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Firefly Legal

Oct 18 2013

News This Week

Firefly Legal does our best to stay on top of the biggest news stories affecting our industry and the industries we serve. Check out some of the articles we shared this past week.

  • INSIDE ARM: “FDCPA Adds Unnecessary Layers of Collection Rules to Attorneys: Legal Panel”

Accessible online, Friday’s article from Inside Armhttp://bit.ly/1gqxT7Z took a look into the discussion on the provisions in the Fair Debt Collection Practices Act, which took place at NARCA’s Legal Symposium  earlier this week. The legal panel asserted that the changes “prohibit[s] potentially productive communication.” Be sure to read the article for more information.

  • DS News Loan Mods Rise in August, Foreclosures Remain Steady bit.ly/16b1n59
DS News reported that  loan modification numbers have risen, outpacing foreclosures. Despite the decrease in foreclosures, there is still an abundant inventory.
  • INSIDE ARM: “‘Precollect’ Causes FDCPA Heartburn for Collectors and Creditors” http://bit.ly/16lrAZF

FDCPA prohibits “precollect” efforts. This is discussed in a podcast reported on by InsideArm.

  • ACA INTERNATIONAL NEWS: “JPMorgan Chase to Disband Consumer Debt Collection Litigation Unit” http://bit.ly/1cYZF92 

 After cutting back litigation efforts back in 2011, JPMorgan Chase will shut down its debt collection litigation unit, which employs roughly 100 people.

Student loan debt is up 61% in the last 5 years and are currently at the highest rate since 1995.

Though many markets are still rife with foreclosures, overall foreclosure numbers are showing a steep decline since  this quarter last year.

 

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