Before announcing its acquisition today of Asset Acceptance, Encore Capital Group (aka “Midland Funding”, “Midland Credit Management” and “MCM”) boasted that it has one out of every nine collection “accounts”. In the $200 million purchase of Asset Acceptance, Encore is adding millions more in receivables to its portfolio, claimed from financially distressed consumers. Encore Capital,…
In what is sure to be considered a major victory for consumers everywhere, the FTC this week ordered Asset Acceptance to pay $2.5 Million in fines. Asset is one of the largest debt collectors / debt buyers in the country. The fines handed out this week certainly send a message that debt collectors should not see themselves…
Banks have been under siege in recent weeks for widespread corner-cutting in the rush to process delinquent mortgages. The accusations have stirred outrage and set off investigations by attorneys general across the country, prompting several leading banks to temporarily cease foreclosures.
