TransUnion: National Mortgage Loan Delinquencies Increase for Second Time Since 2009

CHICAGO, IL, Feb 14, 2012 (MARKETWIRE via COMTEX) -- The national mortgage delinquency rate (the rate of borrowers 60 or more days past due) increased for only the second time since the end of 2009, edging upward to 6.01% at the end of the fourth quarter in 2011. This information is reported by TransUnion and is part of its ongoing series of quarterly analyses of credit-active U.S. consumers and how they are managing credit related to mortgages, credit cards and auto loans.

Between the third and fourth quarters of 2011, all but 13 states experienced increases in their mortgage delinquency rates. On a more granular level, 64% of metropolitan areas saw increases in their mortgage delinquency rates in Q4 2011. This is the same percentage as found in Q3 2011, but up from Q2 2011 when only 21% of MSAs experienced an increase.

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U.S. Eximbank not "corporate welfare" - GE's Immelt

(Reuters) - General Electric Chief Executive Jeffrey Immelt on Monday defended the U.S. Export-Import Bank against charges the export-facilitating lender is "corporate welfare" and should be shut down.

"It's not really corporate welfare to put us on the same playing field that our global competitors are on," Immelt said during a panel discussion on the future of American manufacturing with Boeing Chairman Jim McNerney and Dow Chemical Chairman Andrew Liveris.

The Export-Import Bank is facing a tough reauthorization fight in Congress.

Immelt, who also heads an outside economic advisory council for President Barack Obama, said the United States needed the nearly 80-year-old bank to compete against the European Union and China in global markets for aircraft and other products.

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USA shopping heaven for Turkish Travelers

Turkish people shopping abroad last year spent most money in the United States via debit and credit cards, according to Turkey’s Interbank Card Center (BKM) data.

Turks’ spending abroad via debit and credit cards jumped 33 percent in 2011. England, Italy, France and Germany followed the United States as the top market.

The volume created using cards for transactions hit 546 billion Turkish Liras (1 US$ is around 1.75TL) last year, the data also showed. Expenditure via credit cards increased 24 percent, while the figure was 54 percent in debit cards.

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U.S. seals mortgage settlement with top banks

Federal and state officials announced Thursday morning a $25 billion settlement of a long-running probe into allegedly shoddy foreclosure practices at the nation's five largest banks, a deal that will include more than $1 billion in assistance to former and current Illinois homeowners.

The agreement between the federal government, state attorneys general and the five banks -- Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial  formerly known as GMAC -- will not help former homeowners get back properties they lost to foreclosure, even if there was wrongdoing by loan servicers in the foreclosure process. Nor will its limited scope assist all current homeowners who find themselves in financial straits or severely underwater. Most notably, the agreement does not cover mortgages held by Fannie Mae and Freddie Mac.

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4 Factors to Consider Before Applying for a Secured Credit Card

Just before you start looking for the top secured credit card account, we recommend that you consider first the factors we've listed below. We believe that in so doing, you are able to enhance your chances of ending up having a credit line that may work for you and budget.

Four Factors to consider 

• Your own finances. Credit applicants, for example yourself, are always reminded to consider time for you toreview their personal finances before they start shopping for a credit card. Why? Because making a budget will give you a chance to determine that you actually need and can afford a new secured credit card. Ask yourself, do I Need to have a new credit card, or will i just need a new credit card.

So, if you create your budget, you should list your complete bills. You may already know, secured credit cards are secured by a deposit you make for the credit card company. By making a budget it is possible to figure out how much money you must save each month til you have enough on your security deposit and charges. However, in case your budget reveals that you are basically living paycheck to paycheck and that your earnings barely covers your monthly expenses then, it might be wise to hold back until you feel more stable, financially before you think about getting a new credit card


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UPDATE 1-U.S. consumer credit rises $19.3 bln in December

WASHINGTON, Feb 7 - U.S. consumer credit expanded much more than expected in December, a positive signal for the economy as people used their credit cards more and borrowed money to buy cars and go to school.

Total consumer credit grew by $19.31 billion, more than twice the $7.7 billion increase expected by analysts in a Reuters poll.

Non-revolving credit, which includes auto loans as well as student loans made by the government, accounted for the bulk of the increase as outstanding credit rose $16.55 billion during the month. That was the biggest increase since November 2001, when credit was surging in the wake of the September 11 attacks in New York and Washington.

But revolving credit, which mostly measures credit-card use, also climbed in December. It rose $2.76 billion for its fourth straight monthly gain.

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View From The Wing - Reader Questions about Rewards Credit Cards

Here are some recent questions from readers.

As y’all are aware, the single most lucrative thing you can do to earn miles and points is to pay attention to your credit card earning. First, there are big bonuses for signup. Second, several cards offer really good bonuses for specific kinds of spending. And third, day to day expenses really do add up quite nicely.

More miles are earned from credit card spend than from actually flying (the last time I saw the data this was true excluding elite bonuses, route bonuses, etc. although it’s possible that now it would be true even including those).

If you have any questions about rewards credit cards, please just fire away.

What’s the best non-airline/hotel loyalty program credit card?

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