Bank of America Sold Card Debts to Collectors Despite Faulty Records - American Banker Article
Bank of America has sold collections agencies rights to sue over credit card debts that it has privately noted were potentially inaccurate or already repaid.
The biggest domestic problem this country faces is not the federal budget deficit or overall government debt. It is the crushing debt burden that has been imposed on the middle class and the poor. And nobody is doing anything about it. The Obama administration is desperately concerned about the health of the big banks, the Republicans are shamelessly flacking for the rich and powerful, and the Democrats are floundering around trying to decide whether they should be Republican Lite or make a teensy-weensy move back from the moderate right to what used to be the center. In the meantime, home mortgage debt (secured by homes that aren't worth a damn), consumer debt, medical bills, and student loans leave most of us struggling and one layoff away from filing Chapter 13.