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Fannie Mae Strikes at Homeowners!

Written on June 23, 2010 – 1:50 am | by Adam Gomez

I took some hits when I wrote about people who choose to walk away from their underwater mortgages even though they can afford them – also known as a ‘Strategic Default’. Several readers disagreed on the idea that walking away is a moral decision and that suggestion alone evoked the most controversy.

Well, regardless of your stance on whether it is a moral decision or a financial one, if you plan to default on your mortgage despite the fact that you can pay it…

You better hurry up.

Fannie Mae is taking steps to thwart strategic defaulting.

Walk away? Sure. Want to buy a house in the next SEVEN years? No longer an option.

I excited that Fannie Mae is as disgusted with strategic defaulting as I am. I love

Read more…

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Credit Card Fraud at Airport Kiosks

Written on June 22, 2010 – 10:43 am | by Nicole Gutierrez

Credit card fraud can happen when a person swipes a credit card as confirmation of ID when printing out his or her own boarding passes. This type of fraud is known as skimming, which is the term used when a potential identity thief puts a reader device on the kiosk and uses it to capture a person’s credit card number. Frequently, this happens without the user even realizing it.

This issue first made headlines in 2008 when officials from Visa Canada reported that they were investigating potential fraud at the Toronto airport. Due to this investigation, one airline, WestJet, decided to dismantle all of its credit card kiosks in favor of having each passenger checked in manually by an airline representative.

Read more…

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More ‘underbanked’ Americans utilize prepaid credit cards

Written on June 21, 2010 – 11:44 pm | by Alicia Ross

Underbanked Americans leaning towards prepaid cards as opposed to traditional lines of credit

Given the growing number of underbanked individuals – those that turn away from traditional banking products such as debit and credit cards – more banks are considering tapping into more alternative products, such as prepaid cards, in an effort to reach out to this demographic. Read more…

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Credit card companies are competing with debit card use

Written on June 20, 2010 – 2:43 pm | by Katie Perry

Credit card companies are increasingly competing with debit card use because so many Britons are wary of interest rates, an expert has claimed.

Peter Harrison, head of credit cards at comparison service Moneysupermarket.com, revealed that about 60 per cent of consumers pay off their credit card balance off in full every month.

“They want to know how they can entice them to use credit cards instead of debit,” he said. Read more…

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Report shows that 75 percent of modified homes will re-default

Written on June 19, 2010 – 6:18 am | by Alicia Ross

Most HAMP modifications will end in a re-default or foreclosure

Most Americans have managed to escape foreclosure and lower their monthly payments by modifying their mortgage loans, providing relief to many families. But most homeowners that received a mortgage modification loan are likely to re-default on their payments within a year, according to a recent report.

A recent Fitch Ratings study reveals that between 65 percent and 75 percent of homes modified through the federal Home Affordable Modification Program, but not backed by a federal agency, are likely to default on their mortgage loans within one year, CNN Money reports. Read more…

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Ticketless Events Use Credit Cards to Foil Scalpers

Written on June 19, 2010 – 12:29 am | by Nicole Gutierrez

Credit cards aren’t just good for nabbing hot concert tickets anymore. In some cases, credit cards have become the tickets. This summer, TicketMaster will expand its “ticketless events” pilot program for popular tours, including those by Justin Bieber and Miley Cyrus. Instead of printing out tickets, concertgoers will scan their credit cards and drivers’ licenses at the venue gates.

TicketMaster and concert promoters hope that the new program will increase security while reducing ticket scalping for major events. With no physical tickets to sell, scalpers will have little to no ability to charge inflated prices for hard-to-find tickets. Read more…

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