HELOC In Trouble?

TransUnion's completed a research study on Home Equity Lines of Credit in the United States. Study here:
http://www.transunioninsights.com/helocstudy/

There are almost eight billion dollars outstanding on HELOC loans. Fifty percent of the total were originated from 2005 through 2007 at the height of the mortgage boom. Most have a ten year draw period with interest only payments until the end of the ten years. 
Some lenders in 2007 closed down HELOC available lines of credit. For example Bank of America reviewed Countrywide HELOC’s that they took over and on borrowers who were not using lines available, they arbitrarily closed the balance down, or decreased the line to the existing balance. Reasoning for this was most HELOC’s were underwater. Lenders used Broker Price Opinion valuations and online appraisal tools to mark properties with at risk HELOC’s. Many of those HELOC’s are now coming into time framed in the promissory notes that require principle and interest payments and catch up clauses. Will Americans be able to handle the jump in payments? Is there trouble ahead?
Certain market areas: Coastal with view, California Bay Area, and states where there was not a big bubble in property values will not be at risk. Borrowers can refinance the second into a new low rate first. 

Borrowers in pocket areas where the value has risen back to 2006 levels, can even find HELOC products that are amortized over thirty or forty years rather than the standard HELOC that will roll to a principle and interest payment amortized over fifteen after the ten year interest only time period. 
Others in markets that still have a long way back to valuations of 2006 (Arizona, Florida and Michigan) may see defaults.

If you have a HELOC that is adjusting and you want free advice how to fix it, please contact me I am happy to help

Target Boycott

Dear Gregg Steinhafel CEO of Target:

I am a victim of the Target fraud. Offering ProtectMyID is a foolish move.

Experian's software does not do anything to protect from fraudulently charging

on a credit card.

 

I don't expect Target to hunt down the Armenian Mafia, and the Russian mob

who hack credit cards in the billions BUT an insider closed their eyes, allowed

someone access and or saw someone install a scanner and some camera equipment.

Target employees know more than you admit to the public.

Banks also get hacked, they are often silent about the crimes- they pay the loss

and pray the FBI or local police will accidentally run into the criminals.

You need better security because this is still happening today.

My loss was over eight thousand dollars, some of which VISA paid but they won't

point a finger at Target, instead they point blame to some unknown gas station attendant.

Fraud is eating away at the security and confidence in America. While I appreciate your apology,

Target needs to actually do something. ProtectMyID is a joke and an insult to your customers.

Although I have been a red ball flag waver for your brand, a stock holder and a frequent shopper

who spends hundreds of dollars each visit. I will be shopping elsewhere until you tell me you have

reviewed video of every scanning machine at each register to find embed devices that capture card numbers. I suggest everyone boycott your brand. Target likely still has pinhole cameras in stores, in your credit card hubs and headquarters that offer up information to these criminals.

That you take so long to find out they got into your online business is an example of sleeping at the helm. As a shareholder - I say, "you are fired." 

#target #breach thanks for sharing my email, home address, telephone number, social security number, credit card, spending habits and dog license with organized crime

Calling Target Shoppers

 Caroline Gerardo Barbeau
 

 copyright 2014

 

 http://cgbarbeau.blogspot.com/

 

From: Target.com
To: carolinegerardo@
Sent: Wednesday, January 15, 2014 6:00 AM
Subject: Important message from Target to our guests

Dear Target Guest, As you may have heard or read, Target learned in mid-December that criminals forced their way into our systems and took guest information, including debit and credit card data. Late last week, as part of our ongoing investigation, we learned that additional information, including name, mailing address, phone number or email address, was also taken. I am writing to make you aware that your name, mailing address, phone number or email address may have been taken during the intrusion. I am truly sorry this incident occurred and sincerely regret any inconvenience it may cause you. Because we value you as a guest and your trust is important to us, Target is offering one year of free credit monitoring to all Target guests who shopped in U.S. stores, through Experian’s® ProtectMyID® product which includes identity theft insurance where available. To receive your unique activation code for this service, please go to creditmonitoring.target.com and register before April 23, 2014. Activation codes must be redeemed by April 30, 2014. In addition, to guard against possible scams, always be cautious about sharing personal information, such as Social Security numbers, passwords, user IDs and financial account information. Here are some tips that will help protect you: Never share information with anyone over the phone, email or text, even if they claim to be someone you know or do business with. Instead, ask for a call-back number. Delete texts immediately from numbers or names you don’t recognize. Be wary of emails that ask for money or send you to suspicious websites. Don’t click links within emails you don’t recognize. Target’s email communication regarding this incident will never ask you to provide personal or sensitive information. Thank you for your patience and loyalty to Target. You can find additional information and FAQs about this incident at our Target.com/databreach website. If you have further questions, you may call us at 866-852-8680. Gregg Steinhafel Chairman, President and CEO