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Debt Purchasing
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| Velocity Asset Management Notches Strong Year, Looks to Grow |
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| Velocity Asset Management, Inc., a purchaser and collector of consumer debt, reported broad gains Tuesday for the year and quarter ended Dec. 31, 2007. Wall, N.J.-based Velocity (AMEX: JVI) reported net income for the year of $2.6 million, a 95 percent increase 2006. Revenues for the year were up 49 percent to $15.3 million. The net income figure is the total that is attributable t |
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| Topic: Debt Purchasing |
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| PR - Capio Partners Selects Ontario Systems to Drive Business |
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| Successful industry veteran, Jim Richards, recently partnered with Cindy Armstrong, Doug Sawyer and Mark Detrick to form Capio Partners, LLC. This experienced team selected Ontario Systems’ Artiva product and an integrated VoIP telephony platform to launch and grow their new venture.“We have benefited from a successful partnership with Ontario Systems for more than a decade,& |
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| Topic: Debt Purchasing |
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| Industry Downplays FTC Complaints, Plans Ombudsman Complaint Program |
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| The collection industry responded to news that agents in 2007 led the list of consumer complaints filed with the Federal Trade Commission. The general comment: Duly noted, we’re working on it, but the methodology doesn’t account for the vast majority of contacts with consumers that lead to a satisfactory debt resolution. The FTC reported Friday that there were a total of 91,019 |
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| Topic: Debt Purchasing |
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| Stocks of Debt Buyers Surge as Investors Scramble to Reduce their Losses |
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| While the broader stock market enjoyed a good day Monday, the publicly traded companies in the accounts receivable management industry saw their stock prices spike sharply, with two enjoying a double-digit percentage rise. Four of the public ARM companies – Asset Acceptance, Asta Funding, Encore Capital Group, and Portfolio Recovery Associates – were up at least twice as high |
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| Topic: Debt Purchasing |
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| PR - DebtX To Sell $380 Million In Commercial Real Estate Loans |
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| DebtX, the nation's largest loan sale advisor for commercial debt, today announced the sale of more than $380 million in Commercial Real Estate loans secured by properties in the southeastern United States. The transaction includes more than 200 lending relationships. The loans range in size up to $20 million and are secured primarily by land and commercial and residential develop |
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| Topic: Debt Purchasing |
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| PR - CreditAssist Financial Launches DebtBuyerAssist |
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| CreditAssist Financial Services, a Debt Settlement company located in Euless, Texas announces the launch of DebtBuyerAssist, a new debt buyer referral program that improves debt buyers' account contact and liquidation rates. Rick Wittwer, CEO of CreditAssist states, "DebtBuyerAssist is a unique program that helps debt buyers to liquidate their unreachable debtors. Debt buyers expend s |
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| Topic: Debt Purchasing |
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| Bill would Ease GLBA Pressure on Debt Buyers |
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| A bill pending in the U.S. House of Representatives would reverse a requirement that debt buyers send an annual update to debtors detailing what financial information they are sharing with third parties. The bill, H.R. 1967, was introduced in April of last year by Rep. Peter Roskam, a Republican from Illinois, and is co-sponsored by a Democrat, Rep. Jim Marshall of Georgia. The bill w |
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| Topic: Debt Purchasing |
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| UK Debt Buyer Acquired by Private Equity in $400 million Deal |
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| One of the fastest growing debt buying and collection firms in Europe was sold to a private equity firm in a deal announced Monday that was reportedly worth as much as $400 million. Lowell Group, based in Leeds, United Kingdom, was snapped up by private equity firm Exponent Private Equity LLP based in London. Lowell was backed by private equity firm Cabot Square Financial. Although n |
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| Topic: Debt Purchasing |
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| Business Account Receivables to Trade on New Exchange |
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| An online market place for trading account receivables of small- and mid-size businesses could open for trading in the third quarter, the firm’s co-founder and CEO tells insideARM. The Receivables Exchange will allow buyers and sellers of company receivables to trade in a real-time auction-style much like the Nasdaq market, said Justin A. Brownhill. In the U.S. today the trading o |
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| Topic: Debt Purchasing |
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| PR - DebtX to Sell $218 Million in Residential and Real Estate Loans |
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| DebtX, the largest marketplace for commercial debt, today announced the sale of more than $218 million in residential and commercial real estate loans secured by properties across the United States. The transaction on behalf of a specialty finance company involves the sale of $117 million in non-performing residential loans and $101 million in performing and non-performing commercial real e |
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| Topic: Debt Purchasing |
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