… By now, banks have usually sold the houses. But the proceeds of those sales were often not enough to cover the amount of the loan, plus penalties, legal bills and fees. The two big government-controlled housing finance companies, Fannie Mae and Freddie Mac, as well as other mortgage players, are increasingly pressing borrowers to pay whatever they still owe on mortgages they defaulted on years ago.
Using a legal tool known as a deficiency judgment, lenders can ensure that borrowers are haunted by these zombie-like debts for years, and sometimes decades, to come. Before the housing bubble, banks often refrained from seeking deficiency judgments, which were seen as costly and an invitation for bad publicity.
Some of the biggest banks still feel that way.
But the housing crisis saddled lenders with more than $1 trillion of foreclosed loans, leading to unprecedented losses. Now, at least some large lenders want their money back, and they figure it’s the perfect time to pursue borrowers — many of those who went through foreclosure have gotten new jobs, paid off old debts and even, in some cases, bought new homes. …
Three Ebola-infected travelers are predicted to depart on an international flight every month from any of the three countries in West Africa currently experiencing widespread Ebola virus outbreaks (Guinea, Liberia, or Sierra Leone), if no exit screening were to take place, according to new modeling research.
These days, pilfered logins are falling like autumn leaves (only last week it emerged that thousands of Dropbox logins had been stolen from a third-party service for example.)
Crooks will often try to increase their bounty by testing out the credentials they’ve captured on other websites.
If users have reused their passwords on sites like Twitter and Facebook then the crooks can access those accounts too and then either exploit or sell them.
The problem is so serious that Facebook have revealed that they’re actually watching for news of big breaches, raking up as many password/username combinations posted by crooks online that it can find, and sifting through them to see if they can be used to unlock Facebook accounts.
A few days after trolls threatened to rape British fitness instructor Chloe Madeley, Justice Secretary Chris Grayling told the Mail on Sunday that sentences for web trolls would be quadrupled to two years in proposed changes to current law.
Grayling said that the illusion of anonymity enables trolls to get sadistic pleasure out of attacking others, operating as they do under the false idea that the attack is “not really real”, allowing them to strike in a “hit and run” style, often hidden behind the cover of a screen name.
They’re “cowards” who’ve “poisoned our national life”, he said.
The American Studies Association appears to have backed down from a threat to boycott Israeli academic institutions at its annual conference next month, The Jerusalem Post has learned.
The Post spoke to CeCe Heil and David French of the American Center for Law and Justice, who had threatened the ASA and the Westin Bonaventure Hotel in Los Angeles, which is hosting the conference, with legal action should they not allow speakers from Israeli academic institutions. Heil and French told the Post that while the ASA had not responded directly to them, the organization had indicated to blogger Eugene Kontorovich, a professor of constitutional law at Northwestern University, that it was changing its policy.
On Friday, MasterCard and Oslo, Norway-based Zwipe announced the launch of a contactless payment card featuring an integrated fingerprint sensor. Say goodbye to PINs. This card, they said, is the world’s first contactless payment card featuring an integrated fingerprint sensor.
Women are more driven to seek wealth and status than they are to reproduce, a new study suggests. The research says although low fertility may seem to go against traditional ideas about evolutionary success, a woman will delay and reduce her fertility if it brings her opportunities for higher status. The findings are based on interviews with 9,000 women in Mongolia, a country that underwent a sudden transition from a Soviet-style state to mass privatization.
Apple didn’t just unveil its new iPads on Thursday — it announced a separate, less advertised product that could mean trouble for wireless carriers.
With its new iPad Air 2, Apple customers will have the option of buying a cellular version loaded with the company’s new “Apple SIM” card, as Dan Frommer at Quartz points out.
A SIM card is that tiny piece of plastic in your phone that allows you to connect to a carrier’s wireless network.
Typically, a SIM card is programmed to work with one specific carrier. So, if you buy a phone on a two-year contract from AT&T, it’ll come with an AT&T SIM card inside. If you wanted to use that same phone on Verizon, you would have to buy a SIM card from Verizon and put it in that phone.
But Apple wants to change how that model works. Apple’s SIM card works with multiple carriers, so you wouldn’t have to purchase an iPad or SIM card from a carrier. To be clear, this isn’t like simply buying an AT&T SIM card directly from Apple instead of AT&T. With Apple’s SIM card, you can switch carriers whenever you please without having to commit to a two-year contract or make any purchases directly through the carrier.
I have three different passwords. And I rotate a new one in about every year.
That, would only clear a few of these. Human errors and stupidity are a large part.
Five shocking Internet hacks
FBI Director James Comey has launched a new “crypto war” by asking Congress to update a two-decade old law to make sure officials can access information from people’s cell phones and other communication devices.
The call is expected to trigger a major Capitol Hill fight about whether or not tech companies need to give the government access to their users.
“It’s going to be a tough fight for sure,” Rep. James Sensenbrenner (R-Wis.), the Patriot Act’s original author, told The Hill in a statement.
He argues Apple and other companies are taking the privacy of consumers into their own hands because Congress has failed to pass legislation in response to public anger over the National Security Agency’s surveillance programs.
Mortgage Loans Loosening Lending Limits a Repeat of Housing Market Crisis Looming?
Maybe officials, the Federal Housing Agency (FHA) and conventional lenders have forgotten, but just in 2008 hundreds of subprime lenders, and A minus lenders collapsed like a house of cards. The Wall Street Journal has released a series of articles regarding the reduction of minimum credit scores needed, and loosening restrictions from the largest lenders across the nation. It seems counterproductive, when one steps back to realize how bad the housing market still is. It will never have the spit and shine as it did in the late 90s and early 2000s, rather it appears the nation is seemingly ready to create another collapse.
Students loans already burgeon at astonishing rates. The Institute for College Access & Success posted statistics in 2012 regarding the debt, showing an astounding 71 percent of all graduates hold debt. When the housing market collapsed in 2008, many flocked to colleges to grow their education, and America now sits with a near college bubble ready to burst.
Government-controlled mortgage companies Fannie Mae and Freddie Mac, are close to an agreement with their regulator and lenders that could expand mortgage credit while helping lenders protect themselves from charges of making bad loans, The Wall Street Journal reported.
Fannie Mae and Freddie Mac have recouped tens of billions of dollars in penalties from lenders in recent years over claims that the lenders made underwriting mistakes on loans they sold to the mortgage giants. Lenders have blamed those penalties for tight credit conditions and for prompting them to make loans only to borrowers with near-pristine credit.
Smartphone and electric vehicle batteries may someday soon charge to 70 percent in just five minutes and last for 20 years, a landmark in energy cell technology that Nanyang Technological University researchers are pushing into fruition with a new gel-like substance.
Tesla Motors has been rumored to be attempting to develop a graphene battery that would double the range of its electric vehicles and draw the masses away from gasoline-powered automobiles. But with the work of researchers Chen Xiaodong, a NTU professor, and Tang Yuxin, a Ph.D. student at the university, electric vehicle refueling times will mirror those at the pumps and the cost of maintaining the automobiles will plummet.
U.S energy policies came into sharp focus last week as the price of crude oil fell to a two-year low.
The tumbling oil price has a real impact on Americans’ lives. The good: prices at the pump are at a historic low, dipping below $3 in some states. The bad: Stock market volatility hurts investors, raises questions about the robustness of the economic recovery and places severe pressure on domestic oil producers.
Prices rebounded on Friday, holding above $80 a barrel. But that did not dull the questions about America’s ability to maintain the pace of the oil boom that has blossomed in recent years.
Contracts valued at $184 million were awarded by the health insurance exchange of California without the standard practice of competitive bidding. The deal was struck between the exchange and a company whose employees are well-known to the executive director of the exchange. Oversight and competitive bidding are standard practices adopted by state governments.
The no-bid contracts awarded to Covered California encompass a plethora of services, which range from the public relations to the paying of ergonomic adjustments for the work stations. The information was extracted as per the review made by Associated Press for the contracting records. The records were obtained via the Public Records Act of state.
A number of such contracts, worth about $4.2 million, were sent to The Tori Group, a consulting firm. The founder of the group has entrenched professional ties to Peter Lee, the Executive Director of the agency. Other contracts were given to the health care subsidiary of the company, of which he was once the leader.