While doing loans in Sylmar and Van Nuys and California we attempt to educate where we can. Here are my thoughts regarding ongoing identity theft in Sylmar and Van Nuys.
Fraud in Sylmar, Van Nuys and California is increasing at an alarming rate and new ways to separate you from your money are being invented every day. Identity theft is big business. Millions of Americans have been the victim of some form of identity theft. You are the first line of defense in keeping your personal information secure. There are steps you can take to minimize the chances that your personal information will fall into the wrong hands:
Buy a shredder. They are inexpensive and shred items with your personal information. That includes charge receipts, bank statements, expired credit cards, credit offers, etc. Identify thieves have been known to comb through trash looking for just such information. We shred everything while doing loans in Sylmar, Van Nuys and California.
Do not carry your Social Security card, birth certificate or passport with you.
Don't give your credit card or bank account number over the phone, through the mail, or over the Internet unless you confirm you are dealing with an actual representative of a legitimate business.
Get the receipts from your credit card transactions and check your credit card statements for unfamiliar transactions.
Shield the keypad when entering your PIN.
With the expansion of the Internet, your personal information is more accessible than ever and the number of "phishing" scams sent out to consumers is continuing to increase. Phishing lures unsuspecting Internet users to a fraudulent website by using authentic-looking emails in an attempt to steal passwords, financial and/or personal information. Check to see that the business is legitimate and you can conduct transactions on a secure website. You can identify a secure website by the address. It should begin with the https; the s means the site is secure. Be extra careful about what you reveal about yourself when you are online. You never know who is watching. Identity thieves could be cruising these sites for clues to piece together just what they need to steal your identity. If identity theft should happen to you, do the following immediately:
Cancel all credit/debit/ATM cards.
File a police report in the jurisdiction in which your identification was stolen.
Place a fraud alert by calling the three credit reporting bureaus so that you will be contacted before any new credit is authorized. The three bureaus are; Equifax, (800) 797-7033 , Experian, (800) 583-4080 and TransUnion, (800) 916-8800 .
For further information regarding any type of fraud you can visit the Fraud Center website at www.fraud.org.
Keep your personal information private. Taking steps will help protect you and keep fraud and identity theft an unlikely possibility.
Friday, May 30, 2008
Wednesday, May 14, 2008
Will Republicans and Democrats ever be on the same page?
Last week the House passed legislation that aims to refinance troubled mortgages and increase demand among first-time homebuyers. The President has threatened a veto, and the position of the Senate is unclear. http://www.house.gov/apps/list/press/financialsvcs_dem/press050808.shtml But, regardless, at some point federal intervention still appears likely. The policy differences aren't as large as rhetoric implies, and enactment of some type of legislation could slightly help the decline in home prices by reducing the number of foreclosures and increasing demand among first-time homebuyers - at a cost to taxpayers.
There is no agreement on the bill yet as several Republicans view the plans as a bailout for lenders, speculators and irresponsible homeowners. The program involves giving struggling homeowners a new mortgage backed by the FHA. The Democrats believe that it would cost much less compared to the potential government exposure with the Fed's guarantee in the Bear Stearns case, and as mentioned above the president may veto it. On top of Congressional differences, lies the threat of a White House veto of the bill, asking the question, "Why should the taxpayer, through the program, provide a guarantee of principal if lenders agree to reduce the principal of a borrower's current mortgage?" This is a volunteer program by which a mortgage company would be required to write-down the value of a delinquent loan by 15% of the home's current appraised value for borrowers who are 60 days late on their mortgage payments. The bill specifically excludes investors and those that lied about their income on the loan application. The bill also proposes an overhaul of Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks as well as bringing the FHA into the 21st century.
Stay tuned as soon as I know more...you"ll know more!
There is no agreement on the bill yet as several Republicans view the plans as a bailout for lenders, speculators and irresponsible homeowners. The program involves giving struggling homeowners a new mortgage backed by the FHA. The Democrats believe that it would cost much less compared to the potential government exposure with the Fed's guarantee in the Bear Stearns case, and as mentioned above the president may veto it. On top of Congressional differences, lies the threat of a White House veto of the bill, asking the question, "Why should the taxpayer, through the program, provide a guarantee of principal if lenders agree to reduce the principal of a borrower's current mortgage?" This is a volunteer program by which a mortgage company would be required to write-down the value of a delinquent loan by 15% of the home's current appraised value for borrowers who are 60 days late on their mortgage payments. The bill specifically excludes investors and those that lied about their income on the loan application. The bill also proposes an overhaul of Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks as well as bringing the FHA into the 21st century.
Stay tuned as soon as I know more...you"ll know more!
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