Yes pzblake, you are right. The borrowers were all helpless lemmings who didn't know the terms of the loan and followed each other right off the cliff. Where does the insanity of sueing people because of your OWN mistakes stop?
Are you going to sue your mortgage lender when you fall behind on the payments and they threaten forclosure on your property? Maybe you need to spill some hot coffee in your lap... Then you can sue SOMEONE because it was hot. Maybe even down to the guy who picked the beans. Maybe I should sue because someone accused me of working for a collection agency. With all the STUPID lawsuits, who do you think wins in the end? Lawyers and Insurance companies, NOT the consumer.
It's not time BIG business suffers, it is time to take PERSONAL RESPONSIBILITY for YOUR ACTIONS. Quit blaming others for the situation you have put yourself into.
If a collection agency crosses the line, they should be penalized, fined, whatever. The state should get the money to help regulate the industry better. The debtor shouldn't get a dime. They knew the terms of the loan. Had they either not taken it out, or upheld their obligations, collection agencies wouldn't exist. PERIOD.