by Structured Settlement Watchdog®
Washington Post's Terry McCoy reported that Access Funding, a Bethesda-based cash now pusher, purchased structured settlement payments worth $146,000 from Freddie Gray for “around $18,300.” Yes, THAT Freddie Gray. The story went on to detail the the Access Funding business model, which it said included purchasing structured settlements awarded to Baltimore residents who have suffered from lead paint exposure at steep discounts and typically seeking the required court approval from a single judge in Prince George’s county (as opposed to Baltimore City)
Today October 26, 2015, there is a public structured settlement forum on the subject taking place at the University of Baltimore John and Frances Angelos Law Center Moot Court Room – Room 008 1401 N.Charles Street Baltimore, MD from 3-5pm EDT.
John and Frances Angelos Law Center
Moot Court Room – Room 008
1401 N. Charles Street
Baltimore, MD - See more at: http://www.greenandhealthyhomes.org/latest-events#structured-settlements-forum
During today's structured settlement forum, Congressman Elijah Cummings (D-MD), Congressman Chris Van Hollen (D-MD), Maryland State Senator Jamie Raskin and Maryland State Delegate Sandy Rosenberg will hear directly from Amanda Lane, whose family has been aggressively pursued by structured settlement purchasers. Ms. Lane’s daughter was awarded a structured settlement as a result of lead paint exposure, and she will speak to the business practices of companies seeking to purchase payments from her daughter’s settlement. Also joining Ms. Lane will be Ruth Ann Norton, President and CEO, GHHI; Elizabeth Embry, Chief, Criminal Division, Office of the Attorney General for the State of Maryland; and Eric Vaughn, Executive Director, National Structured Settlements Trade Association (NSSTA) to discuss shortcomings in existing law that leave structured settlement recipients vulnerable to predatory business practices.
Factoring Reforms that do not provide prophylaxis to address business conduct will fall short
Participants in the structured settlement secondary market should be subject to a licensing and regulatory standard on par with other financial professions, including life settlements. Individuals with felonies on their records should not be permitted to participate in the structured settlement marketplace. The structured settlement secondary market has been allowed through legislative oversight, to operate without a regulator to set standards, including rules of conduct and solicitation of the public.
Nobody, I repeat nobody currently has the power to fine, suspend or revoke authority to transact business. The status quo is outrageous.
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