| Volume 142 Number 67 |
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The People’s Lawyer’s Tip of the Day
Talk with your doctor before you try a healthcare product you find online. Find out about the product’s risks, side effects, and possible interactions with any medications you’re taking. Click here for more.
Trump steps up efforts to privatize Fannie and Freddie
The Trump administration said it will act to release Fannie Mae and Freddie Mac from federal control if Congress doesn’t act on similar reform legislation. Treasury Secretary Steven Mnuchin, Housing and Urban Development (HUD) Secretary Ben Carson, and Federal Housing Finance Agency Director Mark Calabria appeared before the Senate Banking Committee Tuesday to state the administration’s terms. Both Fannie and Freddie are what are known as government-sponsored enterprises (GSE) that got bailed out with taxpayer money during the financial crisis. Calabria warns that both GSEs are undercapitalized and overly reliant on government backing to survive any economic setback. Why is this of concern to consumers? Fannie Mae and Freddie Mac guarantee the bulk of U.S. mortgages. They were taken over by the federal government early in the financial crisis of 2008 as subprime mortgages began to default in huge numbers. Click here for more.
Your Money
Most Americans can change their health insurance once a year. Workers, self-employed individuals and Medicare recipients all typically have access to an open enrollment period offered through their employer or the government. Eligibility for open enrollment and when you can sign up depends on how you get your insurance coverage. To make the most of open enrollment, evaluate your previous health care spending and estimate your future needs. Then consider opening a health savings account to supplement your policy if allowed. Keep reading for a primer on open enrollment. Click here for more.
For the Lawyers
FDCPA does not apply unless debt is a consumer debt. The Seventh Circuit affirmed judgment in favor of two debt collectors and against a debtor for his claims arising under the federal Fair Debt Collection Practices Act (FDCPA) and the Wisconsin Consumer Act (WCA). In so ruling, the Court held that the debtor did not create a triable issue of material fact to overcome summary judgment because he failed to present sufficient evidence that the transactions comprising the credit card debt on the underlying account were for "personal, family, or household purposes," and therefore the debt was a "consumer debt" subject to the FDCPA, 15 U.S.C. 1692, et. seq., and the WCA, Wis. Stat. 421-427. Burton v. Kohn Law Firm Click here for more.