Debt collection

Mortgage finance company Fannie Mae revealed details Wednesday of its first-ever large sale of non-performing mortgages, a move that could make it easier for some of the borrowers behind the loans to stay in their homes.

WASHINGTON — The Consumer Financial Protection Bureau has filed a massive lawsuit against more than a dozen debt collectors, payment processors and related entities that the agency said failed to stop fraudulent collection tactics.

The agency announced Wednesday it had filed a massive lawsuit against more than a dozen debt collectors, payment processors and related entities that the agency said failed to detect fraudulent collection tactics. By including processors in its suit, observers said the CFPB's move resembles the Justice Department's Operation Choke Point.

Consumer borrowing to a record high in February, fueled by a large jump in auto and student loans. The value of non-revolving debt climbed by the most since July 2011.

Ninety-two percent of Americans are "very or somewhat confident" in their most recent big financial decision - such as picking a credit card, buying a car or refinancing a mortgage, according to a survey by the National Foundation for Credit Counseling and NerdWallet.

Washington Attorney General Bob Ferguson is suing Student Loan Processing and owner James Krause for allegedly charging consumers in the state “exorbitant and illegal” fees to help with their student loan debt.

If a new FICO score is to succeed, it's going to have to impress the Al Engels of the world.

PRA Group, a Norfolk, Va.-based debt buyer, was named a Global M&A Deal of the Year recipient in the M&A Atlas Awards for last year's $1.3 billion acquisition of Norway-based Aktiv Kapital AS.

An Oklahoma tribe is fighting for the right to offer Connecticut consumers payday loans, arguing that state restrictions on its offerings of high-rate, short-term loans are financially damaging.

The Center for Responsible Lending (CRL), in a recent study of payday lending in one state, found that nearly half of all borrowers default on a loan within their first two years of borrowing.

Marketers who helped promote an alleged home loan modification scheme will be banned from the mortgage relief and debt relief industries under a court settlement.

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The Office of the Comptroller of the Currency appointed Richard Taft to be its next deputy comptroller for credit risk.

The Consumer Financial Protection Bureau has released its annual report to Congress, detailing enforcement actions in 2014 and the status of coming up with rules for the collection industry.

A New York judge dismissed a lawsuit alleging HSBC Holdings Plc violated a law requiring lenders to file paperwork entitling homeowners to settlement conferences within 60 days to negotiate loan modifications.

West Virginia Gov. Earl Ray Tomblin signed SB 542 into law on Tuesday, clarifying provisions of the West Virginia Consumer Credit and Protection Act.

Fair Isaac is developing a credit score aimed at the millions of people who are unable to obtain credit cards, auto loans and mortgages because lenders consider them to be too risky.

TransUnion Corp. restarted the process for an initial public offering, three years after the credit-reporting company was acquired in a $3 billion deal that ended its earlier run at going public.

February litigation against collection agencies increased from January’s across-the-board decline but Telephone Consumer Protection Act litigation continues to significantly lag.

Michigan lawmakers adopted a resolution recognizing and commending DBA International for its efforts to protect consumers and creditors through its national Receivables Management Certification Program.