I constantly fight with my dad about the benefits of debit cards. He insists that you have absolutely NO protection if someone steals your debit card, but with a credit card you don't have to pay. from my understanding, they have changed this and debit cards are safer to use now, even if they aren't as good as credit cards. what kind of protection is there for debit cards now?

I recently found a transaction on my debit card that I didn't make. It was only for $10 but still it was enough to make me scared. I contacted my bank who cancelled my debit card, issued me a new one and made me file a claim. Within a month I got my $10 back. There is protection but you have to keep track of your records.

I think the most you can be out by law is $500.00. Most banks will cover 100% though. The problem comes when you bank account gets overdrafted once it is stolen and it can take awhile for the bank fraud department to straighten things out. The best thing is to have a reserve line of credit or another bank account somewhere just incase this happens.

Debit cards have almost exactly the same protections as credit cards. in addition, study after study has shown the people with credit cards, even those that pay them off every month, spend more and save less than those without credit cards. It is an extremely financially sound decision to not have a credit card.

The Treasury has raised its domestic borrowing target to shield the economy from the turbulence associated with foreign debt – opening a new window for local investors to increase their earnings from risk-free government paper.

The shift that will see the Treasury borrow up to 70 per cent of total public debt locally was part of the Finance bill that Parliament passed last week.

“Taking into account both cost and risk considerations, the need to develop domestic debt markets and the feasibility of implementing the strategy in the medium term, the 2011 medium term debt strategy (MTDS) proposes a 70 per cent net domestic financing and 30 per cent external financing,” says the 36-page document signed by Finance minister Uhuru Kenyatta.

Kenya has in the past maintained a public debt policy that required an equal mix of domestic and external debt.

The Treasury is expected to use the new headroom to widen its presence in local bonds where investors have taken refuge in recent months following the decline of activity in the equities market.

Borrowing locally gives the Treasury room to raise cash with speed as need arises compared with external debt which takes long to negotiate and often comes with strict conditions.

Investors in the equities market have lost 20 per cent of the value of their wealth — amounting to Sh233 billion — since the beginning of the year, forcing many to take refuge in the fixed-income debt market where coupon rates have risen by large margins in the past three weeks.

Activity has also been rising in the fixed-income market at the Nairobi Stock Exchange (NSE) where investors traded bonds worth Sh72.2 billion in July compared to Sh19.9 billion in January.

Treasury says in its strategy that it intends to deepen the local bonds market as part of a wider plan to stabilise the cost of debt and strengthen Kenya’s position in dealing with external creditors who have been hardening their terms in response to uncertainty in global financial markets.

Mr Kenyatta said that a key pillar of the new strategy is to have sustainable debt levels with the implementation of the Constitution.“As we embark on implementing the Constitution, it is important that the burden of public borrowing is equitably shared between the present and future generations,” he said.

Many analysts see the shift in favour of domestic debt as mainly driven by the ease of borrowing and less stringent terms that come with it.

“It comes with better terms than foreign donor terms and shields Treasury from exchange rate fluctuations that increase the cost of debt,” said Mr Robert Gatobo, a trader at the treasury department of Commercial Bank of Africa.

Exchange rate fluctuation has been a major drawback in the management of the national debt in recent months as the shilling suffered its worst beating against major world currencies raising the cost of external debt.

“The most recent cause of the rising external debt burden is the depreciation of the shilling against the hard currencies,” Mr Felistus Kivisi, assistant director at the debt management department of the Treasury, said.

And Mr Gatobo said that domestic debt was also a more reliable source of funds for government compared to external borrowing. “Reliability is going to be important because government can get the cash when it needs it,” he said.

Bay State foreclosures soared in June from a month earlier to the highest level this year, but the numbers fell from one year ago, according to the Warren Group, publisher of Banker & Tradesman.

Homes seized by foreclosure increased 42 percent to 931 in June, the highest number recorded since August 2010. Year-over-year, foreclosures fell more than 29 percent from 1,315 in June 2010. a total of 3,754 foreclosure deeds have been recorded in the first six months of the year, down almost 50 percent from 7,433 a year earlier.

“Foreclosures for the year have been artificially low because lenders were slow to complete the paperwork, they were pressured to do loan modifications and their back offices were not been geared up to handle the large volume of short sales,” said Timothy Warren, CEO of the Warren Group. “now, foreclosures are starting to pick up a bit, up dramatically from May, and we are seeing the authentic numbers”

Foreclosure petitions, the first step in the foreclosure process in Massachusetts, also spiked from the previous month. there were 990 petitions filed in June, up from 699 in May. But foreclosure petitions dropped more than 55 percent year-over-year from 2,220 in June 2010. Through June of this year, 5,415 petitions to foreclose have been filed statewide, down nearly 60 percent from 13,338 during the same period in 2010.

“there are lots of people unemployed and underemployed and many who are underwater on their mortgages, and it’s catching up with everyone,” said Warren. “a housing market recovery won’t be complete until these foreclosures work through the system.”

Littlemoor Fun Day set to be annual event

1:00pm Sunday 4th September 2011

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THE Littlemoor Fun Day is expected to become an annual event after almost a thousand people turned out to enjoy it.

the sun came out to entice the crowds to top Club Field for the inaugural fun day, with plenty of events and activities.

It was organised by Synergy Neighbourhood Panel Zone three in just nine weeks.

There were displays by the Zumba Dancers, the Second Edition Majorettes and the Wessex Karate Club.

There was plenty for the children to get involved in, including free miniature train rides, trampolines, a bucking bronco, sumo suits, and free face painting.

Stalls were set up around the field, there was lots to eat and drink, and a chance for people to put on an apron themselves and cook an omelette with Cookery Tony.

Local groups ran stalls free of charge. There was a demonstration of a steam train being fired up, police vehicles, and fingerprinting for children. Littlemoor resident Jan Hinton, who helped organise the day, said: “It is hoped that this will now become an annual event in the Littlemoor diary.”

Angie Gould and Synergy Housing made the event possible. to join the panel, call Jan Hinton on 01305 834126. Visit littlemoorlive.com

Read these News stories

A contested piece of municipal bankruptcy-limiting law has neared approval as the state Legislative session draws to a close Friday.

AB 506, by Assemblyman Bob Wieckowski, D-Fremont, gained traction last month after the Legislature returned from its summer break.

Earlier in the summer, the bankruptcy bill, the third since Vallejo filed for Chapter 9 protection in May 2008, was stripped to its “intent language” by Sen. Lois Wolk, chairwoman of the Senate Governance and Finance Committee.

In August, a modified version of the bill appeared again on the floor of the Senate, which has since voted in support two of the three needed times to pass. Opponent League of California Cities’ legislative director Dan Carrigg said the controversial bill was reworked, but without input from dissenting bodies.

“It’s sort of coming back with a new set of clothes on … it’s changed slightly from a structural standpoint,” Carrigg said.

Carrigg said the League and a coalition of opponents hope the bill will be sent back to the drawing board and carry over into the next legislative session, rather than win final Legislature approval.

The bill would modify state law to require that cities seeking bankruptcy protection engage in a mediation process before heading to court. The mediator, chosen by a state-appointed commission, would determine whether the municipality had negotiated in good faith, among other tests, prior to giving leave for a court filing.

If approved by the Senate, with any changes confirmed by the Assembly, by week’s end the bill would head to the governor for his signature.

Contact staff writer Jessica A. York at (707) 553-6834 or jyork@timesheraldonline.com.

LEADING AIRLINE Monarch announced in June of this year a commitment to transparent and simple pricing. In a move that will put pressure on its rivals to follow its lead, Monarch has eliminated debit card fees and introduced a fixed fee for all credit card bookings.

Customers electing to pay using a debit card now incur no card charge fees, whilst customers electing to pay using a credit card will be charged a €12 fee regardless of the value of the transaction or the number of people travelling, providing an upfront, transparent and simple-to-understand charging policy. In addition to a commitment to transparent and simple pricing, Monarch has also introduced a “Build your own class” concept of flying. Customers who are looking for the cheapest possible flight will be able to fly on Monarch with an allocated seat for a fare that is competitive against the no-frills carriers. Add-ons, such as hot meals, seats with extra leg room and extra baggage allowance, are offered at the point of booking for additional small sums.   The concept enables Monarch’s customers to choose the services they want, without being obliged to pay for anything they don’t want. for further information or to book Monarch flights, please visit monarch.co.uk .     

J.M. Eddins Jr./The Washington Times

The D.C. government is suing a non-profit group to get back nearly $330,000 in grant money given for a job-training facility that was instead allegedly used to build a strip club. 

WASHINGTON – the D.C. government is suing a non-profit group to get back nearly $330,000 in grant money given for a job-training facility that was instead allegedly used to build a strip club. 

The suit claims the director of “Miracle Hands” improperly billed the city for work that was never done. it also claims that Director Cornell Jones used the money to open the Stadium Club venue. 

The lawsuit contends the money was supposed to be used to build a job-training facility for people with HIV/AIDS. the city expected the facility — to be constructed in an old warehouse — to open in 2007.

Instead, the civil complaint charges that Miracle Hands changed the so-called site of its job-training facility from one building to another, it continued to submit invoices for renovation work at the original location. 

The establishment at that location secured a nightclub liquor license in August 2006. the Stadium Club opened in 2007 in the spot. After that, Miracle Hands began billing the district for renovations at the second location, the suit alleges. 

The office of the attorney general “will continue to be relentless in our efforts to recover government funds from those who have unjustly enriched themselves at the expense of the District of Columbia,” D.C. Attorney General Irvin Nathan said in a statement. 

The complaint seeks damages and penalties worth $1 million. 

Jones could not be reached for comment.

The mission of Miracle Hands, according to its website, is to “implement strategies and programs designed to meet the needs of the city’s most under-privileged and neglected communities.”

“With funding from local and federal government agencies, Miracle Hands has proudly and effectively served those populations whom many describe as the most difficult populations to reach and effect change.”

Its address on the website is listed as the same where the strip club is located. it notes its programs are funded by the D.C. Department of Health, and it has an annual budget of $1.5 million.

The website adds, “Miracle Hands has over 30,000 square feet of warehouse space available for a variety of uses and applications.”

August 11, 2011 12:24 PM Eastern Daylight Time 

Personal Loans Provider Aims to help Military Families with Donations to SEAL and Special Ops Foundations

VIRGINIA BEACH, Va.–(BUSINESS WIRE)–“Cash for Caring,” an initiative sponsored by payday loans provider Approved Cash Advance, has declared its support for the families of the 31 soldiers killed in Afghanistan with donations to the Navy SEAL Foundation and the Special Operations Support Fund.

Approved Cash Advance launched this initiative earlier this year by supporting the American Cancer Society’s Relay for Life in Jamestown, VA.  The company has also included the Juvenile Diabetes Research Foundation as one of its primary causes.

Approved Cash Advance has been involved with a variety of charities and causes on a local level, such as breast cancer awareness and toy drives.  The company formed the “Cash for Caring” program earlier this year in order to benefit local communities on a broader scale.

According to Chief Operating Officer Joshua Davis, short-term lenders like Approved Cash Advance have deep ties to their local communities, as the success of their business depends on personal relationships.  for this reason, Davis says, “We are committed to developing our local relationships and giving back to our community, both on a local and national level.  we want our clientele and the public to know that we see people as more than just customers, we think about them as individuals we know and care about on a personal level.”

Headquartered in Cleveland, Tennessee, Approved Cash Advance operates 195 branch locations throughout Alabama, Louisiana, Michigan, Mississippi, Oklahoma, South Carolina, Tennessee and Virginia.  once known solely as a provider of payday loans, the company has broadened its portfolio to include vehicle title loans, check cashing, tax return preparation, and pre-paid debit cards.  The company was founded in 2004.  for more information, please visit approvedcashadvance.com.

Construction workers are shown on a residential housing work site in Burbank, July 27, 2011.

Credit: Reuters/Fred Prouser

WASHINGTON | Wed Aug 31, 2011 9:43am EDT

WASHINGTON (Reuters) – The Obama administration is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages.

The administration has been working for weeks on how to implement a mortgage relief program. President Barack Obama could include a nod to the plan in a speech on job creation next week, sources familiar with the administration’s plans said.

The refinancing initiative would allow certain borrowers to refinance loans that are backed by government-owned Fannie Mae and Freddie Mac or the Federal Housing Administration, the sources said.

A broad-based effort to automatically refinance millions of mortgages is not in the works, yet the administration is looking to take targeted changes to an existing program that would allow more borrowers to take advantage of low mortgage rates, including allowing borrowers to refinance even if they owe a significant amount above their property’s current value.

The idea is to help struggling borrowers refinance at current low interest rates, which would cut their monthly payments and free up cash for other spending. The hope is that this could drum up overall business activity.

The average rate on a 30-year fixed loan was 4.22 percent last week, close to the lowest level in more than 50 years, according to Freddie Mac.

Fannie Mae, Freddie Mac and the FHA, which together account for 90 percent of the U.S. residential mortgage market, would be given permission to begin refinancing plans for borrowers that are current on their mortgage payments and not considered seriously delinquent, according to the sources.

While the administration is under pressure to firm up the details, it is not yet clear whether borrowers seeking to take out a loan that is more than 80 percent of the value of the home would qualify for refinancing. The White House has kept the specifics of the refinancing plan closely guarded as it attempts to work out the details.

White House officials had long been wary of trying aggressive new programs to revive the housing market. The prevailing view at the White House over much of the last two years was that any remedies would cause at least as many problems as they solved.

A mainstay of the administration’s housing initiative, rolled out in April 2009, has fallen short of expectations. Known as the Home Affordable Refinance Program, it was originally intended to help 4 million to 5 million homeowners avoid foreclosure. As of May it had helped only about 810,000 homeowners refinance into loans with lower rates, according to the Federal Housing Finance Agency.

But Democrats close to the White House said the weakness in the economy and the drop in mortgage rates have led officials to take a second look at ideas that could bolster the housing market and ease the strain on household budgets.

Analysts who favor action say housing is at the heart of the economy’s woes and that its moribund state is creating a risk of a Japanese-style “lost decade” of economic stagnation.

“We can either spend the better part of a decade allowing households to gradually work off their debt burden,” said William Galston, a scholar at the Brookings Institution think tank. “Option number two is that we try to jump-start the process.”

“I think it’s time to go back to the drawing board,” he added.

Some economists, however, believe the strain the housing market is putting on the rest of the economy can be addressed in other ways, such as using infrastructure spending and tax credits to encourage hiring in order to reinvigorate growth.

Christina Romer, a former top economic adviser to Obama, said that compared to other measures to address the economy’s woes, a housing-specific program could be expensive. she noted that homeowners tend to be wealthier than the general population so such programs would not be targeted to people most in need.

“A bold jobs program might be just as effective and better targeted to those who need help the most. Also, healing the economy is as likely to heal the housing market as programs aimed directly at housing,” said Romer, a professor at the University of California, Berkeley.

And while refinancing has accounted for the majority of mortgage applications for many months now, according to weekly data from the Mortgage Bankers Association, there is no evidence that the refinancings are providing a spur to consumer spending.

The refinancing initiative under consideration by the Obama administration mirrors a plan contained in legislation co-authored by Senator Barbara Boxer, a California Democrat, and Senator Johnny Isakson, a Republican from Georgia.

In a letter on Monday to Edward DeMarco, acting head of the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, Boxer argued that the plan would provide a “dual benefit.”

She said it would help Fannie and Freddie avoid losses, since fewer borrowers would fall delinquent, while providing a boost to the economy.

BONDHOLDERS ON THE LOSING END

The loudest objections are being registered by holders of mortgage bonds, who would take a hit if loans are paid off early.

Some fund managers have loaded up on agency mortgage-backed securities, those bonds backed by mortgages guaranteed by Fannie Mae, Freddie Mac and the Government National Mortgage Association, because they offer higher yields than U.S. Treasuries.

Last week, the $5.4 trillion agency MBS market recorded one of its worst weeks in a year as traders dumped mortgage bonds out of concern the White House would put forward a plan that would shoulder them with losses.

While mortgage rates have been hovering around record low levels, banks remain stingy with lending although they are sitting on more than $1 trillion in excess reserves. Homeowners without a job or good credit histories have been essentially shut out of the refinancing process.

Some investors say the economic benefit of a government-encouraged refinancing wave would be minimal.

“It’s a political hail Mary. It’s unclear why they want to throw a monkey wrench into a $5 trillion market,” said John Kerschner, head of securitized products at Janus Capital Group in Denver. he said the net benefits for the economy are negligible, perhaps adding $20 billion to $30 billion “at best” to the U.S. economy.

(Additional reporting by Richard Leong in New York; Editing by Leslie Adler)

i live in orland park, and we have been looking for homes. My parents want to go to chase bank to get a foreclosure homes list, do they have it?

What you're actually looking for is the REO list of properties for sale. Chase has theirs online. Here's the link:

https://servicing.chase.com/reo/property…