May 2014

Four New York Men Used Stolen Cards to Buy $7K in Target Merchandise

Four men were arrested this past week near the Holland Tunnel in New Jersey, according to Port Authority of New York and New Jersey spokeswoman Erica Dumas. Tyquan C. Lloyd, Henry Caceres, Tyrell Givens and Sharrod Givens were charged with credit card theft after police found out that they had purchased $7,000 in merchandise from a Target store in Jersey City. The merchandise was found in their car, during a traffic stop near the Holland Tunnel.


Mortgage Rates Continue To Slide

Mortgage rates retreated for the fifth consecutive week, according to figures released today by Freddie Mac. The agency said 30-year fixed loans averaged just 4.12 percent, down from 4.14 percent a week earlier. It’s the lowest level in seven months, prompting some economists to predict a pickup in housing activity this summer.


Watch Swoop And Squat To See Car Insurance Fraud In Action

The National Insurance Crime Bureau came up with a unique method of combating car insurance fraud in southern California.  Partnering with the Los Angeles Police Department, the NICB created a series of videos reenacting deliberately caused “accidents” to scam insurance claims.

New York State Launching Hurricane Preparedness Week

The state of New York wants homeowners to prepare for hurricane season, which according to state officials officially kicks off on June 1.  Governor Andrew Cuomo announced the final week of May as the inaugural Hurricane Preparedness Week to prepare homeowners for the potential of damaging storms over the next six months.

Money Coming To Detroit Courtesy Of JP Morgan Chase

Since declaring bankruptcy last year, the revitalization for Detroit has been a long road for residents, businesses, and even the federal government.  Detroit households accumulated significant credit card debts, along with many residents facing foreclosure on their homes due to default mortgages.

JP Morgan Chase, one of the largest banks in the country, announced a special $100 million investment to support Detroit’s recovery.  The money will be divided into low cost loans within the community, primarily for infrastructure projects and community development.

Did You Know You Could Pay Flood Insurance Rates In Condos?

Many homebuyers choose to invest in condos, particularly in the country’s largest metropolitan centers.  People who oppose long commutes to work or simply prefer living close to the downtown cores of major cities are attracted to condos, often dotting the skylines at the center of urban metropolises.

Visa, Mastercard Push for Chip Technology Cards in the U.S.

In the wake of last week’s eBay data breach, Visa and Mastercard have raised their voices to push for the adoption of chip technology credit cards in the United States. According to the card processing companies, it’s time that U.S. consumers are offered the same credit card protection that’s been offered for years in Canada, Mexico and most of Western Europe.

A shift away from the dated magnetic strip cards would be tantamount in eliminating a huge amount of credit card fraud in the country, argue Visa and Mastercard.


Ride-Sharing Firms Uber & Lyft Sued by 14 Connecticut Cab Companies

It’s hardly been a month since ride-sharing companies Uber and Lyft launched their services in Connecticut. It seemed as if the launch was off to a good start, but lately, the ride has been anything but smooth. 27 days after their expansion into Connecticut, Uber Technologies Inc. and Lyft Inc. are being sued by a legion of local taxi and livery firms.

Mortgage Rates Fall to Six Month Lows

Defying nearly every expert prediction, mortgage rates continued to fall this week, hitting their lowest level in six months. A Freddie Mac survey found 30-year mortgage rates averaged 4.14 percent for the week ended May 22, down from 4.20 percent last week. It’s the lowest average mortgage rate since November 2013.

Falling mortgage rates are largely the result of a drop in bond yields over the past four weeks, as leading indicators point to weakness in the economy.

Infinity Property & Casualty Sets Cars On Fire Near Miami

Car insurance fraud is a cost for victims, insurers, and also other drivers.  Rampant and excessive cases of fraud are a burden on the insurance system, which consequently raises average car insurance quotes for all drivers within a geographic region.

Florida is one of the states with the largest volume of car insurance fraud across the country.  According to one insurance firm, four Florida cities – Miami, Hialeah, Orlando, and Tampa are among the five highest locations for car insurance fraud in the country.