Study Finds No Link Between Bad Credit and Employee Theft

Bad credit can affect your ability to get a job, insurance rates and interest rates you pay, but apparently according to LSU researchers there is no link beteen poor credit and employee theft.

“It was telling that poor credit scores were not correlated to theft and other deviant types of work behaviors,” said Bernerth. “Most companies attempt to justify the use of credit scores because they think such employees will end up stealing, but our research suggests that might not be the case.” 

There is much more here at the link.  If you have questions about how to fix credit give Credit Repair Services a visit for a free credit repair evaluation.

Interest Rates Continue Lower

let's take a look

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Plunging Rates for Refinancing Aid the Thrifty

For those sober souls who were thrifty long before it became fashionable, the last few years have been intensely aggravating

They did nothing to cause therecession, but they absorbed the pain. Their stock portfolios languished. The values of their homes skidded. Their savings still do not earn enough interest each month to buy a pack of gum.

Now, at last, the frugal are celebrating. With a leg up on their less creditworthy neighbors, they are qualifying for refinanced home mortgages at interest rates that in any other recent era would have been considered stealing. And unlike in late 2008, when rates started their plunge to historic lows, many lenders say they are rushing to accommodate the influx in applications.

http://www.nytimes.com/2010/10/23/business/23refinance.html?_r=1&src=me&ref=general

Foreclosure Fraud by Wall Street Banks

let's take a look

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Attorneys general in about 40 states may announce a joint investigation into foreclosures at the largest banks and mortgage firms, according to a person with direct knowledge of the matter.

State attorneys general led by Iowa’s Tom Miller are in talks that may lead to the announcement of a coordinated probe as soon as Oct. 12, said the person, who declined to be identified because a final agreement hasn’t been reached. The number of states may change because several are still deciding whether to join the investigation, the person said. New Mexico Attorney General Gary King said today in a statement that his state will join a multi-state effort.

http://www.bloomberg.com/news/2010-10-08/attorneys-general-in-40-states-said-to-join-on-foreclosures.html

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Bank gets caught lying in court filing.

let's take a look

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Saving Americans Requires Sticking It to Them: Jonathan Weil

The banks were saved by the American people. Now who will save the people from the banks?

Last week, in a rare and possibly fleeting victory for the little guy, Ally Financial Inc.’s mortgage-servicing unit temporarily halted evictions tied to foreclosures in 23 states. This came after some attorneys for homeowners caught the company saying things that weren’t true in its court filings.

There’s no sense complaining to the federal government about Ally’s conduct, though. That’s because the Treasury Department is the company’s majority shareholder, after spending $17.2 billion of bailout money on Ally under the Troubled Asset Relief Program.

http://www.bloomberg.com/news/2010-09-23/saving-americans-requires-sticking-it-to-them-jonathan-weil.html

New Bank Fees Coming

let's take a look

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Bank of America will charge clients new monthly fees if their accounts do not meet a minimum balance, the bank's CEO Brian Moynihan said on Tuesday.

"We will increase the account balance minimums or charge monthly fees in lieu thereof, which is the choice of the customer," Moynihan said at a Barclays Capital conference in New York.

These and other measures will allow the bank to compensate for revenue lost due to new regulations put in place following the 2008 financial crisis that led the US government to salvage many bank with massive bailouts, he said.

"Over the next 12 months, we will reset the entire product line."

http://www.breitbart.com/article.php?id=CNG.bb54d137200b27d4f18a20472252604a.10b1&show_article=1

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Debt Collectors Automate

let's take a look

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As millions of Americans have fallen behind on paying their bills, debt collection law firms have been clogging courtrooms with lawsuits seeking repayment.

Few have been as prolific as Cohen & Slamowitz, a Woodbury, N.Y., firm that has specialized in debt collection for nearly two decades. The firm has been filing roughly 80,000 lawsuits a year.

With just 14 lawyers on staff, that works out to more than 5,700 cases per lawyer.

http://www.nytimes.com/2010/07/13/business/13collection.html?pagewanted=1&_r=1&hp

Bank failures continue unabated

Regulators shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. took over Nevada Security Bank, based in Reno, with $480.3 million in assets and $479.8 million in deposits. Umpqua Bank, based in Roseburg, Ore., agreed to assume the assets and deposits of the failed bank.

The failure of Nevada Security Bank is expected to cost the deposit insurance fund $80.9 million.

In addition, the FDIC and Umpqua Bank agreed to share losses on $368.2 million of Nevada Security Bank's loans and other assets.

With 83 closures nationwide so far this year, the pace of bank failures is more than double that of 2009, which was already a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks' losses mount on loans made for commercial property and development.

The number of bank failures is expected to peak this year and be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008, the year the financial crisis struck with force, and only three succumbed in 2007......

http://www.npr.org/templates/story/story.php?storyId=105712699

Commercial Real Estate delinquent balance up 326%

let us take a look

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In January 2010, the delinquent unpaid balance for CMBS increased by another $4.3 billion, up to $45.94 billion from $41.64 billion a month prior. The overall delinquent unpaid balance is up 326% from one-year ago (when only $10.79 billion of delinquent unpaid balance was reported for January 2009), and is now over 20 times the low point of $2.21 billion in March 2007. The distressed 90+-day, Foreclosure and REO categories grew in aggregate for the 25th straight month – up by $7.42 billion (28%) from the previous month and over $27.95 billion (508%) in the past year (up from only $5.51 billion in January 2009). This included a substantial jump in 90+-day delinquency in January 2010.

Overall, the total unpaid balance for CMBS pools reviewed by Realpoint for the January 2010 remittance was $797.3 billion, up slightly from $797.18 billion in December 2009 (affected by

some servicer and trustee reporting delays). Both the delinquent unpaid balance and delinquency percentage over the trailing twelve months are shown in Charts 1 and 2, clearly

trending upward. The resultant delinquency ratio for January 2010 of 5.76% (up from the 5.22% reported one month prior) is over four times the 1.281% reported one-year prior in

January 2009 and 20 times the Realpoint recorded low point of 0.283% from June 2007. The increase in both delinquent unpaid balance and ratio over this time horizon reflects a steady increase from historic lows in mid-2007.

https://www.realpoint.com/PublicDocDisplay.aspx?i=6Z4f4G6%2b0QA%3d&m=i0Pyc%2bx7qZZ4%2bsXnymazBA%3d%3d&s=LviRtUKXqs8kml5dHt7FTeE2SZmY0Fvqd4iX49Mk/9UapyiFTEO6TA%3d%3d

1/2 Commercial RE Mortgages Underwater by 2011

....................Nationwide, at least $1.4 trillion in commercial real estate debt is expected to roll over during the next three years. Warren said that half of commercial real estate mortgages will be underwater by the beginning of 2011. A fifth of residential mortgages are underwater now, she said...................

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The new round of financial pain, which some had anticipated but hoped to avoid, now seems all but certain. "There's been an enormous bubble in commercial real estate, and it has to come down," saidElizabeth Warren, chairman of the Congressional Oversight Panel, the watchdog created by Congress to monitor the financial bailout. "There will be significant bankruptcies among developers and significant failures among community banks."

Unlike the largest banks, such as Citigroup and Wachovia, that got into so much trouble early on, the community banks in general fared better in the residential mortgage crisis. But their turn is coming: Not only did community banks issue a higher proportion of commercial loans, but they also have held on to them rather than sell them to other investors.

Nearly 3,000 community banks -- 40 percent of the banking system -- have a high proportion of commercial real estate loans relative to their capital, said Warren, whose committee issued a report on commercial real estate last week. "Every dollar they lose in commercial real estate is a dollar they can't use for small businesses," she said. Individuals -- who saw their home values drop in the residential mortgage crisis -- would not feel that kind of loss, but, Warren said, a large-scale failure would "throw sand into the gears of economic recovery."

http://www.washingtonpost.com/wp-dyn/content/article/2010/02/18/AR2010021805904.html?sid=ST2010021806024

Avoid Credit Card Late Payment Penalty

let us take a look:

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Credit card penalty rates can top 30 percent; how to avoid them

Think it costs a lot to borrow on your credit card now? Make a late payment and your interest rate could jump to more than 30 percent.

Default interest rates -- the penalty rates charged when borrowers violate the terms of their card agreements -- can be two to three times higher than regular rates on your credit card. The current national average default rate stands at 27.88 percent and the mean default rate is 28.99 percent, according to data compiled by CreditCards.com. And while credit card reforms are tightening the rules on how quickly issuers can implement them, default rates are still an indignity that should be avoided at all costs.

http://www.foxbusiness.com

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Oregon PERS Unsustainable

let us take a look:

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Climbing PERS expenses face Oregon pension board, agency budget writers

The cost of Oregon's Public Employees Retirement System is about to skyrocket to budget-busting levels.

As a result of PERS' $17 billion investment loss in 2008, every state agency, municipality and school district that participates in the system is staring at an average 50 percent increase in the base rates PERS charges to fund their employees' retirement benefits in 2011 and 2012.

http://www.oregonlive.com/business/index.ssf/2009/10/looking_down_the_barrel_of_per.html

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Loan Modification Program bogging down

let us take a look:

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450,000 at risk in foreclosure-prevention program

"................About 450,000 homeowners currently have HAMP trial modifications and have demonstrated a willingness and ability to make timely payments for at least three months," said Richard Neiman, superintendent of the New York State Banking Department.

"Now, unfortunately and very alarmingly, these same homeowners face the prospect of foreclosure strictly on account of documentation issues," he said.

Paperwork has proved a major stumbling block for the president's foreclosure-prevention program. Homeowners complain that their servicers continuously lose the documents they send in, while financial institutions argue that borrowers have not been sending in their paperwork..........."

http://money.cnn.com/2010/01/23/news/economy/loan_modification_problems/index.htm

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Mortgage Motification not delivering results.

Let's take a look:

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Why Mortgage Modification Isn't Working

The loan adjustment success rate is just 1%.

Last year more than two million Americans lost their homes to foreclosure. This year that number is expected to be even higher.

Foreclosure takes a huge toll on homeowners and their families, and sends shock waves throughout the economy. Yet since the start of the recession in 2007, more than five million homes have been taken back by lenders. The Center for Responsible Lending estimates that as many as 13 million more homes could fall into foreclosure over the next five years.

To combat the foreclosure epidemic, the Obama administration created the Home Affordable Modification Program (HAMP) last February. As part of this program, the Treasury Department plans to spend up to $75 billion in financing mortgage "modifications" for struggling homeowners.

The modification process changes the terms of the mortgage with the aim of making it more affordable, typically by reducing a borrower's interest rate, lowering his monthly payment, or waiving or reducing past charges. Unfortunately, HAMP has had less than stellar results.

Since the program began, more than three million homeowners have become eligible for assistance. In turn, mortgage servicers have reached out to these borrowers, initiating the modification process. Roughly 760,000 homeowners have received loan modifications on a trial basis. But just 31,000 modifications have been made permanent.

That's a success rate of just 1%. This means that up to 99% of eligible homeowners struggling with their mortgage payments have been unable thus far to modify their loans.

http://online.wsj.com/article/SB10001424052748704541004575011420045962424.html?mod=googlenews_wsj

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Prime Credit Next Foreclosures

let us take a look:

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Jan. 4 (Bloomberg) -- Homeowners with the best credit are the next big risk for the U.S. housing market.

An increase in mortgage defaults amongprime borrowers in 2009 is likely to accelerate this year, slowing the real estate recovery even as Americans become more optimistic about the economy, said Robert Shiller and Karl Case, the economists who created the S&P/Case-Shiller Home Price Index.

“There will be continuing foreclosures, and not just subprime, it will be prime mortgages,” Shiller, a professor at Yale University, said in an interview. “This is creating a huge shadow inventory of homes that are still owned, but they’re going to be on the market in the next year or so.”

The number of prime mortgages overdue by at least 60 days more than doubled in the third quarter from a year earlier to 838,000, according to a Dec. 21 report from the Office of the Comptroller of the Currency and the Office of Thrift Supervision. Unemployed homeowners struggling to pay their bills willdefault on their home loans and increase foreclosures, Shiller and Wellesley College’s Case said.

http://www.bloomberg.com/apps/news?pid=20601087&sid=am2z88Oy1kJs

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Interest rates on Credit Cards Up Up Up!

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Average Credit Card Rate Breaks the 16% Barrier

Credit card issuers continue to raise rates on their offers to new customers -- leaving customers who are frustrated by hikes on their current cards with few good options. For the first time since IndexCreditCards.com began tracking rates in 2005, the average credit card rate has broken 16% -- jumping to 16.36% today, from 15.94% at this time last month. This is the latest in a succession of increases that has caused average rates to skyrocket by over two-and-one-half points just since March of this year.

http://www.indexcreditcards.com/credit-card-rates-monitor/

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Principle reduction option

Let us take a look.

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Mortgage rates in the United States have dropped to their lowest levels since the 1940s, thanks to a trillion-dollar intervention by the federal government. Yet the banks that once handed out home loans freely are imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out.

The scarcity of credit not only hurts homeowners but also has broad economic repercussions at a time when consumer spending and employment are showing modest signs of improvement, hinting at a recovery after two years of recession.

Refinancing could save owners hundreds of dollars a month, which could be spent, saved or used to pay down debts. Extra spending would help lift the economy, and lower payments might spare some people from losing their homes to foreclosure.

http://www.nytimes.com/2009/12/13/business/economy/13rates.html?_r=2

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State Government withholds money to cities

New York leads the way in cutting local budgets. let us take a look...

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Gov. David A . patterson announced on Sunday that he would unilaterally withhold $750 million in scheduled payments to schools and local governments, saying that strong action was necessary to protect New York State from insolvency.

The reductions of 10 to 19 percent in aid will affect schools and social service providers, health insurance payments, cities and counties. Mr. Paterson said the withheld funds were not “a cut” or an “impoundment” — perhaps drawing a legal distinction because only the Legislature is empowered to make permanent budget cuts.

Some lawmakers called the move illegal, but the governor said “we are well within the bounds of legal authority.”

http://www.nytimes.com/2009/12/14/nyregion/14budget.html?_r=2&scp=2&sq=paterson&st=csew.oregon-credit-repair.com, www.consumercreditcapital.net, www.oregoncreditcapital.com, www.creditscorecounseling.com, credit, repair, report, bad, improve, companies, fix, information, services, service, help, software, legal, own, rebuild, dispute, file, credit report, repair credit, credit report, fix bad, auto loan, reverse mortgage, improve credit, credit repair companies, fix credit, credit repair information, credit repair services, credit repair software, legal credit repair, repair own credit, rebuild credit, dispute credit, credit file, foreclosure, short sale, bankruptcy, loan, refinance, Oregon, Portland, Medford, Salem, auto loan, bad credit, car loan, credit, Credit Repair, fico, Fico Score, internal revenue service, irs, New Cars, tax deduction