Articles Tagged with debt defense lawyers

The first U.S. Supreme Court opinion in which Justice Niel Gorsuch wrote may not be of much note for its eloquence. However, you will find it means a great deal to you if you ever have – or ever will be – on the other end of the line when a debt collector calls to harass you in the middle of the night. debt defense

The decision in Henson v. Santander gives bottom-feeder debt collectors a pass to violate consumer rights and basic protections. Of course, it’s not shocking that Gorsuch, appointed by President Donald Trump, would defer to the big business party in the case. However, it seemed lost on the conservatives of the court that this ruling could have real-life implications that favor financial predators.

It is the hope of our Miami debt defense attorneys that at this point, Congress will weigh in to repair the damage. However, given the makeup of the current power structure, that’s unlikely anytime soon.  Continue reading

Since 2010, there has been a rapid growth in the U.S. car loan industry. A new report from Bloomberg indicates borrower fraud is soaring, and we may soon near a bursting bubble, similar to what we saw with the housing crisis. car accident

It’s estimated as many as 1 percent of car loan applications in the U.S. contain some type of material misrepresentation, according to Point Predictive, a data analytics company cited by Bloomberg. That’s close to the just-over-1-percent of fraud we saw in U.S. mortgages back in 2009, when the housing market financial crisis was in full swing.

The good news is the economic fallout is likely to be much less earth-shattering (for most of us) because there is simply less outstanding debt on automobiles as there are on houses. Still, there are some uncanny parallels between the mortgage and auto industries in terms of the growth of this type of fraud. While we don’t know just how widespread the problem was prior to 2009 (lenders weren’t reporting information to each other and often weren’t investigating such incidents on their own), it does seem as if we may be on a similar track.

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Bank employees at Citigroup had suspicions for years that more than $1 billion in payments being sent over 30 million transactions to Mexico through its Banamex USA division were shady. Despite ample evidence, that generated some 18,000 suspicious transaction alerts, the company only initiated 10 investigations, filing just half a dozen suspicious activity reports with federal regulators.debt defense

Now, the California-based Banamex USA has conceded it violated criminal laws for its failure to have adequate anti-money-laundering safeguards in place. For its part, Citigroup admitted it didn’t maintain adequate oversight of Banamex. For this, it will pay $97.4 million, a settlement agreement that will steer it clear of criminal charges related to the inquiry.

Miami debt defense attorneys recognize this kind of action as revealing where the priorities of bankers truly lie. While large banks like Citigroup are quick to take consumers to task – sometimes even to court –  over a few missed credit card payments or a default mortgage after a job loss or on an underwater home, they turn a blind eye to what is clearly a viable source of income for violent criminal cartels. Continue reading