According to a published report, National Bank of Canada's debt collection unit, Credigy Receivables, has begun filing lawsuits in California to foreclose on hundreds of American homes over old credit card debts. The suits use a loophole that allows lenders to go after homes never pledged as collateral, in a state where debt buying and selling is largely unregulated. One target, 71-year-old Helen Jones of Oakland, said Credigy sued in 2010 over $1,636 in debt run up by her ex-husband, and that she paid $3,800 after being offered a $7,000 settlement. A 2011 California bill to require debt buyers to document transactions passed the state Senate but died in an assembly committee after banking lobbyists objected.
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