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7th Circuit Holds That “Called Party” Means Current Subscriber of Cell Phone When Determining “Consent” Under the TCPA

The U.S. Court of Appeals for the Seventh Circuit today issued its opinion in Soppet vs. Enhanced Recovery Company LLC, No. 11-1389, a case involving the Telephone Consumer Protection Act (TCPA), 47 U.S.C. § 227. The TCPA prohibits automated telephone calls to cell phones where the “called party” did not “consent” to being called on his or her cell phone. The TCPA does not define the term “called party.” The appeal centered on the use of this term.

Both of the debtors involved in the case had provided their cell phone numbers to the creditor as alternative contact numbers. By the time the a debts were assigned for collection, the cell phone numbers in question had been reassigned to the two plaintiffs in this case. After plaint

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Mortgage Lending Standards: It’s Not 2006 Anymore

I’ve noted time and time again that it has become a lot more difficult to qualify for a mortgage over the past several years.

And the latest Senior Loan Officer Opinion Survey on Bank Lending Practices released today by the Federal Reserve illustrates my point.

Aside from the usual boring questions they ask, the Fed threw in a “special question” on residential real estate lending.

Specifically, they asked bankers how much more or less likely they would be to originate a GSE-eligible 30-year fixed mortgage loan intended for a home purchase today versus 2006.

[See the latest mortgage rates from dozens of lenders, updated daily.]

They looked at six different scenarios:

- A borrower with a 620 Fico score and 10% down payment – A borrower with a 680 Fico score and 10% down payment – A borrower with a 720 Fico score and 10% down payment – A borrower with a 620 Fico score and 20% down payment – A borrower with a 680 Fico score and 20% down payment – A borrower with a 720 Fico score and 20% down payment

So guess which combination bankers were the least likely to originate today.

Drum roll…clearly it was option #1 above.

If you’ve got a 620 Fico score, you’ve got bad credit. There’s rea

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Walmart Offers Suggestions for Holiday Shoppers

Savings Accounts and Money Market Rates provided by 2 December 2011 As the holidays approach, many Americans find themselves wandering through shops or endlessly browsing websites to try to find something, anything to buy for friends and family. Walmart hopes to attract some new business by offering an easier solution to this dilemma, with the introduction of its new Shopycat app, according to PCWorld.

Shopycat, designed by Walmart’s new @WalmartLabs, integrates with Facebook and analyzes the interests and activities of users’ friends to provide suggestions for them based on inventories from Walmart and certain other stores, including Barnes & Noble and RedEnvelope.

The app offers specific gift ideas for individuals, but also offers an explanation of where the suggestions come from, allowing for some simple checks before committing to a gift. Read more text…

Bernanke: Job Market ‘Far From Normal’

Federal Reserve Chairman Ben Bernanke headed to Capitol Hill Wednesday to give Congress his semi-annual report on the economy, and what he had to say wasn’t exactly rosy.

The job market remains “far from normal,” household income is flat and access to credit remains too tight for many people, he said. Meanwhile, rising gas prices are likely to reduce consumer buying power and the housing market remains a drag.

All things considered, the central bank is likely to keep monetary policy loose for the foreseeable future. Read more text…

The Consumer Financial Protection Bureau Issues a Proposed Rule to Increase Federal Supervision over Debt Collectors and Consumer Reporting Agencies

On February 16, 2012, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would have a dramatic impact on debt collectors and consumer credit reporting agencies. The regulation is significant for a number of reasons. Up until now, the federal government’s powers over debt collectors and consumer reporting agencies has been extremely limited; the Federal Trade Commission (“FTC”) can sanction debt collectors for violating consumer protection laws, but the FTC cannot actually monitor or supervise them. View the full text of this document

Star Financial Debt Free in 10 Mortgage Review

Every once in a while I take a look at certain mortgage products I see advertised to determine if they make any sense for homeowners.

Today we’ll take a look at Star Financial’s “Debt Free in 10 Mortgage,” which put simply, is a 10-year fixed mortgage.

In other words, your mortgage is fixed for the entire term, and amortizes over 10 years as opposed to 30.

It’s an alternative to the traditional 30-year fixed, or the widely used 15-year fixed.

This means much larger mortgage payments than a 30-year fixed, but much less interest paid throughout the shorter term of the loan.

Star bills it as a way to kick debt to the curb, especially if you plan to retire in the near future.

The community bank actually offers loan terms of 7 and 10 years, so you could be debt free in as little as seven years if you want to get super aggressive.

To qualify, you must have a minimum credit score of 720, the loan-to-value ratio must not exceed 80%, it must be a conforming loan amount, and it must be tied to a primary or secondary residence.

[What credit score do I need to get a mortgage?]

They’re currently advertising a mortgage rate of 3.125% for the 10-year mortgage, and a slightly lower rate for the 7-year mortgage.

The main advantage to both these types of loans is that you’ll save a ton in interest, via the shorter term and the lower interest rate.

Let’s look at an example:

$300,000 loan amount

10-year fixed mortgage @3.125%: $2914.16 monthly payment Total interest paid: $49,699.20

30-year fixed mortgage @3.875: $1410.71 monthly payment Total interest paid: $207,855.60

As you can see, the 10-year mortgage would save you more than $150,000 in interest over the life of the loan, assuming you paid it off over 30 years.

Additionally, you’d be mortgage-free 20 years sooner. At the same time,

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The Total Cost of a Speeding Ticket

I got my first speeding ticket in about 10 years last year. It was just a dumb move on my part as I wasn’t paying close attention to my car’s speed.

I paid $139 for the ticket after court costs and other fees. I expected my next insurance bill to be slightly higher, but wasn’t sure what to expect.

Our annual car insurance bill in 2012 went up $172.05 to $963.17 for my wife & I. I believe 100% of the increase is due to my speeding ticket as I can’t find any other indication of a rate increase, but I guess there is a chance some of it is a rate increase.

I did a quick search at it looks like a speeding ticket typically affects your insurance rate for 3-5 years.

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Verizon Backs Out of Google Wallet

Savings Accounts and Money Market Rates provided by 8 December 2011 Google has suffered yet another setback in its attempts to re-imagine electronic payments.

The Associated Press reports that Verizon, one of Google’s key allies in the mobile sphere, has decided not to include the company’s new Google Wallet function in its latest smartphone, the Samsung Galaxy Nexus.

Verizon was integral in the promotion of Android-based phones as an alternative to iPhones, but the company has been slow to warm up to the Wallet app, which is designed to allow users to attach virtual “credit cards” to the phone and pay by simply tapping the phone on a type of reader. Read more text…