Defaults on consumer loans have hit record levels, such that investment banks are bidding as low as 68 cents on the dollar for auto loan-backed securities. But if a lawsuit filed in Illinois Circuit Court can be believed, it’s not for lack of trying to squeeze payments out of them. According to an Illinois resident and Mercedes driver named named James Ricobene, a collection agency hired by JP Morgan Chase went so far as to leave a threatening wall post on his daughter’s MySpace page. (If this is her, she has since deleted it — but she kept this appropriate photo of a car spray-painted with the words “HOPE SHE WAS WORTH IT.”) According to the lawsuit, the message the collection agency allegedly posted on the daughter’s MySpace page (“on or about March 20, 2009 at 3:25 p.m.”) read as follows:
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=143790