American Banker (06/30/08) P. 1; Berry, Kate
An Illinois homeowner has filed a federal lawsuit seeking class-action status against Litton Loan Servicing LP, a Goldman Sachs Group Inc. unit, for its use of Salt Lake City-based Titanium Solutions Inc. to initiate communications with delinquent borrowers. The suit contends that Litton and Titanium violated the Fair Debt Collection Practices Act because Titanium, insisting it is not a debt collector, sent the homeowner a form letter requesting personal financial information and speaking of "certain arrearages" on her home loan. Titanium's attorney denies that the company is a debt collector and warns that the lawsuit will put a damper on lenders' efforts to reach out to borrowers in times of financial crisis. Other Titanium clients include SunTrust Banks Inc., IndyMac Bancorp Inc. and Washington Mutual Inc.
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