Comment

Bad Paper

Chasing Debt From Wall Street to the Underworld
May 17, 2015tirjan rated this title 4 out of 5 stars
Halpern opens the reader's eyes to the shady business of credit card (and other) debt and how the biggest banks in the country sell uncollected accounts in bulk to, basically, ex-cons and desperate fraudsters. The practice s something that companies like Chase, BofA and Washington Mutual give up on but the sharks don't. It's their bread and butter. Elizabeth Warren's CFPB has done a lot to crack down on the way poor desperate down-on-their-luck Americans are taken advantage of but, of course, the big boys will do what they have to to roll the program back. The capital of debt collection may have been Buffalo in the past but it will just move to where the hustings are easier - places like Georgia. A very informative read.