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Bad Paper: Inside the Secret World of Debt Collectors, by Jake Halpern
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Review
“A seamlessly told page-turner that takes readers through the world of debt chasing ... where fortunes can be made through guile and street hustle.†―Minneapolis Star Tribune“The book teems with eccentric characters and scenes that made my skin crawl.... Explained simply, read easily, Bad Paper defies expectations. It should also raise quite a few alarms.†―Colin Dwyer, NPR“Bad Paper gives readers an intimate knowledge of the debt-collecting industry, but more important, it gives a comprehensive profile of the people in our country who live and die by the industry. This, ultimately, is the book's power and attraction.†―Frank Tempone, Chicago Tribune“Halpern's proposed remedies are reasonable ... [and] he entertains us with his colorful cast.†―Roger Lowenstein, The Wall Street Journal“[A] wonderful inquiry into the seamy, multilayered world of consumer debt collection . . . both an entertaining sociology of the debt-collecting fraternity and a picaresque romp through the industry's most unsavory byways.†―Julia M. Klein, The Boston Globe“An enjoyable and educational read, with stories that sound too good to be true and word-for-word conversations that a Hollywood screenwriter couldn't make up.†―Jonathan Epstein, Buffalo News“A dramatic rise-and-fall tale . . . Halpern brings unexpected literary heft to the world of debt collection.†―Kirkus“By fostering a greater understanding of the workings of debt collection, [Bad Paper] sheds enough light into the shadows to compel readers to push for change.†―Publishers Weekly“Bad Paper is nonfiction that reads like the finest thriller: suspenseful and frightening, eye-opening, and even, at times, funny. Jake Halpern's fascinating, fearless tour of the underworld of debt collections introduces us to a cast of characters--the (mostly) men behind the scary phone calls--who deserve to be the stars of the next great HBO drama.†―Joseph Finder, bestselling author of Suspicion and Paranoia“Bad Paper is a riveting tale, fast-paced and filled with unforgettable characters. It is also a deeply reported and powerful exploration of America's shadow economy.†―David Grann, author of The Lost City of Z and staff writer for The New Yorker“Jake Halpern knows how to follow the money. Only a consummate reporter could have achieved such an intimateview of the two debt collectors he chronicles here. And because he really knows how to tell a story, we can't take our eyes off this nasty business.†―Anne Fadiman, National Book Critics Circle Award–winning author of The Spirit Catches You and You Fall Down“Bad Paper is a terrific achievement--for the wonderful Ponzi-scheme absurdity of the story, for the outsized characters and the skeptical sympathy they elicit. It's a book that hangs out in that gray and widening zone where the civilization we take for granted starts to break down, and it reads like Michael Lewis with a sense of the abyss. It's about downward mobility and the subtle apocalypse and it feels important--important in the way few books ever are.†―Gideon Lewis-Kraus, author of A Sense of Direction“Jake Halpern's gripping tale provides an unprecedented view into the criminal underbelly of consumer finance. It's required reading not only for everybody with creditors on the line, but for anybody who cares about money or debt.†―Felix Salmon, senior editor, Fusion“The old homily ‘there is no place like home' has never been more poignantly and wittily revealed than by Jake Halpern in these lovely vignettes.†―Studs Terkel on Braving Home“Strangely fascinating and endearing . . . In short, it's terrific.†―Bill Bryson on Braving Home“Not for a long time have I read a book so good and so wise.†―Robert Stone on Braving Home
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About the Author
Jake Halpern is a frequent contributor to The New Yorker and The New York Times Magazine, the author of Fame Junkies and Braving Home, and the coauthor of three young adult novels. He is a fellow of Morse College at Yale University. His hour-long radio story "Switched at Birth" is one of This American Life's eight most popular shows ever.
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Product details
Paperback: 256 pages
Publisher: Picador; Reprint edition (October 13, 2015)
Language: English
ISBN-10: 9781250076335
ISBN-13: 978-1250076335
ASIN: 1250076331
Product Dimensions:
5.5 x 0.7 x 8.1 inches
Shipping Weight: 12.6 ounces (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
127 customer reviews
Amazon Best Sellers Rank:
#413,617 in Books (See Top 100 in Books)
Over the last 15 years of my legal career, I have handled a lot of bankruptcy and collection matters and the collection agents have always been this sort of faceless, nameless adversary. It has been a true love/hate relationship running the complete spectrum. For a period of time I had developed a good working relationship with a collections attorney where my truly destitute clients could get a fair shake. On the other end of the spectrum was the day I had had enough, and after telling the collection agent the current address of his basement operation, offered to catch a plane out to California and come visit him personally to discuss his repeated abuse of my staff. But none of these experiences gave me the behind the scenes view of the collection industry that Halpern has achieved with "Bad Paper".Halpern appears to have wrangled a level of access and trust from the insiders that seems unthinkable as the federal government threatens to expand the institutional creep of the CFPB. His unblinking portrayal of some of the individuals that have been on the other side of the table is unvarnished yet still surprising in some regards. In some instances, Halpern almost makes these human stories come alive with an unwelcome sympathy.Sometimes redundant, often a tad disorganized, Bad Paper may not be destined to become a lasting portrait of the Great Recession. At the risk of revealing my own bias, Halpern missed the opportunity to really plumb the plight of those who are hounded by the industry. It is however, a revealing and surprisingly interesting read. For those of us in the trenches, it is a fascinating journey into enemy territory.
I received this in the early hours of the morning on the book's release day and stayed up all night and most of the next day to read it. It is both suspenseful and horrifying and everyone should read it - not just people who've ever dealt with collection agencies. I was immediately drawn into the tale of one man, Aaron Siegel, who came from a wealthy family. He deals in the business of buying bad debts, those which still need to be collected from people with unpaid credit card bills, auto loans, old utility bills, medical loans, etc.Aaron specializes in the business of collecting debts after banks, credit card, utility, and other companies have given up pursuing debtors and further success seems slim to none. So Aaron becomes the next rung down the ladder, paying pennies on the dollar to banks and others to get their list of debtors. At the start of the book, he's had a bumpy ride (partly due to the downturn in the economy) and owes $14 million dollars to his investors, those individuals or companies who bet that he and his company - Franklin Asset Management - could force enough people to pay on their debts to recoup their investment.Details of Aaron's life - and that of his associate Benny and others in the business -, are mixed in with plenty of shocking facts about how consumer debt affects the economy. For instance, Americans owe $11.28 trillion (yes, trillion) and $831 billion is delinquent. That's where Aaron enters the picture. All he has to do is collect 10 percent of what was originally owed to companies like Bank of America, Verizon, and others and he can make a fortune.But it's a rough, often shady, business with often cut throat competition and few ethics. Sometimes Aaron'a own employees will sell the debts to other companies, essentially stealing from under his nose. And sometimes people who are no longer liable for debts are still severely pressured to pay. The author describes some of those people. Perhaps they are unemployed or they've been impoverished by soaring medical costs (in spite of insurance).They are people like Joanna, someone who has struggled to find work and faces a day to day challenge to pay her bills. The reality is that debt collection is one of the largest sources of consumer complaints to the FTC and, according to the author, the FTC has done little to go after unethical debt collectors (and, of course, some debt collectors play fair). Author Jake Halpern even throws Abraham Lincoln into the mix. He actually was pursued by a debt collector for a promissory note he'd signed (online and other sources for this information are listed at the end of the book).Ironically, some of the debt collectors would have been poor and perhaps even owed money themselves - if they hadn't been hired to go other people who owed money. Sometimes debt collection agencies are the largest employers in a city with high unemployment. . The other companies, the creditors, had already written off the debts as losses. They've given up ever seeing a dime of the money owed them.This is highly recommended. It definitely deserves its recognition as an Amazon Best Book of the Month (October 2014). The book contains notes on the sources of statistics and information (such as the Federal Reserve Bank of New York) . There is also considerable supplementary material for those who wish to pursue such resources as an online link to the Personal Finances of Abraham Lincoln (who, as noted above, had his own experiences with debt collection), as well as detailed notes on each chapter.
Full credit to Jake Halpern, he’s managed to write a page-turner on the rather dry topic of private debt collection in twenty-first century America. The action mainly takes place in Buffalo, NY (with the odd trip to Bangor and Vegas) and there’s lots of it, too.This is not an economics thesis or a sociology project, it’s a fast-paced survey of the field through the eyes of• the kind of people who invest in the debt collection business (represented here by the rather patrician Aaron Siegel and his backers),• the characters who do the collecting (they come in a wide spectrum and are represented here by reformed felon Brandon Wilson and his family who work the phones for him, the barely-subsisting Jimmy who cannot afford to ask if the paper he’s buying is good, the totally unscrupulous Bill who will happily chase after debt that’s already been resolved, and many more!)• the bottom-of-the-barrel lawyers , such as Sherwin P. Robin of Savannah, GA, who successfully collect amounts in the low thousands from the destitute on behalf of corporates, mainly because the law by default sides with the creditor, thereby actually indenturing them to their creditors, sometimes for decades, and• the fodder of the system, represented here by former marine Theresa and domestic abuse victim Joanna, both of whom fell on hard times and were easy candidates to be conned, first by predatory lenders and then by unscrupulous collection agenciesThe author introduces you to all these characters, their back story, how they ended up in debt / in the business of collecting the debt and by the time you’ve finished reading the book you have a very good idea of how it’s all stitched together.Will spare you the suspense, the answer is “very poorly,†on Microsoft Excel spreadsheets of names and amounts that banks, credit card issuers, car loan companies, phone companies etc. sell with zero strings attached to the highest bidder, who will hassle the delinquent borrowers for all they’re worth and, more often than not, will trade the spreadsheets on, sometimes even at a profit!The author does not trade in outrage, he leaves that to the reader. He actually empathizes with the members of this peculiar fauna of traders, hustlers and hasslers, but equally he recognizes and insists that we have a duty as a society to do better.I read Bad Paper in one sitting!
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