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Author Archives: Robert A. Kraft

Arbitration Abuses ‘Deeply Disturbing,’ Kucinich Says

Published on July 23, 2009 by Robert A. Kraft

Bloomberg News reported, “A congressional staff investigation into the biggest U.S. consumer debt-collection arbitrator found ‘deeply disturbing’ abuses, U.S. Representative Dennis Kucinich said” yesterday at a hearing before a House subcommittee he chairs. “A report on the investigation, released yesterday, claims that the National Arbitration Forum, a Minnesota company that handled most consumer debt-collection arbitrations [...]

Categories: Consumer Law Basics, Fair Debt Collection Comments (0) »

White House Sends Congress Draft Bill for Consumer Financial Protection Agency

Published on July 1, 2009 by Robert A. Kraft

The Financial Times reports the Obama Administration “has sent Congress draft legislation for a new consumer financial protection agency, setting out the fine details it wants to see in the body responsible for regulating products such as credit cards and mortgages.” The agency “would have power over any company that sells financial products to consumers, [...]

Categories: Fair Credit Reporting, Fair Debt Collection, Mortgage Dispute Topics Comments (0) »

Change to Foreclosure Law to Benefit Renters

Published on June 23, 2009 by Robert A. Kraft

The House and Senate have each passed bills providing that any current lease survives a foreclosure unless the new owner intends to live in the property. Currently, in many states, a landlord has no obligation to notify tenants of pending foreclosure actions, and a renter’s lease becomes void the moment a foreclosure sale is completed. [...]

Categories: Consumer Law News, Mortgage Dispute Topics Comments (2) »

Obama Administration to Propose Creation of New Consumer Financial Protection Agency

Published on June 17, 2009 by Robert A. Kraft

McClatchy news bureau reported, “The Obama administration is proposing the broadest changes in financial regulation since the Great Depression, calling for the elimination of some bank regulators and giving the Treasury Department and Federal Reserve vast new authority.” Among the changes, the administration “will propose creating a special commission that would regulate consumer credit, watching [...]

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1st Quarter 2009 Wiped Out $1.3 Trillion for Americans

Published on June 12, 2009 by Robert A. Kraft

Today’s Washington Post has a rather frightening article about the effect, to date, of the recession on U.S. consumers. Here are the opening paragraphs of the story:
The brute force of the recession earlier this year turned back the clock on Americans’ personal wealth to 2004 and wiped out a staggering $1.3 trillion as home values [...]

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Collection of Time-Barred Debts

Published on June 11, 2009 by Robert A. Kraft

“Time-barred” debts are debts so old they are beyond the point at which a creditor or debt collector may sue you to collect. State law varies as to when a creditor or debt collector may no longer sue you. In most states, the period is from three to 10 years, and in Texas, the limit [...]

Categories: Fair Credit Reporting, Fair Debt Collection Comments (1) »

Credit Card Bill Signed Into Law by President Obama

Published on May 23, 2009 by Robert A. Kraft

On May 22, 2009, President Obama signed into law an act designed to protect consumers from surprise credit card charges. Although opposed by many financial companies, Obama strongly endorsed the bill, and it passed Congress with board bi-partisan support.
Obama made it clear that he did not back the changes with the intention of assisting those [...]

Categories: Consumer Law News, Fair Debt Collection Comments (0) »

Credit Card Charge-Offs Hit Record High

Published on May 1, 2009 by Robert A. Kraft

According to the debt research firm CreditSights, the number of credit card loans deemed uncollectible and delinquent has reached record levels. In March 2009, uncollectible and written-off accounts reached an 8.6% annual rate, compared to 5.3% a year earlier. Delinquent loans reached 6%.
The rise in uncollectible debt is tied to the unemployment rate, which reached [...]

Categories: Consumer Law News, Uncategorized Comments (0) »