Homeowners continue to walk away from their mortgages intentionally, according a report released today by credit bureau Experian.
The company noted that while strategic default peaked at a 20 percent share in the fourth quarter of 2008, it still remains elevated and is not likely to decline significantly unless home prices increase.
During the second quarter of 2010 (the most recent data available), strategic default was blamed for 17 percent of all mortgage payments 60 days or more past due.
It had fallen consistently from 2008 through the first quarter of 2010 before the recent uptick from 16 to 17 percent.
“It’s important for lenders to understand findings such as why about 90 percent of strategic defaulters are continuing to stay current on their other obligations — even a year after they’ve gone delinquent on their mortgage, said Charles Chung, Experian’s president of Decision Analytics, in a release.
“Knowing more about these behaviors helps lenders personalize strategies for consumers who have defaulted on their loans.”
Higher Loan Balances = More Strategic Default
The report also revealed that those with higher loan balances were more likely to strategically default than those with small origination balances.
“Of loan default customers with origination balances of less than $50,000, only 6 percent were strategic defaulters while 38 percent were distressed defaulters. For those with
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When you review your bank statement each month, do you feel frustrated that a thousand dollars or more enters and exits your checking account without earning interest? An interest checking account can be a simple solution to boosting your savings.
ING Direct, an online-only bank that offers FDIC-insured accounts, pays tiered interest rates on their ElectricOrange Interest Checking account. Accountholders with less than $50,000 earn 0.25 percent APY; with $50,000 to $100,000, 1.10 percent APY; with $100,000 or more, 1.15 percent APY. Customers also have free online bill-paying, a debit card and free ATM use.
Compare interest checking accounts online to find the best bank rates.
Moodys Investors Service says the U.S. risks losing its top AAA credit rating if it defaults on its debtseven for a short period of time. The service states Congress needs to find a way to raise the nations debt limit soon to stop the worst from happening.
Missed Debt Payment Could Mean Fundamental Rating Change
In an interview with Bloomberg News on June 21, Moodys senior credit officer, Steven Hess, explained that a missed debt payment could result in a fundamental change in the U.S. credit rating.
He said, Up until now, our assumption was that the risk is virtually zero of them ever missing an interest payment. But
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The best Oregon CD Rates from a bank are from Capital Pacific Bank in Portland. They have a minimum deposit amount of $1,000 and $100,000. The 3 month CD is earning an APY of 0.25% and 0.60% respectively. The 6 month CD is earning an APY of 0.50% and 0.70%. The 1 year CD is earning an APY of 0.60% and 0.90%. The 2 year CD is earning an APY of 0.90% and 1.06%. These rates were posted on May, 16, 2011.
The Columbia River Bank has locations all over the state for their customer’s convenience. Customers can also use any Bank of Astoria to conduct their financial business matters. Their Bank CD Rates are in a tiered rate with minimum deposits of $500, $10,000, $50,000 and $100,000.
The 1 month CD is earning an APY of 0.11%, 0.22%, 0.23% and 0.25% respectively. The 6 month CD is earning an APY of 0.17%, 0.33%, 0.35% and 0.38%. The 1 year CD is earning an APY of 0.26%, 0.51%, 0.54% and 0.59%.
The 2 year CD is earning an APY of 0.38%, 0.77%, 0.80% and 0.88%. T
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Northfield Bank has an ongoing promotion with their checking account. On the first 90 days of your checking account, you must meet the following requirements to get the $150 bonus:
- make at least 5 purchases using your Northfield debit card
- make at least 3 online bill payment
- make at least $400 worth of recurring direct deposit
The bank also provides benefits when you open their Free Checking Plus account like: no monthly service fee, no minimum balance required, and unlimited check writing. Consumers may visit one of the bank’s branch to open an account. There is no expiration date listed on the banks website for this promotion. In case you have questions or concerns, you may call their customer service line thru 718-448-1000 or 732-499-7200.
Northfield Bank has a total of 21 branches located in Brooklyn, Staten Island, and Central New Jersey.
The bank was established on March 1, 1887 and was known before as Northfield Building Loan and Savings Association. I
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American Express will reward a $10 (or more) purchase that you make with inSite at participating online retailers by giving you a free $10 credit.
inSite from American Express is a relatively new service that offers American Express cardholders extra deals for shopping online. New inSite users will have the ability to get this special $10 offer as well as enjoy the savings of inSite. This offer expires 7/31/11.
In order to take advantage of this promotion, you need to be a new inSite user, so if you have already downloaded it you are no longer eligible. The instructions are very simple:
- Download the inSite plugin to your browser
- Log in with your American Express User ID and Password and activate inSite
- Register your American Express Card and spend $10 or more through inSite at one of the following retailers: BarnesandNoble.com, CrateandBarrel.com, jcp.com, macys.com, or Zappos.com.
After this, a $10 statement credit will be applied to your account.
Visit Here: American Express inSite Deal
To make a qualifying purchase, after installing inSite into your browser, use Google, Yahoo! or B
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Discover is looking to entice customers with more than just an awesome cash back deal, they are adding $50 to the mix.
The Discover More Credit Card offers rotating cash back categories throughout the year. Customers can enjoy 5% cash back on items ranging from travel to groceries.
This is a card that comes with no annual fee, and offers a $50 bonus. In order to be eligible for the bonus you must make $500 in purchases within your first 3 months of owning the card.
On top of the 5% cash back bonus you can also get up to 20% on special online deals through the discover shopping mall. Dont worry, your purchases not qualifying for the monthly categories get cash back love as well, with 1% automatically offered.
The 2011 cash back categories are:
- January March: Travel and Restaurants. There is a bonus cap of $800 meaning the most you can earn that month would be $40.
- April June: Home and Fashion.
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