When it comes to debt collection, Joseph Nardulli is a king despot among arbitrators. Nardulli is an arbitrator for National Arbitration Forum who has rendered a mind-blowing 977 arbitration awards, mostly on MBNA accounts, and mostly to Wolpoff & Abramson, one of the busiest debt collector law firms in the country. (Currently, Wolpoff & Abramson is apparently collecting a huge “$6.9 billion” portfolio for Asta Funding, Inc.)
Consumer advocate (and, er, unique website designer) Bud Hibbs sent this spreadsheet of Nardulli’s arbitration awards (PDF link) as discussed in recent Public Citizen report on arbitration. Read it and weep.
{ 3 trackbacks }
{ 1 comment… read it below or add one }
Just cannot seen to get my comments through to anyone. MBNA/Wolpoff and Abramson/NAF is huge scam that is covered up by very powerful people. Asset-backed securitization is not comprehended by law firms and Department of Justice. Credit default swaps are insurance protection by bank underwriters that insure against default in securitized trusts. Junk debt buyers, such as Wolpoff and Abramson, are subordinated certificate holders (sellers of insurance) who guarantee purchase of charge-off debt to the seller. Wolpoff and Abramson use NAF to falsely claim that MBNA is still entitled to collection and arbitration award. However, MBNA has long sold the debt to “insurance seller” who now owns all rights to collection of debt. NAF falsely escalates awards to MBNA- including “attorney fees for MBNA lawyers” who are not MBNA lawyers and not hired by MBNA.
Subprime mortgage refinancing is now being questioned all around the world. MOST subrpime refinancing was for debt collection by false representation by junk debt buyers. Financial instituitions, underwriters, debt buyers. and mortgage orginators have colluded to keep debtors has subprime despite payment of debt in full. False arbitration awards remain confirmed in court of law – payment is never recognized as paid. Only SEC is interested in my story. Cannot pierce Department of Justice concealment of collusion to protect financial institution who have solely held the economy of the US together for the past 8 years.
Frustrated with the lack of comprehension by courts, lawyers, and press.
Sincerely,
Eleanor