August 2014

Various States to Offer Seniors' Car Insurance Discount

Everyone knows that car insurance premiums go down as drivers get older. In 34 states across the country, a new approved driving class will make lowering your premiums even easier for those over 55.

Oh No, Not Again: Central Valley Target Stores Hit With Data Breach

Target stores in Central Valley, California are dealing with an all-too-familiar issue: another credit card data breach has hit branches in the area. This comes eight months after the retailer first announced it had been struck with a massive data breach last December.

Mortgage Rates Hold Steady Into Labour Day Weekend

As summer comes to an end, mortgage rates continue to hold near their lowest levels of the year. A weekly survey by Freddie Mac showed 30-year mortgage rates unchanged on Friday, at 4.1 percent. Adjustable and 15-year mortgage rates stayed within several basis points of where they were last week as well.

“Mortgage rates were little changed following mixed housing news,” said Frank E. Nothaft, Freddie Mac’s vice president and chief economist.

New Jersey Dealership Accused Of Selling Flooded Cars

When Superstorm Sandy struck the northeast coast in the fall of 2012, thousands of cars were trapped in saltwater for days, particularly in areas around New York and New Jersey.  Many of these cars were written off by insurers, while others were maintained to salvage non-corroded parts.

However, many Sandy ravaged vehicles found their way to used car dealerships across the country.  One such dealership, D&D Auto Sales in the New Jersey township of Old Bridge is alleged to have sold at least seven cars salvaged from the floods to customers who were unaware of the damages.

Meet Mel Watt, Learn About HARP, Save On Your Mortgage

The Home Affordable Refinance Program was created by the federal government in response to the subprime mortgage crisis that forced millions of Americans out of their homes.  The program, better known as HARP, allows homeowners that are up to date with their mortgage payments to refinance at more affordable interest rates.

Why Are Californians Living Without Earthquake Insurance?

The 6.0 magnitude earthquake that hit the Greater San Francisco Area last weekend was the largest seismic movement of its kind in 25 years.  The US Geological Survey says the economic cost from the quake could be as much as $1 billion as the quake damaged homes, caused massive fires, and left over 100 people injured.

Auto Theft Rates Plunge In Louisiana

While Louisiana never seems to do very well in the league tables, there is one statistic the state is cheering: auto thefts have plunged recently, according to the Louisiana Department of Insurance(LDI).  A new report from the LDI found the number of auto thefts statewide has fallen 13.5 percent since 2011. Go back to 2007, and the number of thefts is down an astonishing 48 percent.

Goldman Sachs to Pay $3.15 billion in Settlement with FHFA

Wall Street giant Goldman Sachs will pay $3.15 billion to settle a lawsuit with the Federal Housing Finance Agency, finally resolving claims that the American firm misled Fannie Mae and Freddie Mac about mortgage securities sold in 2007 before the collapse of the housing market.

Ring-Leader of Massachusetts Car Insurance Fraud Scheme Held on Bail

The ring-leader of a sprawling, multi-state car insurance fraud operation is being held on $100,000 bail in Massachusetts. Le Fen "Helen" Chen, a 55-year-old Taiwan native, pleaded not guilty to more than a hundred charges.

Mortgage Rates Decline, Hitting 2014 Lows

What goes up must come down? That seems to be the case with U.S. mortgage rates, which fell this week to their lowest level of the year. The average 30-year fixed rate loan edged down to 4.1 percent, according to a weekly survey by Freddie Mac.