Debt collection

In South Africa, parents who default on school fees are increasingly being turned over to debt collectors to help debt ridden high schools.

Imagine offering a borrower a better rate or a bigger loan because a handful of his buddies say he is an upstanding guy who they are so confident will pay back his loan that they are willing to cover a portion of it if he doesn't.

Ocwen Financial Corp. will pay $2 million to settle charges that it misstated its financial results in valuing complex mortgage assets, the Securities and Exchange Commission said this week.

A Florida campus of a for-profit college chain used deceptive practices that coerced students into racking up huge debt, according to a newly unsealed whistleblower lawsuit.

Data on consumer borrowing and debt released by S&P Dow Jones Indices and Experian show consumer credit default rates stabilized in December.

The CFPB announced Thursday that Herbies Auto Sales must provide $700,000 in refunds to customers and pay a $100,000 fine to resolve allegations it hid finance charges and deceived consumers purchasing vehicles.

The U.S. Department of Education has granted more time for companies to submit offers to perform debt collection work under a Request for Proposal.

Elevate Credit, an online lender, has temporarily delayed an initial public stock offering because of difficult market conditions. The firm was set to price its initial public stock offering Thursday.

House Financial Services Committee Chairman Jeb Hensarling is trying to stop $80 million in payments given to borrowers as part of a controversial auto loan discrimination settlement with Ally Financial until regulators verify the checks were actually given to minorities.

Debt-buying giant PRA Group Inc.'s stock fell Wednesday to a 52-week low. After opening at $27.60, PRA Group dropped to $26.75. By the closing bell, the company's stock was at $27.72 a share for a loss of 0.89%.