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Cuomo Subpoenas Debt Settlement Companies

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” (by Eleanor Laise, Oct. 14, 2008).  Such firms claim to “negotiate” with creditors in order to greatly reduce your overall debt.  The article underscores our own concerns about the services and fees of “debt settlement” or “debt negotiation” firms, some of which are run by lawyers.  See our comprehensive prior post “ doubts over debt-negotiation fees ” (July 21, 2008), which focused mainly on Net Debt and the affiliated Contego Law Firm . We dug a little further this afternoon, because a person who represents the industry left a comment yesterday saying that the Federal Trade ...
triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. Approximately 80% of U.S. mortgages issued in recent years to subprime borrowers were adjustable-rate mortgages . 1 After U.S. house prices peaked in mid-2006 and began their steep decline thereafter, refinancing became more difficult. As adjustable-rate mortgages began to reset at higher rates, mortgage delinquencies soared. Securities backed with subprime mortgages, widely held by financial firms, lost most of their value. The result has been a large ...
CreditBloggers: Attorney General Cuomo Subpoenas Debt Settlement Firms
and one law firm to learn more about their fee structures and to find out whether they are really helping consumers. Although the press release may lead you to believe otherwise, these companies are not being investigated yet  – the AG is simply in the information gathering stage. I understand the concern over debt settlement, but I hope we're not going to throw the baby out with the bathwater here. The settlement industry is growing fast, and any time that happens there will be companies that are muscling in to make a quick buck. As just one example, I’ve seen nauseating ads from settlement firms trying to recruit ... market research, surveys and trends
Targeting companies that target consumers in debt - Personal ...
Talk radio, late night TV and the Internet are littered with ads that promise a quick and easy way to get out from under a mountain of debt. These commercials by so-called debt settlement companies say they can help you reduce your debt as much as 75% by negotiating with your creditors.  What the misleading ads don't make clear is that you have to pay the debt settlement company a hefty fee upfront and their advice usually consists of bad moves such as stopping payments to your creditors and closing down your credit accounts, which immediately damages your credit score. The debt settlement companies keep their fee even if ... market research, surveys and trends


f/k/a . . . the archives » 2008 » October
ealizing that a sign with a big orange pumpkin on it might actually attract children to a house, Maryland parole agents sent out a pumpkin-less version of the sign this week to sex offenders, merely saying “ No Candy at this Residence ”.   Strangely, SO’s apparently have the option to use the pumpkin sign.  Parole officials deny they were affected by a Saturday Night Live skit poking fun at their sign (with Seth Myers saying “They are also being required to take down the signs that read, ‘Knock if you can keep a special secret.’”).  See: “ Halloween & the Law, Part Deux: Targeting Sexual Offenders “ ( Wall Street Journal Law Blog industry trends, business articles and survey research
Cuomo Subpoenas Debt Settlement Companies -
Calling debt settlement “a rogue industry” that gives strapped consumers false hopes while socking them with high fees, New York State’s attorney general, Andrew M. Cuomo , has announced an investigation involving numerous companies in the field. Settlement companies, which are flourishing as the recession deepens, negotiate with credit card companies to reduce balances on behalf of consumers. The consumers usually pay an initial fee, often 15 percent of the total debt. During the settlement process, the interest and fees from the card companies continue to mount. Personal finance experts say that settlement ... industry trends, business articles and survey research
US Subprime Hunt Targets Goldman, May Skip Cassano: Timeline
May 24 (Bloomberg) -- Federal prosecutors don’t plan to bring charges against former American International Group Inc. executive Joseph Cassano after a two-year probe of the insurer’s collapse, according to a person familiar with the investigation. Justice Department investigators found there is insufficient evidence to charge Cassano, the former head of AIG’s Financial Products division, the person said. The following is a list of the major U.S. law enforcement and regulatory probes and actions thus far in response to the subprime-mortgage meltdown and ensuing financial crisis: January 2008: A Securities and ... market trends, news research and surveys resources
NY Sues Debt Collector Over Harassment Claims
Attorney General Andrew M. Cuomo today announced a lawsuit against several Western New York debt collection companies that violated the law by harassing consumers through repeated threatening and obscene phone calls as well as making illegal calls to the consumers’ employers and families. Attorney General Cuomo’s lawsuit claims Frank Santiago, of South Creek Road in Hamburg, who is the owner and operator of Northern Asset Management, LLC and Eastern Asset Management, LLC, had employees use abusive measures and lies in the debt collection operation. The suit seeks to shut down the companies, bar Santiago from the collection ... market trends, news research and surveys resources


NY Attorney General Cuomo Announces Nationwide Investigation into ...
May 8, 2009 ... As part of his broad investigation of the debt settlement industry, Cuomo today issued subpoenas to fourteen debt settlement companies and ... technology research, surveys study and trend statistics
May 7, 2009 ... Companies in the debt settlement - Visit Oag.state ...
NEW YORK, NY (May 7, 2009) - Attorney General Andrew M. Cuomo today announced a nationwide investigation into the debt settlement industry, subpoenaing fourteen debt settlement companies and one law firm. Companies in the debt settlement industry often prey upon consumers who find themselves unable to keep up with credit card payments during these difficult economic times. “Today, millions of hardworking Americans are finding themselves imprisoned by debt. In response, a rogue industry has stepped in, offering consumers false hope, charging tremendous fees, and leaving them in a worse financial situation,” said ... technology research, surveys study and trend statistics
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