May 2015

South Dakota Homeowners Saved From Flood Insurance Rate Hike

Submitted by Gary Parkinson on May 21, 2015, 12:10 pm

Homeowners living along with the Mississippi River in South Dakota were warned that flood insurance could become more expensive in the coming years.  The Federal Emergency Management Agency was prepared to put the community of Union County on probation with the National Flood Insurance Program for what it called “flood plain management violations.”

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Private Fannie, Freddie Can Spike Mortgage Rates Higher

Submitted by Gary Parkinson on May 20, 2015, 12:32 pm

The conservatorship of Fannie Mae and Freddie Mac in 2008 was one of the most pronounced government interventions in a private institution in decades.  Over six years after Fannie and Freddie were put under government regulation, some critics say the time has come to reform the system.

Fannie and Freddie are two of the largest corporations within the secondary mortgage market.  The primary role of the two companies is to approve mortgage backed securities, and open the door for additional lenders to navigate the home financing market.

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Texas Based Insurance Company Donates To Nepal

Submitted by Gary Parkinson on May 19, 2015, 12:13 pm

The people of Nepal have experienced the worst natural disaster in the history of their nation.  Over 8,000 people were killed following the 7.8 magnitude earthquake that struck the region on April 25th.  Dozens of aftershocks were responsible for more damages across the country, including the 7.3 magnitude quake that devastated the area on May 12th.

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Sally Beauty Hit By Another Credit Card Data Breach

Submitted by Justin Leung on May 17, 2015, 10:08 am

In the spring of 2014, the Sally Beauty retail chain reported a data breach that compromised over 25,000 debit and credit card accounts.  The company was hacked by scammers again this spring, according to an official statement from CEO Chris Brickman.

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What Happens To Insurance Rates When You File A Claim?

Submitted by Gary Parkinson on May 16, 2015, 8:50 am

There are plenty of concerns about the cost of car insurance charged to drivers.  There are many headlines about car insurance quotes in Michigan where drivers are subjected to rates that are, on average 2.5 times higher than the national average.

However, drivers are forced to pay significantly higher rates if they submit a claim to their provider.  Drivers who make a second claim are hit with another rate hike, and can typically pay twice as much for insurance coverage than car owners with similar backgrounds, in similar neighborhoods, but without any claims.

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CFPB Tackles Student Debt To Prevent Mortgage Style Crisis

Submitted by Gary Parkinson on May 15, 2015, 11:42 am

Americans were shocked to learn in April that the volume of student loan debt in the country now exceeds $1 trillion.  Student loan debt is now the second largest source of consumer debt in the US behind only mortgages.

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Days May Be Numbered For Buffalo CarShare

Submitted by Gary Parkinson on May 14, 2015, 11:59 am

Buffalo CarShare is a popular nonprofit organization servicing western New York.  The company prides itself on being an environmentally friendly and affordable form of transportation that helps people without immediate access to a vehicle with options for short term trips.

But Buffalo CarShare may soon see its last days as a business without a new insurance partner.  The company was given notice by its current partner Philadelphia Insurance that their policy will not be renewed after the expiration date of the existing insurance package on June 15th.

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Mixed Road Safety Results For Midsize SUVs

Submitted by Justin Leung on May 13, 2015, 12:32 pm

The Insurance Institute for Highway Safety performs annual road safety tests on different types of vehicles every year.  After each test is complete, the IIHS assigns a safety rating to that vehicle.  These ratings help shoppers decide what type of car to buy, and are also used by car insurers to assign rates to that vehicle.

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NAR Says Demand For Housing Back To Pre Crash Levels

Submitted by Gary Parkinson on May 12, 2015, 12:16 pm

The US housing market is reaching pre-crash levels thanks to improved employment prospects and low mortgage rates advertised across the country.  The demand for housing is approaching levels not seen in nearly a decade, but higher demand also means higher prices charged to would be buyers.

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Mother Nature Ruins Mother’s Day For Midwest

Submitted by Gary Parkinson on May 11, 2015, 12:45 pm

Millions of people spent the weekend with their families, celebrating Mother’s Day with the maternal figures in their lives.  But Mother Nature made those plans difficult for families in the Midwest as powerful thunderstorms, intense flooding, and even a few tornadoes devastated the region over the weekend.

The National Guard was called into northeast Texas following intense weather on Saturday.  Residents living in or near Denton County required assistance from the National Guard on Sunday as helicopters airlifted people to safety. 

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