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Mountain of bad debt fuels new private debt market
The United States faces a $2.5 trillion mountain of consumer and business debts. Banks sell charged off loans to collectors and brokers in warehouse and wholesale deals, creating a growing market via firms like Debt Marketplace Inc and Debt Buyers Association. Large portfolios fetch bargain prices, with profits from penny on dollar bids and efficient collections.
MENTIONED IN THIS ARTICLE
Merica
U.S
Resolution Trust Corp
RTC
Dave Ludwig
National Loan Exchange of St. Louis
Boatman’s Bank of St. Louis
Ludwig
Kansas City
the Debt Marketplace Inc
Debt Buyers Association
Santa Fe Springs
Calif
David Whiteside
Collections & Credit Risk Magazine
Chicago
Hammond
San Diego
Commercial Financial
Thomas Butler
Bank of America
NationsBank
Florida
Midwest
Epstein
Tom Hamilton
American Lawyers Co
Hamilton
National Loan Exchange
IRS