Today's News
- TeleTech Sells Indian Subsidiary
TeleTech Holdings Inc. (Nasdaq: TTEC) reported it completed the sale of its 60 percent interest in its Indian subsidiary for $9,150,000 to World Focus, a subsidiary of Aegis BPO Services Limited. TeleTech, an Englewood, Colo.-based provider of business process outsourcing services, received $8.7 million for its equity interest in the firm, along with $450,000 for intercompany payables, according to TeleTech’s filing with the U.S. Securities and Exchange Commission.TeleTech reported in November a sale price of $7,780,000 but adjustments led to the increase.TeleTech also reported in November that its Bharti Ventures Limited subsidiary would sell the remaining 40 percent of TeleTech Services (India) for $5,220,000 to World Focus. That deal wasn’t updated in yesterday’s filing. Aegis BPO employs more than 10,000 at its customer contact centers, including 17 in India and seven in the U.S., according to its Web site. Indian headquarters are in Mumbai and U.S.Irving, Texas. headquarters are in - TeleTech Sells Indian Subsidiary
TeleTech Holdings Inc. (Nasdaq: TTEC) reported it completed the sale of its 60 percent interest in its Indian subsidiary for $9,150,000 to World Focus, a subsidiary of Aegis BPO Services Limited. TeleTech, an Englewood, Colo.-based provider of business process outsourcing services, received $8.7 million for its equity interest in the firm, along with $450,000 for intercompany payables, according to TeleTech’s filing with the U.S. Securities and Exchange Commission.TeleTech reported in November a sale price of $7,780,000 but adjustments led to the increase.TeleTech also reported in November that its Bharti Ventures Limited subsidiary would sell the remaining 40 percent of TeleTech Services (India) for $5,220,000 to World Focus. That deal wasn’t updated in yesterday’s filing. Aegis BPO employs more than 10,000 at its customer contact centers, including 17 in India and seven in the U.S., according to its Web site. Indian headquarters are in Mumbai and U.S.Irving, Texas. headquarters are in - Encore Expands Lending Deal to $300 Million
Debt purchaser and collector Encore Capital Group (Nasdaq: ECPG) yesterday reported it had expanded the size of its lending agreement to $230 million with an additional $70 million in availability.According to Encore’s filing with the U.S. Securities and Exchange Commission, its amended lending agreement now covers the following:JPMorgan Chase with $47.5 million available,Bank of America $42.5 million,Bank of Scotland $35 million,California Bank and Trust $30 million,Guaranty Bank $20 million,First Bank $20 million,Citibank $15 million,Bank Leumi $12.5 million,Manufacturers Bank $7.5 million Chase also acts as the administrative agent of the lending agreement. - Encore Expands Lending Deal to $300 Million
Debt purchaser and collector Encore Capital Group (Nasdaq: ECPG) yesterday reported it had expanded the size of its lending agreement to $230 million with an additional $70 million in availability.According to Encore’s filing with the U.S. Securities and Exchange Commission, its amended lending agreement now covers the following:JPMorgan Chase with $47.5 million available,Bank of America $42.5 million,Bank of Scotland $35 million,California Bank and Trust $30 million,Guaranty Bank $20 million,First Bank $20 million,Citibank $15 million,Bank Leumi $12.5 million,Manufacturers Bank $7.5 million Chase also acts as the administrative agent of the lending agreement. - Sallie Mae to Push Private Lending
Embattled student lender Sallie Mae reported yesterday it would expand in the private loan market, a sector that has grown in recent years along with the price of college tuition. Sallie Mae, known formally as SLM Corp., reported its plans in filings with the U.S. Securities and Exchange Commission. Reston, Va.-based Sallie Mae also reported it recently garnered $3 billion from selling common and preferred shares.Private loans make up about 17 percent of Sallie Mae’s $160 billion in loans. These loans are not backed by the federal government and are generally riskier and more profitable than the government-backed loans that make up the bulk of Sallie Mae’s portfolio. “This move suggests that other private student loan vendors like JPMorgan Chase, Bank of America, and Citibank may move in this general direction as well,” said Dimitri Michaud, consumer finance analyst with Kaulkin Media. “Private student loans now make up 19 percent of the student loan market and it’s the fastest growing segment of the market. This trend should continue with the recent cut in subsidies for federally-backed loans.”The College Cost Reduction and Access Act of 2007 (CCRA) cuts certain payments and fees to lenders over the next five years. Sallie Mae reported in its filing it expects the CCRA “will significantly reduce … (and) possibly eliminate the profitability of new (federally-backed) loan originations, while increasing our risk.”Investors, including J.C. Flowers & Co., Chase and BofA, withdrew a $25 billion, or $60 a share, bid for Sallie Mae in September after the CCRA was passed ("Sallie Mae Says Buyers Will Not Close Deal," Sept. 27, 2007). Sallie Mae stock has plunged since then, closing at $19.65 yesterday. - American Home Plans Loan Sale as Home Prices Fall
Bad news hammered the mortgage industry this week, though one bankrupt lender hopes to put some of its mortgages up for sale in February, creating opportunity for debt buyers and collectors. American Home Mortgage Investment Corp. asked a bankruptcy court for permission to sell pools of mortgages where delinquent borrowers owe $164 million in principal on the loans, according to a story yesterday by the Associated Press. American Home in August declared bankruptcy after firing about 90 percent of its staff. American Home filed a request with the U.S. Bankruptcy Court in Wilmington, Del., to sell three pools of 618 non-performing loans where borrowers are more than 60 days past due, the AP reported. JPMorgan Chase has an interest in 327 loans; Bank of America in 208 loans; and a pool of 83 loans are subject to liens by American Homes’ bankruptcy lenders. American Homes asked for a Jan. 25 deadline for indicative bids, and a Feb. 11 deadline for formal, binding bids. The court is scheduled to rule on the request on Jan. 14, the AP reports. News for home owners continued to be lousy. The price of existing single-family homes tumbled 6.7 percent to a record low in October, according to the Standard & Poor’s/Case-Shiller Home Price Indices released yesterday. The index represents a composite price for 10 major metro areas. A similar index for 20 metro areas fell 6.1 percent in October with 11 of the areas reporting record declines for a single month. The market for home loans dried up earlier this month with mortgage application volume dropping 7.6 percent for the week ending Dec. 21, according to the Mortgage Bankers Association weekly application survey. Refinance volume fell 8.5 percent and purchase volume declined 6.6 percent, the association found. The association’s index is now at 603.8, down more than 67 percent from its peak of 1,856.7 during the week of May 30, 2003. - American Home Plans Loan Sale as Home Prices Fall
Bad news hammered the mortgage industry this week, though one bankrupt lender hopes to put some of its mortgages up for sale in February, creating opportunity for debt buyers and collectors. American Home Mortgage Investment Corp. asked a bankruptcy court for permission to sell pools of mortgages where delinquent borrowers owe $164 million in principal on the loans, according to a story yesterday by the Associated Press. American Home in August declared bankruptcy after firing about 90 percent of its staff. American Home filed a request with the U.S. Bankruptcy Court in Wilmington, Del., to sell three pools of 618 non-performing loans where borrowe