UPDATE.....NYT Feb. 1st, 2012, F.T.C. Fines Debt Collector $2.5 Million. The Federal Trade Commission that it would continue to crack down on debt collectors who harass consumers for money they may not even be legally obligated to pay. The F.T.C. said that Asset Acceptance had agreed to pay a $2.5 million civil penalty to settle charges that the company deceived consumers when trying to collect “old bad debt” and accounts discharged by Federal Bankruptcy. This is the exact same business plan that Steve D. Fredrickson president and CEO of Portfolio Recovery Associates sold his investors on NASDAQ.
David J. Stern, the Florida foreclosure lawyer who profited off the state’s housing bust before losing his biggest clients Fannie Mae and Freddie Mac, was sued by a partner company that claims it was damaged by Stern’s (illegal) foreclosure practices for FRAUD.