and more people are saying "Charge it." read more » CITIGROUP AIMS TO SELL $400 BILLION OF ASSETS Friday, May 09, 2008 PHILADELPHIA (Reuters) — Citigroup (C), the largest U.S. bank, said Friday it aims to shed $400 billion of assets over the next two to three years, in a drive to become more efficient. read more » SOUNDBITE COMMUNICATIONS AND AUSTIN LOGISTICS TO HOST WORKSHOP ON IMPROVING COLLECTIONS PERFORMANCE IN TODAY’S VOLATILE ECONOMY Thursday, May 08, 2008 Bedford, Mass. – May 8, 2008 – SoundBite Communications, Inc. (NASDAQ: SDBT), a provider of on-demand customer contact solutions, and Austin Logistics, the leading provider of event-based decision support solutions, will host a joint workshop entitled “How to Improve Collections and Recovery Performance in Today’s Volatile Economy” at The Hyatt Regency in Phoenix, Arizona on Thursday, May 22 at 8:00 a.m. PT read more » MADIGAN BILL REQUIRES LENDERS TO PROVIDE INFO TO HELP STRUGGLING HOMEOWNERS AVOID FORECLOSURE Thursday, May 08, 2008 Chicago – Attorney General Lisa Madigan, State Representative Marlow Colvin (D-33rd) and State Senator Jacqueline Collins (D-16th) have initiated new legislation to assist struggling homeowners to help save their homes. The measure, introduced as the Homeowner’s Rights Act (HB 838) by Rep. Colvin and set to be sponsored in the Senate by Sen. Collins, was voted out of house committee Wednesday and, if passed, will amend the Illinois Mortgage Foreclosure Law. read more » FTC WARNS CONSUMERS ABOUT POTENTIAL CHARITY SCAMS Friday, May 09, 2008 The Federal Trade Commission is urging consumers to be cautious of potential charity scams in connection with the devastating cyclone in Myanmar. Scam artists may take advantage of this situation by creating bogus fund-raising operations. The FTC has issued a Consumer Alert, the “FTC Charity Checklist,” which lists precautions consumers should take when donating to charities. The alert, available at, http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt114.shtm, advises consumers to be wary of appeals that tug at your heart strings, especially pleas involving current events. If you are asked to contribute to a charity, the FTC recommends that you: read more » CITIGROUP INC. CUTS WILL COST ABOUT 900 JOBS AT RANCHO CUCAMONGA LENDING OFFICE Thursday, May 08, 2008 Nearly 900 workers at a Citi Residential Lending office in Rancho Cucamonga will lose their jobs as part of Citigroup Inc.'s plan to shed about 9,000 workers across the country. read more » WACHOVIA STRIPS ITS CEO OF HIS CHAIRMAN'S POSITION Friday, May 09, 2008 Wachovia Corp., the fourth-largest U.S. bank, stripped chief executive officer Kennedy Thompson of his role as board chairman after the company said its first-quarter loss was almost twice as big as first reported. read more » DISCOVER(R) CARD WINS BRAND KEYS CUSTOMER LOYALTY AWARD FOR 11TH CONSECUTIVE YEAR Thursday, May 08, 2008 RIVERWOODS, Ill.--(BUSINESS WIRE)--May 8, 2008--Discover Financial Services (NYSE: DFS) today announced that Discover(R) Card is ranked No. 1 in customer loyalty among leading credit card brands, according to the 2008 Brand Keys Customer Loyalty Engagement Index(R) report. Discover Card has won the credit card category in the index 11 years in a row. read more » MORTGAGE CRISIS SEEPS TO PRIME LOANS Friday, May 09, 2008 The first concrete evidence that delinquencies on mortgage bills have spread well beyond those with subpar credit shows that even prime borrowers have increasingly fallen behind on their house payments. read more » HOUSE OKS CONTROVERSIAL HOUSING PLAN Thursday, May 08, 2008 NEW YORK (CNNMoney.com) -- The House on Thursday passed a contentious foreclosure-prevention package, which still faces a veto threat from the White House and an uncertain fate in the Senate. read more » AGENCIES ISSUE PROPOSED RULES ON RISK-BASED PRICING NOTICES Thursday, May 08, 2008 The Federal Trade Commission and the Federal Reserve Board today announced proposed regulations that generally would require a creditor to provide a consumer with a risk-based pricing notice when, based in whole or in part on the consumer’s credit report, the creditor offers or provides credit to the consumer on terms less favorable than the terms it offers or provides to other consumers. read more » EBUREAU HIRES CREDIT AND COLLECTIONS INDUSTRY VETERAN Tuesday, May 06, 2008 ST. CLOUD, Minn. — May 6, 2008 — eBureau, an innovative provider of custom predictive scoring and information solutions, today announced it has appointed Nancy McLaughlin, a well-known and longtime credit and collections industry executive, to the role of vice president. read more » ATTORNEY GENERAL ABBOTT REACHES AGREEMENT TO PROTECT CHECK 'N GO CUSTOMERS FROM IDENTITY THEFT Thursday, May 08, 2008 EL PASO – Texas Attorney General Greg Abbott today reached an agreement with CNG Financial Corp. and its subsidiaries, Check ‘n Go of Texas, Inc. and Southwestern & Pacific Specialty Finance, Inc., to protect Texas customers from identity theft. The settlement resolves the state’s May 2007 enforcement action, which charged the defendants with violating laws that govern the disposal of customer records containing sensitive personal information. read more » POLL: AMERICANS ALMOST EVENLY SPLIT ON HOME BAILOUT Thursday, May 08, 2008 Americans remain split on whether homeowners about to default on their mortgages should receive special treatment to help them keep their houses, according to a new CNN/Opinion Research Poll. read more » DISCOVER(R) U.S. SPENDING MONITOR(SM) SHOWS LITTLE MOVEMENT IN APRIL, AS CONSUMERS TRY TO BALANCE THEIR BUDGETS IN THE WAKE OF HIGH ENERGY PRICES Wednesday, May 07, 2008 RIVERWOODS, Ill., May 07, 2008 (BUSINESS WIRE) -- The April Discover U.S. Spending Monitor reflected a continuing pattern of economic concern from consumers in the face of rising expenses. For the last four months including April, the Monitor has remained in the 85-86 range. The April index rose a scant .3 from March when the index hit its lowest point ever. The up-tick to 85.4 was primarily the result of higher spending expectations. read more » LEXISNEXIS® RISK & INFORMATION ANALYTICS GROUP EXECUTIVE AUTHORS BOOK ON BACKGROUND SCREENING BEST PRACTICES Tuesday, May 06, 2008 NEW YORK, NY, May 06, 2008 - LexisNexis Risk and Information Analytics Group today announced the publication of Background Screening and Investigations: Managing Hiring Risk from the HR and Security Perspectives (Elsevier Inc.; 2008), by Kim Kerr, vice president and general manager of LexisNexis Risk & Information Analytics Group. read more » SOUNDBITE COMMUNICATIONS REPORTS FIRST QUARTER 2008 FINANCIAL RESULTS Wednesday, May 07, 2008 BEDFORD, Mass. – May 7, 2008 – SoundBite Communications, Inc. (NASDAQ: SDBT), a leading provider of on-demand customer contact solutions, today announced its financial results for the first quarter 2008. First quarter revenues were $10.6 million, an increase of 21% from the same quarter in 2007. GAAP loss per share was $0.10 versus a loss of $1.37 in the same quarter of 2007. read more » WHITE HOUSE THREATENS VETO OF FHA-RESCUE BILL Wednesday, May 07, 2008 The House on Wednesday began debate on a housing package that would let the government back loans for homeowners at risk of foreclosure - a move many Republicans have opposed and which the White House has threatened to veto. read more » NEW JOBLESS CLAIMS FALL IN LATEST WEEK Thursday, May 08, 2008 New filings for unemployment claims fell more than expected in the latest week, according to a government report released Thursday. read more » GMAC NEGOTIATING TERMS OF LOAN TO KEEP MORTGAGE SUBSIDIARY OUT OF BANKRUPTCY Tuesday, May 06, 2008 Finance company GMAC LLC, which is partly owned by General Motors Corp., is negotiating terms of a a $3.5 billion loan for its struggling mortgage subsidiary Residential Capital LLC to keep it out of bankruptcy long enough to find a buyer or break it up, Bloomberg reported today. read more » FED MOVES ON CREDIT CARD CRACKDOWN Wednesday, May 07, 2008 NEW YORK (CNNMoney.com) -- The Federal Reserve on Friday pushed ahead with a proposal to stop abuses by credit card issuers, a day after two other key bank regulatory agencies proposed effectively the same package of new rules. read more » FANNIE MAE LOSES $2.2 BILLION Wednesday, May 07, 2008 Fannie Mae reported a net loss of $2.2 billion in the first quarter, with the government-backed lender saying it expected weakness in the housing market to continue into next year. read more » AMERICANS SKEPTICAL OF FED Wednesday, May 07, 2008 NEW YORK (CNNMoney.com) -- The Federal Reserve bears much of the responsibility for keeping the nation's economy on track but few Americans are fully convinced that the central bank can improve the country's financial situation. read more » TENET HEALTHCARE RESULTS HIT HARD BY CHARGES Wednesday, May 07, 2008 Tenet Healthcare Corp. reported first-quarter losses Tuesday, but after stripping out special charges, the Dallas company said its earnings were $17 million. read more » CAPITAL ONE SUES BROWN OVER ACCESS TO RECORDS Monday, May 05, 2008 SAN FRANCISCO (Legal Newsline)-Capital One Financial Corporation is seeking to keep its records from California Attorney General Jerry Brown, who is investigating whether the bank and credit card company violated state consumer protection laws. read more » LAWMAKERS TARGET MORTGAGE LENDERS Tuesday, May 06, 2008 NEW YORK (CNNMoney.com) -- Lawmakers considered allegations Tuesday that mortgage lenders and companies that service loans are misusing the bankruptcy system to impose questionable fees and improperly pressure homeowners facing foreclosure. read more » THE NATIONAL ARBITRATION FORUM ANNOUNCES PARTNERSHIP WITH FORTHRIGHT Thursday, May 01, 2008 The National Arbitration Forum (FORUM) is pleased to announce its partnership with Forthright, a global provider of transaction processing and resolution systems. Forthright serves as the exclusive provider of all necessary services to optimize the process and the administration of National Arbitration Forum arbitration and mediation claims. read more » EQUIFAX LAUNCHES MORTGAGE RISK EVALUATION TOOL FOR SECONDARY & CAPITAL MARKETS ANALYSIS Monday, May 05, 2008 BOSTON, May 5, 2008 - Equifax Inc. (NYSE: EFX) today announced at the MBA Secondary Market Conference & Expo the launch of an analytical tool that gives mortgage investors deeper insights into mortgage borrower credit behavior - with a new level of detail previously unavailable in the market. Equifax Mortgage Market Risk InsightTM (MRI) is the industry’s first source of mortgage market risk information that enables forward-looking valuations for mortgage-related securities. Investors can use this tool to analyze mortgage loan performance and more accurately assess delinquency and default. read more » SCORPIO TELEMARKETERS STUNG WITH COURT ORDER FOR DO NOT CALL VIOLATIONS Tuesday, May 06, 2008 Under the terms of a court order announced by the Federal Trade Commission today, two individuals and one corporate defendant have been barred from violating the agency’s Telemarketing Sales Rule (TSR) and its Do Not Call (DNC) provisions arising from a telemarketing scheme designed to sell mortgage loans, refinancing services, and other products to U.S. consumers. They were also found liable for $530,000 in damages. read more » FANNIE LOSS WIDER THAN FORECAST Tuesday, May 06, 2008 NEW YORK (CNNMoney.com) -- In a sign of the problems that slashed home values and possibly led to a recession, mortgage financer Fannie Mae posted a far worse-than-expected first-quarter loss Tuesday, and said it will slash its dividend and raise additional capital. read more » BERNANKE: FORECLOSURE WOES REQUIRE ACTION Tuesday, May 06, 2008 NEW YORK (CNNMoney.com) -- The wave of foreclosures sweeping the nation are driven in part by a nearly unprecedented decline in home prices and require a concerted government and private-sector response, Ben Bernanke, chairman of the Federal Reserve, said Monday. read more » TARGET CORPORATION ANNOUNCES AGREEMENT TO SELL INTEREST IN CREDIT CARD RECEIVABLES TO JPMORGAN CHASE FOR INITIAL INVESTMENT OF $3.6 BILLION Tuesday, May 06, 2008 MINNEAPOLIS — Target Corporation (NYSE:TGT) today announced an agreement under which JPMorgan Chase would invest in Target's credit card receivables. At closing Target would sell an undivided interest in its credit card receivables to JPMorgan Chase (NYSE: JPM) for cash proceeds of approximately $3.6 billion. This interest would represent approximately 47 percent of the principal amount of Target's outstanding receivables at that time. This transaction is expected to close before the end of May. read more » FEDERAL AGENCIES RELEASE ANNUAL REPORT TO CONGRESS ON SCHOLARSHIP FRAUD Monday, May 05, 2008 Each year, millions of students seek help in financing their college education, and some fall prey to scholarship and financial aid scams that “guarantee” money for college in exchange for a fee. In 2000, Congress passed the College Scholarship Fraud Prevention Act to help federal agencies crack down on those scams. The Federal Trade Commission, the Department of Justice (DOJ), and the Department of Education (ED) have issued their annual report to Congress describing their continued efforts to combat scholarship and financial aid fraud. read more » THE APRIL 2008 SENIOR LOAN OFFICER OPINION SURVEY Monday, May 05, 2008 The April 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months.1 Special questions in the survey queried banks about changes in terms on home equity lines of credit and about their student loan programs. This article is based on responses from 56 domestic banks and 21 U.S. branches and agencies of foreign banks. read more » THE FEDERAL RESERVE BOARD ON FRIDAY PROPOSED RULES TO PROHIBIT UNFAIR PRACTICES REGARDING CREDIT CARDS AND OVERDRAFT SERVICES THAT WOULD, AMONG OTHER PROVISIONS, PROTECT CONSUMERS FROM UNEXPECTED INCREASES IN THE RATE CHARGED ON PRE-EXISTING CREDIT CARD B Friday, May 02, 2008 The rules, proposed for public comment under the Federal Trade Commission Act (FTC Act), also would forbid banks from imposing interest charges using the "two-cycle" billing method, would require that consumers receive a reasonable amount of time to make their credit card payments, and would prohibit the use of payment allocation methods that unfairly maximize interest charges. They also include protections for consumers that use overdraft services offered by their bank. read more » CENTRAL BANKS HAVE CONTINUED TO WORK TOGETHER AND TO CONSULT REGULARLY ON LIQUIDITY CONDITIONS IN FINANCIAL MARKETS. IN VIEW OF THE PERSISTENT LIQUIDITY PRESSURES IN SOME TERM FUNDING MARKETS, THE EUROPEAN CENTRAL BANK, THE FEDERAL RESERVE, AND THE SWISS Friday, May 02, 2008 The Federal Reserve announced today an increase in the amounts auctioned to eligible depository institutions under its biweekly Term Auction Facility (TAF) from $50 billion to $75 billion, beginning with the auction on May 5. This increase will bring the amounts outstanding under the TAF to $150 billion. read more » TOUCHSTAR CHANGES THE CALL CENTER INDUSTRY BY PROVIDING FREE LEADS FOR CALL CENTERS TO GAIN NEW BUSINESS Thursday, May 01, 2008 Denver, CO (PRWEB) May 1, 2008 -- TouchStar today publicly announces that it is providing free call center services leads to its 2,500 call center clients. read more » ENCORE CAPITAL GROUP ANNOUNCES FIRST QUARTER 2008 RESULTS Thursday, May 01, 2008 SAN DIEGO, May 1 /PRNewswire-FirstCall/ -- Encore Capital Group, Inc. (Nasdaq: ECPG), a leading distressed consumer debt management company, today reported consolidated financial results for the first quarter ended March 31, 2008. read more » 6,000 UCSF PATIENTS' DATA GOT PUT ONLINE Thursday, May 01, 2008 (05-01) 17:22 PDT San Francisco -- Information on thousands of UCSF patients was accessible on the Internet for more than three months last year, a possible violation of federal privacy regulations that might have exposed the patients to medical identity theft, The Chronicle has learned. read more » REGULATORS ZERO IN ON CREDIT CARD REFORM Friday, May 02, 2008 NEW YORK (CNNMoney.com) -- Federal regulators are pushing ahead to stop abuses by credit card issuers at a time when the $2 trillion industry has come under increasing scrutiny. read more » FINANCIAL SERVICES COMMITTEE APPROVES FHA HOUSING AND HOMEOWNER RETENTION ACT Thursday, May 01, 2008 Washington, DC - {The House Financial Services Committee today approved H.R. 5830, the FHA Housing and Homeowner Retention Act, by a bipartisan vote of 46 to 21. The legislation, authored by Committee Chairman Barney Frank, will expand the FHA program to help refinance at-risk borrowers into viable mortgages. The bill also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. The legislation now moves to the full House for consideration. read more » STERN FAMILY ESTABLISHES $8.2 MILLION SUBORDINATED LOAN TO ASTA FUNDING, INC. Thursday, May 01, 2008 ENGLEWOOD CLIFFS, N.J., May 1 /PRNewswire-FirstCall/ -- Asta Group Inc., a large shareholder of Asta Funding, Inc. (Nasdaq: ASFI), beneficially owned and controlled by Arthur Stern, the Chairman of the Board of Asta Funding, Gary Stern, the Chief Executive Officer of the Company, and members of their families, have agreed, on an unsecured basis, to advance approximately $8.2 million to the Company. read more » LAWMAKERS UNVEIL NEW CREDIT CARD REFORM BILL Wednesday, April 30, 2008 A group of Democratic lawmakers unveiled sweeping legislation Wednesday that promises to shield consumers from harmful, and in some instances predatory practices, by the credit card industry. read more » PERSONAL INCOME SLIPS SLIGHTLY, BUT CONSUMER SPENDING JUMPS. Thursday, May 01, 2008 Americans' personal income slipped in March, but consumer spending jumped up, according to a government report released Thursday. read more » COURT ORDERS CROSS-BORDER TELEMARKETERS TO PAY NEARLY $5 MILLION Thursday, May 01, 2008 At the request of the Federal Trade Commission, the U.S. District Court for the Northern District of Illinois has entered a final order and default judgment against a group of individual and corporate defendants based in Ontario, Canada, for their role in a cross-border telemarketing scheme that cost U.S. consumers millions of dollars. read more » PAYDAY-LENDING BILL PASSES OHIO HOUSE Wednesday, April 30, 2008 A bill that consumer advocates say would become a national model for payday-lending regulation passed a divided Ohio House today, despite industry warnings that it would drive their 1,600 stores out of business. read more » ATTORNEY GENERAL CUOMO HALTS DECEPTIVE AND ABUSIVE PRACTICES BY WESTERN NEW YORK DEBT COLLECTOR Wednesday, April 30, 2008 BUFFALO, N.Y. (April 30, 2008) – Attorney General Andrew M. Cuomo announced today that a Western New York debt collection company that engaged in deceptive and abusive practices will reform their business and pay $35,000 in penalties and costs under a settlement agreement with his office. read more » FED CUTS RATES AGAIN AND HINTS AT PAUSE Wednesday, April 30, 2008 The Federal Reserve cut its key interest rate by a quarter percentage point Wednesday, but the central bank's statement signaled it may be the last rate cut for at least a while. read more » LAWMAKERS AIM AT CREDIT CARD COMPANIES Wednesday, April 30, 2008 NEW YORK (CNNMoney.com) -- A group of Democratic lawmakers unveiled sweeping legislation Wednesday that promises to shield consumers from harmful, and in some instances predatory practices, by the credit card industry. read more » EXPERIAN STUDY SHOWS SEVERELY DELINQUENT MORTGAGE ACCOUNTS UP 15 PERCENT IN ONE YEAR Wednesday, April 30, 2008 Irvine, Calif., April 30, 2008 — Many U.S. homeowners continue to weather the current credit crunch and real estate market conditions, as the number of severely delinquent mortgage accounts increased 15 percent in one year, according to a National Score Index® study conducted by Experian Consumer DirectSM, the leading provider of online direct-to-consumer credit reports, scores and monitoring products. read more » FIRST DATA TO RELEASE FIRST QUARTER 2008 FINANCIAL RESULTS Wednesday, April 30, 2008 DENVER, Apr 30, 2008 (BUSINESS WIRE) -- On Thursday, May 15, First Data Corp. will release its first quarter financial results. The release will be available on the First Data website, www.firstdata.com. read more » ASSET ACCEPTANCE CAPITAL CORP. ANNOUNCES FIRST QUARTER 2008 RESULTS Wednesday, April 30, 2008 WARREN, Mich., April 30 /PRNewswire-FirstCall/ -- Asset Acceptance Capital Corp. (Nasdaq: AACC), a leading purchaser and collector of charged-off consumer debt, today announced first quarter 2008 results, highlighted by a 4.6 percent improvement in cash collections and reduced operating expenses. Total revenues declined by 4.4 percent versus the same period last year. read more » TRANSUNION.COM MORTGAGE TREND ANALYSIS FINDS THAT MORTGAGE LOAN DELINQUENCY RATES EXPECTED TO RISE MORE THAN 34 PERCENT BY YEAR END Tuesday, April 29, 2008 CHICAGO, April 29 /PRNewswire/ -- Analysis of trends in the mortgage industry during the 4th quarter of 2007 was made available today on TransUnion.com. The report is the third in an ongoing series of quarterly consumer lending sector analyses focusing on credit card, auto loan and mortgage data to be released on TransUnion's Web site. read more » SIMPLETUITION ADDS DISCOVER STUDENT LOANS Tuesday, April 29, 2008 NEWTON, Mass. — SimpleTuition, Inc., a company dedicated to helping students and parents make sense of education financing choices, today announced an agreement with Discover Financial Services (NYSE: DFS) to include its full line of student loan products - Discover Student Loans - among SimpleTuition's online offerings. Discover Student Loans include federal Stafford, federal PLUS, and private loans that cover the costs of higher education - tuition, housing, books and more. read more » SPACE IS STILL AVAILABLE FOR THE RECOVERY MANAGEMENT STRATEGIES AND TECHNIQUES CLASS Wednesday, April 30, 2008 This course will bring real-world experience and answers to the challenges that Recovery Managers face in structuring and managing the external recovery operation. Topics covered will include Agency Selection, Placement Strategies, Performance Measurements, Contracts, Work Standards, Settlements, Auditing, Compliance, and Financial Issues. The first session is scheduled for May 20 – 21, 2008 in Los Angeles, CA at the Westin Los Angeles Airport (LAX). read more » CREDIT ACCEPTANCE ANNOUNCES FIRST QUARTER 2008 EARNINGS Tuesday, April 29, 2008 SOUTHFIELD, Mich., Apr 29, 2008 (PrimeNewswire via COMTEX News Network) -- Credit Acceptance Corporation (Nasdaq:CACC) (referred to as the "Company", "we", "our", or "us") announced consolidated net income of $17.6 million, or $0.57 per diluted share, for the three months ended March 31, 2008 compared to consolidated net income of $15.4 million, or $0.49 per diluted share, for the same period in 2007. read more » WACHOVIA COULD TAKE $1 BILLION CHARGE TIED TO LEASES Wednesday, April 30, 2008 Wachovia Corp., the fourth-largest U.S. bank by assets and the largest in Monmouth and Ocean counties, expects to record a non-cash charge of $800 million to $1 billion tied to leasing transactions that the company stopped making in 2003. read more » GM POSTS BIG LOSS AS U.S. SALES HURT Wednesday, April 30, 2008 NEW YORK (CNNMoney.com) -- General Motors Corp. reported a large first-quarter loss Wednesday, due in large part to struggles at its former finance wing GMAC, a strike at American Axle and slumping U.S. car sales. read more » FORECLOSURES DOUBLE, AND HOME PRICES TUMBLE Wednesday, April 30, 2008 The most severe real estate recession in decades appears far from over, with the pace of foreclosures rising, the fall in home prices accelerating and the pain spreading to nearly every major U.S. city, according to two reports issued Tuesday. read more » HOW THE STATE CAN STABILISE HOUSING MARKET Wednesday, April 30, 2008 Over the past year, federal and state governments, consumer groups, industry and others have worked to contain the growing tide of foreclosures. While some success has been achieved, foreclosures continue to mount and delinquency rates for subprime and even some prime mortgages have risen dramatically. read more » WELLS FARGO FINANCIAL NATIONAL BANK INTRODUCES HEALTHCARE CONSUMER FINANCING PROGRAM Tuesday, April 29, 2008 DES MOINES, Iowa, April 29 /PRNewswire-FirstCall/ -- Wells Fargo Financial National Bank -- part of the consumer finance subsidiary of Wells Fargo & Company (NYSE: WFC) -- has launched a revolving credit card program to give consumers flexible payment options for select healthcare and veterinary services. The Wells Fargo Health Advantage(SM) card is available for dental treatment, veterinary care and corrective vision procedures. read more » PAULSON APPROVES STIMULUS DISTRIBUTION PLAN, PAYMENTS FOR AMERICAN SAMOA, GUAM, U.S. VIRGIN ISLANDS, COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS Tuesday, April 29, 2008 Washington, DC--Treasury Secretary Henry M. Paulson, Jr. today approved the stimulus distribution plan and payment amount for American Samoa, and payments amounts to Guam, the U.S. Virgin Islands, and the Commonwealth of the Northern Mariana Islands. read more » MASTERCARD PROFIT MORE THAN DOUBLES AS CARD USE ABROAD RISES Tuesday, April 29, 2008 MasterCard's profit more than doubled in the first quarter, the card processor said Tuesday, as more customers outside the United States used their credit and debit cards for purchases. read more » FAIR ISAAC'S TRIAD SYSTEM 8.3 DELIVERS ENHANCED FLEXIBILITY AND PROCESSING FOR MORE EFFECTIVE PORTFOLIO MANAGEMENT Monday, April 28, 2008 April 28, 2008 (Minneapolis, Minnesota, USA- Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, today announced the release and immediate availability of TRIAD® adaptive control system version 8.3. With the TRIAD system 8.3, credit grantors now have access to improved flexibility and processing capabilities that accelerate the development and implementation of profitable decisions in account and customer management, at both the enterprise and portfolio levels. read more » FTC TESTIFIES ON EFFORTS TO PROTECT CONSUMERS IN SUBPRIME MORTGAGE MARKET Tuesday, April 29, 2008 The Federal Trade Commission testified before the U.S. Senate Committee on Commerce, Science, and Transportation’s Subcommittee on Interstate Commerce, Trade, and Tourism, about the Commission’s continuing efforts to protect subprime mortgage borrowers. read more » FTC CHARGES MORTGAGE FORECLOSURE “RESCUERS” Tuesday, April 29, 2008 The Federal Trade Commission has charged Foreclosure Solutions, LLC and Timothy A. Buckley with operating a nationwide mortgage foreclosure “rescue” scam that charged consumers as much as $1,200 to save their homes from foreclosure but failed to do so. The FTC seeks to bar them from further law violations and make them forfeit their ill-gotten gains. read more » $900M LOSS AND MORE BAD LOANS - COUNTRYWIDE Tuesday, April 29, 2008 NEW YORK (CNNMoney.com) -- Countrywide Financial Corp. once again found itself mired in red ink, reporting a loss Tuesday of nearly $900 million as higher housing-related credit losses engulfed the mortgage lender's results. read more » FORECLOSURES SPIKE 112% - NO END IN SIGHT Tuesday, April 29, 2008 NEW YORK (CNNMoney.com) -- Foreclosure filings in the first three months of 2008 rose more than 112% over last year, according to a study released Tuesday. read more » VISA INC. REPORTS FISCAL SECOND QUARTER 2008 EARNINGS RESULTS Monday, April 28, 2008 SAN FRANCISCO, April 28 /PRNewswire-FirstCall/ -- Visa Inc. (NYSE: V) today announced financial results for our fiscal second quarter ended March 31, 2008. GAAP net income for the quarter was $314 million, or $0.39 per diluted class A common share. GAAP diluted class A common shares outstanding were 778 million. On an adjusted basis (reflective of a normalized tax rate and excluding litigation, restructuring and purchase amortization), net income for the quarter was $401 million, or $0.52 per diluted class A common share. Adjusted diluted class A common shares outstanding were 779 million. read more » PORTFOLIO RECOVERY ASSOCIATES REPORTS FIRST QUARTER 2008 RESULTS Monday, April 28, 2008 NORFOLK, VA, Apr 28, 2008 (MARKET WIRE via COMTEX News Network) -- Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a company that purchases, collects and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management services, today reported net income of $11.9 million, or $0.78 per diluted share, for the quarter ended March 31, 2008. read more » FIRST DATA ANNOUNCES PLANS TO ACQUIRE INCOMM Monday, April 28, 2008 DENVER & ATLANTA, Apr 28, 2008 (BUSINESS WIRE) -- First Data Corp., a global leader in electronic commerce and payment processing services, today announced that it has reached an agreement to acquire InComm, an industry leading marketer, distributor and technology innovator of stored value gift and prepaid products. read more » TNB CARD SERVICES PURCHASES CARD PORTFOLIOS IN TWO STATES Monday, April 28, 2008 Dallas, April 28, 2008 -- TNB Card Services has purchased the credit card portfolios of Adirondack Regional Federal Credit Union of Tupper Lake, New York, and Trivantage Community Federal Credit Union, based in Huntington, West Virginia, adding more than $1 million in card balances to TNB’s portfolio. read more » VACANT HOMES HIT NEW RECORD HIGH IN FIRST QUARTER Monday, April 28, 2008 WASHINGTON — The percentage of vacant homes up for sale in the U.S. hit a new record high in the first quarter of this year, the government said Monday. read more » FIRST FINANCIAL NETWORK, INC. TO SELL LOAN PORTFOLIO Friday, April 25, 2008 OKLAHOMA CITY, OK - First Financial Network, Inc., (FFN), the nation's leading loan sale advisor, is pleased to announce that it will market and manage the sale of approximately $6 million in loans from Hume Bank, for which the FDIC is acting as receiver. read more » BANK OF AMERICA DETAILS COMMUNITY DEVELOPMENT, FORECLOSURE RELIEF GOALS Monday, April 28, 2008 CHARLOTTE, N.C., April 28 /PRNewswire/ -- Bank of America today announced key initiatives to reduce the impact and number of foreclosures on communities as well as new goals in corporate philanthropy and community development and investment. Bank of America also said it will locate the combined national consumer mortgage headquarters in Calabasas, California, once it completes the purchase of Countrywide Financial Corp. read more » U.S. LOAN INDUSTRY FIGHTS BACK AGAINST PROPOSED MORTGAGE RULES Monday, April 28, 2008 WASHINGTON: The mortgage industry, facing the prospect of tougher regulations for its central role in the housing crisis, has begun an intensive campaign to fight back. read more » CREDIT CARD RATES HUSTLE HIGHER Monday, April 28, 2008 Even as the Federal Reserve has cut interest rates, financial institutions have sharply raised rates for credit card customers — even those who pay on time — as they grapple with losses from other bad consumer loans. read more » FOR GM, APRIL IS THE CRUELEST MONTH Monday, April 28, 2008 NEW YORK (Fortune) -- Until a couple of months ago, hardly anyone outside the mortgage business paid attention to ResCap, the residential mortgage unit of auto finance giant GMAC. Yet financial problems at ResCap continue to bedevil GMAC and its 49% owner, General Motors - at a time when the auto giant has plenty of problems of its own. read more » HENRY J. OSTOJA JOINS SECURITY CREDIT SERVICES Friday, April 25, 2008 Ostoja’s industry experience and attention to implementation provide Security Credit Services ample resources. read more » |