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Matthew Hector
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Senior Associate at Woerthwein & Miller
Senior Associate at Woerthwein & Miller

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The Consumer Financial Protection Bureau has issued a Request for Comments regarding debt collection practices. I will be submitting my own comments, in particular with regard to the practice of trying to collect debts that are past the statute of limitations. 

In many situations, people are unaware that simply agreeing to make a payment on a debt can restart the statute of limitations. Debt collectors that try to collect on unsuspecting consumers are not disclosing this fact before soliciting payments. 

In the immortal words of Admiral Ackbar, "It's a trap!" 

#debtcollection #CFPB #statuteoflimitations

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So there's a bill pending in the House that would amend the Fair Debt Collection Practices Act to prohibit lawsuits on debts that are past the statute of limitations. It would also require debt collectors to disclose specific things about expired debts to consumers when sending collection letters. 

The disclosures are good—they are designed to inform consumers that the debt is expired and that paying on it could revive the debt. Here's the thing: a similar bill died in committee in 2011.

That aside, it seems much easier to prohibit any collection activity on a debt that is past the statute of limitations. Maybe there's a First Amendment issue there, but we have laws against making fraudulent statements, so this isn't that outside the boundaries of permissible limits. 

#FDCPA   #debtcollection   #HR3402

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If you hadn't already heard, HAMP was extended for two more years. It turns out, however, that loan modifications have a startlingly high re-default rate. I'm guessing that if we parsed the data further, we would find that re-defaulting loan mods tend to lack a principal reduction component. 

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I've decided to take the work blog a bit further into opinion land. Sometimes, it's really difficult to write objectively when the truth has a decidedly anti-banking bias.

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My first interview as an expert on robosigning. We did it in one take, so either I was awesome or so awful that they wanted to get me out of there ASAP. I'm hoping it was some shade of the former.

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