FTC: Illegal Text Messages to Cost Debt Collector $1 Million

For the first time, the Federal Trade Commission has taken action against a debt collector for unlawfully using text messaging. A Glendale, California-based debt collector will pay $1 million dollars to settle FTC charges that it violated both the Fair Debt Collection Practices Act and the FTC Act, the U.S. agency said Wednesday.

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HAMP Update: Mortgage Re-Defaults Up 57% from Year Ago

The wide disparity in the productivity of HAMP (Home Affordable Modification Program) — based on the update provided by U.S. Treasury and housing officials Friday — bolsters the claims by a government watchdog released last month that called the program’s re-default rate “alarming.”

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