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Wells Fargo Cites Fewer Delinquencies for Job Cuts
Wells Fargo will close its home-lending servicing office in Milwaukee and cut 1,000 jobs, saying fewer homeowners are falling behind on payments and seeking help keeping their homes.
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The Public Prosecution Service of Canada has issued a notice seeking collection agencies to pursue a $136 million backlog of delinquent court fines. more »
European banks plan to sell $109 billion of bad debt in 2015 to reduce costs and rebuild their balance sheets, according to a PricewaterhouseCoopers LLP report. more »
Unifund Group has acquired First Resolution Investment Corp., including all assets and an estimated 72,000 accounts with a face value of $1 billion. more »
A top Justice Department prosecutor said the U.S. is prepared to punish banks for violating criminal settlements, an unprecedented move designed to crack down on repeat offenders. more »
The Newton (Iowa) Community School District will hire an outside collection agency to help recover an estimated $50,000 owed to the district in overdue food-service accounts. more »
Two private debt collection agencies that had contracts to collect delinquent student loans for the U.S. Department of Education have announced layoff plans prompted by the federal agency ending collection contracts with some vendors. more »
Debt buyer PRA Group has expanded its Norfolk, Va. headquarters for the second time in just more than a year. more »
A bill to replace the Consumer Financial Protection Bureau’s director leadership with a bipartisan commission appointed by the president was introduced by Rep. Randy Neugebauer (R-Texas), chairman of the Financial Institutions and Consumer Credit Subcommittee and a member of the House Financial Services Committee. more »
Unique Management Services is handling collections for the Hamilton Township Free Public Library in New Jersey, which is owed an estimated $200,000 in unpaid fines for overdue books and materials. The collection agency contracts with large public libraries nationwide. more »
Investors taking over delinquent mortgages backed by Fannie Mae and Freddie Mac must work harder to reach deals allowing borrowers to keep their homes, according to new rules that are a nod to housing advocates who complain that investors often treat homeowners unfairly. more »
Debt buyer Asset Acceptance Capital Corp. will lay off 125 employees this spring. The firm's parent company, Encore Capital Group, disclosed the layoff plans this week in a required filing with the state. more »
The U.S. Department of Education's plan to end contracts with five collection agencies that allegedly provided wrong information to borrowers is expected to result in 400 lost jobs at one of the agencies. more »

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