Dollars And Nonsense

According to Freddie Mac (OTC:FMCC) latest Primary Mortgage Market Survey (PMMS), the 30-year and 15-year fixed-rate mortgages reached record lows not seen since the survey began in 1971.

Freddie Mac reported that the 30-year fixed-rate mortgage (FRM) averaged 4.56 percent with an average 0.7 point for the week ending July 22, 2010, down from last week when it averaged 4.57 percent. Last year at this time, the 30-year FRM averaged 5.20 percent.

Frank Nothaft, Freddie Mac’s chief economist said, “The decline in mortgages rates over the past few weeks echoes the recent signs of weakening confidence in the strength of the economy, particularly the housing and consumer sectors. For example, homebuilder confidence declined in July to lows not seen since April 2009, as measured by the NAHB/Wells Fargo Housing Market Index, following the large drop in housing starts reported for June.”

The 15-year FRM this week averaged a record low of 4.03 percent with an average 0.7 point, down from last week when it averaged 4.06 percent. a year ago at this time, the 15-year FRM averaged 4.68 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.79 percent this week, with an average 0.6 point, down from last week when it averaged 3.85 percent. a year ago, the 5-year ARM averaged 4.74 percent.

The 1-year Treasury-indexed ARM averaged 3.70 percent this week with an average 0.7 point, down from last week when it averaged 3.74 percent. At this time last year, the 1-year ARM averaged 4.77 percent.

Nothaft further commented, “Similarly, July’s consumer confidence dropped to the lowest level since August 2009, based on the Reuters/University of Michigan’s Consumer Sentiment index. We see these as part of the normal pattern of ebbs and flows in recovery and believe that there is sufficient momentum to carry the U.S. economy forward, albeit moderately.”

Freddie Mac defines its regions as follows:

Northeast: NY, NJ, PA, DE, MD, DC, VA, WV, ME, NH, VT, MA, RI, CT
Southeast: NC, SC, TN, KY, GA, AL, FL, MS, PR, VI
North Central: OH, IN, IL, MI, WI, MN, IA, ND, SD
Southwest: TX, LA, NM, OK, AR, MO, KS, CO, NE, WY
West: CA, AZ, NV, OR, WA, UT, ID, MT, HI, AK, GU

Click Here To see Prior News Posts by this Contributor »

Long-term Mortgage Rates Reach new Record Lows, says Freddie Mac …

Rate TablesCD Rates
Savings Rates
Mortgage Rates

Mortgage CalcMortgage Calculator

Recent Mortgage Rate Articles Virtual Bank Mortgage Rates Michigan first Credit Union Mortgage Rates: 1 Year ARMs at 2.38% Atlanta Postal Credit Union Current Mortgage Rates Haven Savings Bank Mortgage Rates Today first Jersey Credit Union Mortgage Rates Current Average Current Mortgage Rates Today: 30 Year Mortgage Rates at 4.67% first Federal Savings & Loan Mortgage Rates Alliant Credit Union Mortgage Rates Eastern New York Federal Credit Union Mortgage Rates Middlesex Savings Bank Mortgage Rates Mortgage Rates Hit all Time Low: 30 Year Mortgage Rates at 4.67% Liberty Bank for Savings Mortgage Rates Mortgage Rates make Fresh Lows: 30 Year Mortgage Rates at 4.72%, 15 Year Mortgage Rates at 4.14% Mortgage Rates Lower on FOMC Statement: Current 30 Year Mortgage Rates at 4.74%, 15 Year Mortgage Rates at 4.16% Citizens Union Savings Bank Current Mortgage Rates Mortgage Rates June 19: Current 30 Year Mortgage Rates Unchanged at 4.76%, 15 Year Mortgage Rates Higher at 4.25% Mortgage Rates above All-Time Low: 30 Year Mortgage Rates at 4.76%, 15 Year Mortgage Rates at 4.21% Mortgage Rates just above All-Time Low: 30 Year Mortgage Rates at 4.86%, 15 year Mortgage Rates at 4.22% Refinance Mortgage Rates Lower: 30 year Mortgage Refinance Rates at 4.75%, 15 Year Mortgage Refinance Rates at 4.25% Current Mortgage Refinance Rates in California Andrews Federal Credit Union Mortgage Rates Park Bank’s Current Mortgage Rates Home Mortgage Rates Move Lower: 30 Year Home Mortgage Rates at 4.85%, 15 Year Home Mortgage Rates at 4.27% Mortgage Rates & Refinance Rates Move Higher this Week: 30 Year Mortgage Rates at 4.96% U.S. Bank Current Mortgage Rates South Carolina Federal Credit Union Mortgage Rates Mortgage Rates: Refinance Mortgage Rates Jump Higher, 30 Year Refinance Mortgage Rates at 4.95% U.S. Home Prices Declinded 1.1% over last Four Quarters – Freddie Mac Mortgage Rates Continue to Decline: 30 Year Mortgage Rates at 4.81%, 15 year Mortgage Rates at 4.28% Mortgage Rates: Today’s Mortgage Rates Hit Low: 30 Year Mortgage Rates – 4.81% Current Refinance Mortgage Rates Hit New Low In 2010: 30 Year Mortgage Refinance Rates at 4.81% Fidelity Homestead Savings Bank Current Mortgage Rates Northwest Hills Credit Union Current Mortgage Rates Mortgage Rates – Current 30 Year Mortgage Rates at 4.90%, 15 Year Mortgage Rates at 4.33% U.S. Bank Current Mortgage Rates ]]>
Savings RatesSavings Accounts
Bank Savings Accounts
Credit Union Savings Accounts
CD RatesBank CD Rates
Credit Union CD Rates
CD Rates
Mortgage RatesBank Mortgage RatesCredit Union Mortgage Rates

Mortgage Rate ArchivesMortgage RateBank Mortgage RateCredit Union Mortgage Rate

Mortgage InformationMortgage Rate TypesHistorical Mortgage RatesToday’s Mortgage Rates February 16, 2010
Chase Bank Mortgage Rates
Mortgage Rates: Today’s Mortgage Rates
Today’s Mortgage Interest Rates
Current Mortgage Rates: 30 Year Mortgage Rates at 5.05%
Mortgage Rates down Slightly: 30 Year Mortgage Rates at 4.98%
Fifth Third Bank Mortgage Rates
Bank of America Mortgage Rates
Adjustable Mortgage Rates

<a href="http://mortgagerates.monitorbankrates.com/credit-union-mortgage-rates/michigan-first-credit-union-mortgage-rates-4969tag:news.google.com,2005:cluster=http://mortgagerates.monitorbankrates.com/credit-union-mortgage-rates/michigan-first-credit-union-mortgage-rates-4969Mon, 12 Jul 2010 13:30:58 GMT 00:00″>Michigan first Credit Union Mortgage Rates: 1 Year ARMs at 2.38%

DENVER—Alton John Smith was sentenced Monday to serve 60 months (five years) in federal prison, followed by five years of supervised release, for bank fraud, United States Attorney David Gaouette and FBI Special Agent in Charge James Davis announced. the sentence, handed down by Chief U.S. District Court Judge Wiley Y. Daniel, includes an order of restitution totaling $767,709.07 payable to Wells Fargo, Security Service Credit Union, and an insurance company. Smith, who is free on bond but subject to electronic monitoring, was ordered to report to a facility designated by the Bureau of Prisons on or before August 2, 2010.

Alton John Smith was first charged by Information on April 7, 2009. Smith was later charged by Indictment on September 17, 2009. Following a three-day jury trial, Smith was convicted on February 10, 2010, on each of the four counts of bank fraud contained in the indictment. He was sentenced by Chief Judge Daniel on June 28, 2010.

According to the facts presented to the jury during trial, in mid-September 2007, Smith filed documents associating himself with Marrick Entertainment, a shell company he used to support false representations about his income made during his scheme to defraud Wells Fargo Bank and Security Service Federal Credit Union. Trial testimony demonstrated that Marrick conducted no legitimate business. In November of 2007, Smith started opening bank accounts using a fraudulent persona, Austin Ikeme. the Ikeme identity was listed as a signatory to these accounts, as well as other accounts Smith controlled.

On November 14, 2007, Smith, using the Ikeme identity, signed a contract to purchase a property in Parker, Colorado. In connection with the purchase of that property, Smith applied for a $982,000 mortgage loan from Wells Fargo, as well as a $100,000 home equity line of credit, also from Wells Fargo. In mid-December 2007, Smith attempted to close on this home loan, but the title company refused to complete the transaction because of concerns Smith was using a fake Colorado drivers license. later in December 2007, the defendant successfully closed on both loans. To obtain the loans, Smith made false statements on the applications, including: 1) using his fake identity; 2) using a false social security number; 3) using a false date of birth; 4) falsely stating he was employed by Marrick for seven years; 5) falsely stating his monthly income was $21,973; 6) falsely stating he had a checking account balance of $265,311; 7) falsely stating that no part of the down payment was borrowed. He also used a fake California drivers license, false payroll documents, and false bank statements.

That same month, Smith used the same fraudulent documents to open a checking account at TCF Bank in Parker. Smith was then arrested for forgery by local law enforcement. Eventually, after the loan closed, Smith received $87,720 in loan proceeds, which he used to pay personal expenses and to buy a fake cashier’s check used in the attempt to open the TCF Bank account. In April 2008, Smith opened new checking and savings accounts at Wells Fargo, using both his real identity and the Ikeme identity as signatories. within a month of opening these accounts, Smith transferred the entire balance to a Marrick bank account at Wells Fargo. He then spent that money on personal expenses and a trip to Las Vegas.

Earlier in 2008, Smith used his fake identity to lease three vehicles from Centennial Auto Sales. after learning he wasn’t allowed to obtain any more leases, Smith submitted a fraudulent loan application using the Ikeme identity to secure a $42,834 loan from Security Service Federal Credit Union to buy a 2008 Chrysler Aspen.

“Financial fraud is a priority of the Justice Department and a priority of the U.S. Attorney’s Office in Colorado,” said U.S. Attorney David Gaouette. “Thanks to the hard work of the FBI and U.S. Attorney’s Office, another fraudster will serve time in federal prison.”

“Theft and fraud committed by one, affects many,” said FBI Special Agent in Charge James Davis. “We will continue to work closely with our law enforcement partners and all of the bank industry professionals to week out those who commit this type of financial crimes that ultimately costs each and every one of us.”

This case was investigated by the Federal Bureau of Investigation (FBI).

Smith was prosecuted by Assistant U.S. Attorney Matthew Kirsch.

Today’s sentencing is part of President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. the task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. the task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

(Source: FBI)

Alton John Smith Sentenced to Federal Prison for Bank Fraud

A few years ago, David Rozell and his wife got into credit-card debt. once they got the debt paid off, they made a decision not to have any credit cards or debit cards.

Last month, the former Akron residents who now live in Willoughby were looking for some bedroom furniture for their children’s room and found what they wanted online.

The online retailer they chose only accepted credit cards and would not accept an online check from the couple’s joint account. so Rozell went to his bank, FirstMerit, withdrew $1,106 from his checking account and bought FirstMerit gift cards with the Mastercard logo.

Since the limits on the gift cards are $500, Rozell bought two cards for $500 each and then one for $106.

But once they tried to use the cards at the online retailer for the $1,106 bill, the cards were declined. When Rozell contacted FirstMerit, he was told the cards were activated and should work. Rozell asked the bank for a refund to return the cards so he could pay his mother-in-law the money and have her charge it to her credit card.

Rozell was told the bank couldn’t authorize the return, but possibly the card issuer could. Rozell was told there was
a fee of $15 per card for a total of $45.

”I did nothing wrong. I just want my money back with no penalty,” he said.

Within a day of my contacting FirstMerit spokesman Rob Townsend, Rozell had his money back and the service fees waived.

”The good news is we were able to put those cards back in the customer’s account, including the service charge, which is not usual,” Townsend said.

Townsend said a potential issue when using credit card/gift cards at an online retailer or by phone is a risk that the retailer’s system doesn’t take partial payments.

Some retailers will allow customers to split payments at the register. Say you have $100 in charges and you want to pay $50 in cash and $50 in credit cards. The online retailer Rozell was using must not have allowed multiple payments, Townsend said. so instead, the cards were getting declined since the $500 card would not fully pay the $1,106 total, he said.

The bank refunded the $45 for customer service. ”He’s been made complete, including service charges,” Townsend said.

The FBI issued a warning on Monday about a new phone scam that ties up consumer or business phone lines while emptying their bank accounts.

The ”telephone denial-of-service attacks” are nothing new, according to the FBI. They’re used by computer hackers to take down Web sites by flooding them with large amounts of traffic.

But in a recent twist, criminals have transferred the activity to phones, using automated dialing programs and multiple accounts to overwhelm the phone lines of unsuspecting citizens, the FBI said in a news release.

While the calls are creating a diversion and tying up the phone lines, the criminals — masquerading as the victims themselves — are raiding the victim’s bank accounts and online trading or other money management account.

• Weeks or months before the phone calls start, a criminal uses social engineering tactics or malware to get personal information from a victim. it can be bank or financial information such as passwords and account numbers. The FBI said it’s possible victims might have responded to a bogus ”phishing” e-mail, or gave it out during a scam phone call, or put too much information on a social networking site.

• using technology, the criminal ties up the victim’s various telephone lines.

• then the criminal either contacts the financial institution pretending to be the victim or pilfers the victim’s online bank account using fraudulent transactions. normally, the institution calls to verify the transactions, but can’t get through to the victim on the phone.

• If the transactions aren’t made, the criminals sometimes re-contact the financial institution as the victim and ask for it to be done. Or they add their own phone number to the victim’s accounts and just wait for the bank to call.

• By the time the victim or the financial institution realizes what’s happened, it’s too late.

The FBI said it first learned about this scam through a private industry partner that told the agency how a Florida dentist lost $400,000 from his retirement account after such an attack. As of April, there has been a noticeable surge in attacks, with numerous incidents reported in several eastern states.

The FBI said it has teamed with the Communication Fraud Control Association, comprised of security professionals from communication providers, to analyze patterns and trends of the attacks, to try to educate the public and to identify the perpetrators.

Ultimately, though, the FBI said it’s up to individual consumers and small- and medium-sized businesses to make sure to guard their information.

Among the tips from the FBI:

• never give out personal information to an unsolicited phone caller or via e-mail.

• Change online banking and automated telephone system passwords frequently.

• Check your account balances often.

• Protect your computers with the latest virus protections and security software.

If you think you might have been targeted by a telephone denial-of-service attack, contact your financial institution or your telephone provider and file a complaint with the FBI’s Internet Crime Complaint Center at http://www.ic3.gov/complaint/default.aspx or go to http://www.fbi.gov and click on ”report Internet crime” on the top left-hand side.

Betty Lin-Fisher can be reached at
330-996-3724 or blinfisher@
thebeaconjournal.com.

Credit gift cards can cause problem for online purchase

Getting approved for auto loans for bad credit has never been easier and safer or more convenient.

We can help

If you’re reading this, there’s a good chance that you have bad credit and you need a car. the good news is that you’ve come to the right place. Through our bad credit auto loan web site at www.autocreditexpress.com we have helped thousands of applicants just like you reestablish their auto credit. You can begin the process simply by filling out our online car loans with bad credit loan application. by avoiding a tote the note dealer and qualifying for a second chance auto loan at one of our affiliate dealers you will not only reestablish your car credit, you will actually raise your credit scores at the same time.

But if you’ve never done this before, you need to be careful. A car that’s too expensive can stretch your budget and result in repossession. If this happens, the only remaining choice for most auto loans for bad credit buyers is a Tote the Note, We Finance Everyone car dealer. it also means that rebuilding your car credit has to be put on hold for at least a year, since lenders who originate bad credit car loans will only consider applicants with a repossession that’s more than a year old.

Driving around from dealer to dealer can be a time consuming, wallet-draining experience. If you have bad credit, it can also be embarrassing and discouraging, especially if the dealers you visit can’t get you financed. But there is hope and this is exactly why we created autocreditexpress.com. not only do we want to help you begin the bad credit car buying process, we also want to explain how the auto loans for bad credit process works.

Car loan calculators

Once you’ve studied the basic requirements after clicking on the Apply button and calculated the qualified auto loan amount, you may want to determine just how much the payment might be. In order to do this, go to the top of the page and click on the Resources tab. This will take you to our Auto Loans Resource Center where you will find the Financing Calculators section. Click on the Auto Loan Calculators line and this will take you to our Auto Loan Calculators page. by clicking on the first calculator box, the Auto Loan Calculator, you will be taken to a calculator that can give you a basic understanding of how down payments and loan terms can affect a bad credit car loan monthly payment.

Now you can enter various loan scenarios in the different boxes, including interest rates, down payments and trade allowance. Once you’ve finished, click the “calculate” button and a new browser will open with the auto loan summary. Although it is only a guide, it will give you an idea of how much vehicle you can afford.

If you need more information, go back to the top of the screen and click on the Resources tab. This will take you back to the resources home screen where you can read our latest articles, view our helpful videos and do additional research in our Credit Tools & Resources section.

Applying online

Now that you’ve finished with your research, it’s time to fill out the application. Go to the top of the page and click on the Apply tab. on the Loan Calculator tab, double check to make sure you qualify and then click the Application Form tab.

Fill out the application as completely and accurately as possible. the loan application is SSL encrypted to ensure the privacy of everything you share with us. when you’ve finished, and unless you need to add a co-signer, check the privacy statement box, fill in the 4-letter verification code that you see on your screen and click on the Submit Application button. That’s all there is to it. You’ve just taken the first step towards reestablishing your credit by applying for one of our auto loans for bad credit.

Within a short time, you should be hearing back from one of our affiliate dealers who will explain the rest of the process.

As we see it

At Auto Credit Express we have helped thousands of people with bad, blemished, bruised and tarnished credit buy cars and reestablish their credit at the same time. our national network of affiliate dealers specializes in bad credit car loans. Since our inception, we have processed over 1 million online bad credit auto loans and our dealers have closed over $2 billion in auto loans. Unlike other sites, our toll free number is listed on every page in case you have any additional questions.

So if you are serious about getting your credit back on track, why not begin a new chapter in your life by filling out our bad credit car loan application now.

Tags: auto credit, auto loan calculators, bad credit, car credit, car loan calculators, credit, credit score, repossession, tote the note

This entry was posted and is filed under Auto Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Get Approved for a bad Credit Car Loan

NEW YORK, may 27, 2010 (BUSINESS WIRE) –Fitch Ratings has affirmed 96 classes of U.S. Credit Card ABS, as follows:

American Express Issuance Trust Series 2005-1:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A+/LS2′; Outlook Stable;

–Class C at ‘BBB+/LS2′; Outlook Stable.

American Express Issuance Trust Series 2005-2:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A+/LS2′; Outlook Stable;

–Class C at ‘BBB+/LS2′; Outlook Stable.

American Express Issuance Trust Series 2007-1:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A/LS2′; Outlook Stable;

–Class C at ‘BBB+/LS2′; Outlook Stable.

American Express Issuance Trust Series 2007-2:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A/LS2′; Outlook Stable;

–Class C at ‘BBB+/LS2′; Outlook Stable.

Cabelas Credit Card Master Note Trust Series 2005-1:

–Class A-1 at ‘AAA/LS1′; Outlook Stable;

–Class A-2 at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A+/LS2′; Outlook Stable;

–Class C at ‘BBB+/LS2′; Outlook Stable;

–Class D at ‘BB+/LS3′; Outlook Stable.

Cabelas Credit Card Master Note Trust Series 2006-III:

–Class A-1 at ‘AAA/LS1′; Outlook Stable;

–Class A-2 at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A+/LS2′; Outlook Stable;

–Class C at ‘BBB+/LS2′; Outlook Stable;

–Class D at ‘BB+/LS3′; Outlook Stable.

Cabelas Credit Card Master Note Trust Series 2008-I:

–Class A-1 at ‘AAA/LS1′; Outlook Stable;

–Class A-2 at ‘AAA/LS1′; Outlook Stable;

–Class B-1 at ‘A+/LS2′; Outlook Stable;

–Class B-2 at ‘A+/LS2′; Outlook Stable;

–Class C-2 at ‘BBB+/LS2′; Outlook Stable;

–Class D at ‘BB+/LS3′; Outlook Stable.

Cabelas Credit Card Master Note Trust Series 2008-IV:

–Class A-1 at ‘AAA/LS1′; Outlook Stable;

–Class A-2 at ‘AAA/LS1′; Outlook Stable;

–Class B-1 at ‘A+/LS2′; Outlook Stable;

–Class C-1 at ‘BBB+/LS2′; Outlook Stable;

–Class D at ‘BB+/LS3′; Outlook Stable.

Cabelas Credit Card Master Note Trust Series 2009-I:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A+/LS2′; Outlook Stable;

–Class C at ‘BBB+/LS2′; Outlook Stable;

–Class D at ‘BB+/LS3′; Outlook Stable.

Cabelas Credit Card Master Note Trust Series 20010-I:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A+/LS2′; Outlook Stable;

–Class C at ‘BBB+/LS2′; Outlook Stable;

–Class D at ‘BB+/LS3′; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2005-3:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘AA-/LS3′; Outlook Stable;

–Class C at ‘A/LS4′; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2007-2:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘AA-/LS3′; Outlook Stable;

–Class C at ‘A/LS4′; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2007-3:

–Class A-1 at ‘AAA/LS1′; Outlook Stable;

–Class A-2 at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘AA-/LS3′; Outlook Stable;

–Class C at ‘A/LS4′; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2007-4:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘AA-/LS3′; Outlook Stable;

–Class C at ‘A/LS4′; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2009-1:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A+/LS3′; Outlook Stable;

–Class C at ‘BBB+/LS3′; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2009-2:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A+/LS3′; Outlook Stable;

–Class C at ‘BBB+/LS3′; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2009-3:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A+/LS3′; Outlook Stable;

–Class C at ‘BBB+/LS3′; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2009-4:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class B at ‘A+/LS3′; Outlook Stable;

–Class C at ‘BBB+/LS3′; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2010-1:

–Class A at ‘AAA/LS1′; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2010-2:

–Class A at ‘AAA/LS1′; Outlook Stable.

World Financial Network Credit Card Master Note Trust Series 2004-C:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class M at ‘AA/LS5′; Outlook Stable;

–Class B at ‘A+/LS4′; Outlook Stable.

World Financial Network Credit Card Master Note Trust Series 2006-A:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class M at ‘AA/LS5′; Outlook Stable;

–Class B at ‘A+/LS4′; Outlook Stable;

–Class C at ‘BBB/LS3′; Outlook Stable.

World Financial Network Credit Card Master Note Trust Series 2008-A:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class M at ‘AA/LS5′; Outlook Stable;

–Class B at ‘A+/LS4′; Outlook Stable;

–Class C at ‘BBB/LS3′; Outlook Stable.

World Financial Network Credit Card Master Note Trust Series 2009-A:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class M at ‘AA/LS5′; Outlook Stable;

–Class B at ‘A+/LS4′; Outlook Stable;

–Class C at ‘BBB/LS3′; Outlook Stable.

World Financial Network Credit Card Master Note Trust Series 2009-B:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class M at ‘AA/LS5′; Outlook Stable;

–Class B at ‘A+/LS4′; Outlook Stable;

–Class C at ‘BBB/LS3′; Outlook Stable.

World Financial Network Credit Card Master Note Trust Series 2009-C:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class M at ‘AA/LS5′; Outlook Stable;

–Class B at ‘A+/LS4′; Outlook Stable;

–Class C at ‘BBB/LS3′; Outlook Stable.

World Financial Network Credit Card Master Note Trust Series 2009-D:

–Class A at ‘AAA/LS1′; Outlook Stable;

–Class M at ‘AA/LS5′; Outlook Stable;

–Class B at ‘A+/LS4′; Outlook Stable;

–Class C at ‘BBB/LS3′; Outlook Stable.

World Financial Network Credit Card Master Trust III Series 2009-VFC1:

–Class A at ‘AA/LS1′; Outlook Stable.

The affirmations are based on the performance of the trusts in-line with the expectation. The Stable Outlook indicates that, as a result of the continued positive performance trend for these trusts, Fitch expects the ratings will remain stable for the next two years.

Fitch’s analysis included a comparison of observed performance trends over the past few months to Fitch’s base case expectations for each outstanding rating category. As part of its ongoing surveillance efforts, Fitch will continue to monitor the performance of these trusts.

The following applicable criteria reports are available on Fitch’s website at ‘www.fitchratings.com’:

–’US Credit Card ABS Rating Criteria’, dated March 10, 2008; and

–’Global Structured Finance Rating Criteria’, dated Sept. 30, 2009.

Additional information is available at ‘www.fitchratings.com’.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE.

SOURCE: Fitch Ratings

Fitch Ratings, New York Cynthia Ullrich, +1-212-908-0609 Amy Gan, +1-212-908-9143 Media Relations: Sandro Scenga, +1-212-908-0278 sandro.scenga@fitchratings.com

Copyright Business Wire 2010

Fitch Affirms 96 U.S. Credit Card ABS Classes

Twice a month, Rose Anite, a 26 year old Sudanese woman, buys fish from a location near the Nile River in Uganda. Rose then sells the fish at the open market in the Sudanese city of Yea. However, due to poor roads and a crumbling infrastructure, Rose’s trips to Uganda last a long and wearisome seven days. in order to improve her business and her quality of life, Rose joined SUMI, the Sudan Microfinance Institution. from SUMI, Rose took out a loan equivalent to $100-a large sum considering Rose started her business with the mere equivalent of $75. With the money from her loan, Rose is able to buy fish in larger quantities – allowing her to make more from each trip. even this small increase in profits has made a significant difference to her quality of life.

The extension of small loans or microloans to the poor, such as Rose, who do not have access to traditional financial services due to lack of collateral, employment, and credit history is known as microlending, or microcredit. Microlending is a division of microfinance-the provision of financial services to those living in extreme poverty-and is a booming phenomenon that shows great promise in alleviating the condition of the poor in developing nations and being a viable channel for profits for financial institutions.

The History of Microlending
Although microlending is a recent phenomenon, its origin dates back centuries. one of the earliest microlending organizations was the Irish Loan Fund system founded in the early 1700s by the Irish author and essayist Jonathan Swift. in order to help alleviate poverty, the Irish Loan Fund system provided credit without collateral to the poor.

The modern microlending revolution did not occur until the 1970s. one of the first pioneers was Accion International. Accion International began as a student-run volunteer organization that sought to relieve poverty in Latin America through construction and infrastructure projects but turned their efforts toward microfinance. in 1973, Accion offered some of the first modern microloans to the poor in Recife, Brazil seeking to establish small businesses. Accion’s experiment proved to be a success; within four years, they had provided 885 loans with a repayment rate higher than 90%. Additionally, the loans helped the creation and stabilization of 1,386 new jobs.

Perhaps the most important and successful pioneer in microlending is Muhammad Yunus, a Bangladeshi economist and economics professor. in 1974, famine struck Yunus’ native country and Yunus became involved in poverty reduction. Yunus determined that small loans were capable of greatly alleviating the condition of the poor. in 1976, he founded the Grameen Bank in Bangladesh, the world’s largest and most successful microfinance institution or MFI. since its inception, Grameen has provided more than $5 billion in loans to several million borrowers and boasts a repayment rate as high as 98%. last year, the institution made a profit of $20 million. Most importantly, Grameen Bank has laid forth the business model for most other modern microfinance institutions.

Making Microlending Work
The central principle of microlending is lending to the poor without collateral. Microlending is based upon the belief that the poor’s desire to better their conditions will make them successful entrepreneurs capable of paying off their loans. these loans are not to be treated as charity; they are expected to be paid off and carry interest. while this is the central principle, the following are several other strategies typical of the microlending model:

1. Lend to small groups of people.
Joint liability alleviates the need for collateral because several members of a group are more likely to manage a debt than an individual. Lending to groups reduces the need for an institution to monitor the borrowers because each member of the group has a vested interest in paying off the loan and will monitor the other members. Additionally, groups are more likely to fund successful projects because group members may provide advice to each other to solve business problems.

2. Lend to women.
Most microlending institutions lend almost exclusively to women. Global microlending experience has shown that women are more likely to repay their loans than men and although men are more likely to spend loans on themselves, women are more likely to fund the improvement of their businesses.

3. Utilize a graduated loan policy.
Because borrowers lack a credit history from which an institution may evaluate the risk of default, a graduated loan policy is required. Borrowers begin with small loans. upon repayment, borrowers qualify for greater loans that can be taken out for longer periods of time.

4. Charge high interest rates.
Typical annual interest rates range from 20% to 50%. High interest rates are necessary due to smaller loan sizes, higher risk of borrower default and labor intensive collection due to borrowers residing in rural areas.

5. Focus on Managing Productivity and Quality.
The key to a profitable microlending channel is efficiency in banking operations. Loan origination, processing and collections must be streamlined and tightly managed with efficient capacity planning, forecasting and scheduling. With such small loan amounts and high volume, institutions cannot afford any waste that will erode the bottom line.

Humanitarian Implications
In addition to ensuring economic viability, several aspects of the microlending business model have humanitarian implications. The central principle of microlending to the poor is to offer borrowers an exit from poverty. However loans, as opposed to charitable donations, ensure that borrowers also learn financial skills necessary for success as it provides them with a foundation for establishing a credit history.

Today
The international community has recently acknowledged the promise and impact of microlending. The United Nations declared 2005 the International Year of Microcredit. in 2006, the Norwegian Nobel Committee awarded the Nobel Peace Prize to both Muhammad Yunus and the Grameen Bank “for their efforts to create economic and social development from below” through the use of microlending.

According to estimates by the World Bank, there are more than 7,000 microfinance institutions serving 20 million people in developing nations. The CGAP, the Consultative Group to assist the Poor, estimates that 500 million households have benefitted from microloans. while the majority of these programs exist in the developing nations of Asia and Latin America, microlending is now present in more advanced economies such as the United States, England and Norway. a 2005 study by the Aspen Institute, an international nonprofit organization committed to the study of global issues, concluded that there are 246 lenders in the United States who made 13,231 loans amounting to $114 million.

On the Web
In October of 2005, microlending hit the web. Kiva.org was the first website to allow users to extend microloans to entrepreneurs in developing nations. Lenders choose a business to sponsor listed on the website and make loans using their credit cards. The funds are transferred to Kiva’s local partnered microfinance institutions which then give the money to borrowers and collect repayments that are returned to the lender.

In October of 2007, eBay launched MicroPlace.com. Unlike Kiva.org, loans at MicroPlace.com are securitized and lenders will earn interest.

The Future of Microlending
The Grameen Bank and Accion International have been very successful. However, not all microfinance institutions have succeeded and some experts have expressed doubts over the economic viability of microlending and the sustainability of microfinance institutions. in fact, Grameen Bank relied on subsidies in its initial development before it became self-sustainable and the Wall Street Journal has questioned its repayment rates. nonetheless, Grameen Bank’s profits continue to grow each year and half of its borrowers have emerged from acute poverty as measured by such standards as their ability to pay for their children’s schooling, provide 3 meals a day to the members of their household, acquire rainproof shelter, etc. Microfinance, in some circumstances, has proven to hold great promise in relieving poverty while remaining a profitable venture.

Making Microlending Work

Real estate was the last thing on Barbara Pennucci’s mind this September as she prepared to leave for China to adopt her second daughter.

Just one week before her departure, however, Pennucci’s landlady had an interesting proposition: If she decided to sell, the landlady asked, might Pennucci be interested in buying the two-bedroom Medford town house she has been renting since April?

A few years ago, the ever-rising real estate market might have pushed the 49-year-old single mother to act quickly to buy.

Back then, the popular wisdom was that buying trumped renting, providing a way to benefit from any appreciation in the housing market. but in today’s world of foreclosures and falling property values, the argument for home ownership is far less compelling.

Overwhelmed with the logistics of an overseas adoption, Pennucci told her landlady that she couldn’t address the issue until she returned from China.

Before boarding the plane, however, Pennucci sent an e-mail, applying for a Boston Globe Money Makeover.

Saying she had no idea how to start researching the home ownership question, Pennucci asked for someone with an “unbiased eye” to help her figure out if there was any way to make the numbers work.

The Tufts University Web designer wasn’t new to home ownership. In fact, she had purchased a condo in Malden back in 2001, buying the apartment she was renting when that owner put the unit on the market. “I did it once, and I felt like I did everything wrong,” she said, explaining she’d felt pressured to buy by the red-hot real estate market. She ended up selling the condo to help pay the bills after she lost her high-tech job when the technology sector tanked.

Having learned from that experience, Pennucci wanted a detailed analysis when she met with Newton-based financial adviser Michael Broad to review the numbers.

“Most people just think about how much money they can afford to spend or how big a mortgage they can get,” the fee-only adviser told her. but potential homebuyers should also be looking at the comparative costs of renting versus buying, calculating the impact of tax savings, and considering long-term family needs.

To address these issues, Broad walked Pennucci through a series of calculations, starting with the cost of home ownership.

Since the landlady neither set a price nor provided information about condo association fees, cost of purchase calculations had to be based on estimates. although the assessed value was $300,000, the online real estate service Zillow set the town house’s value at $240,000. Broad chose the lower number, checked out current mortgage rates, and looked at Pennucci’s tax return to calculate potential tax savings. The result: With a 6.25 percent fixed-rate 30-year mortgage, with no money down, monthly costs would come to $1,892. given Pennucci’s 15 percent marginal tax rate, tax savings would drop the monthly expense to $1,738.

But when Broad moved on to Pennucci’s current living expenses, the benefits of home ownership began waning. given the current $1,200 monthly rent, which Pennucci said accurately reflected the Medford rental market, ownership would increase monthly housing expenses 45 percent, costing an additional $538 a month.

“No matter how wonderful owning the place might be, right now renting is the better deal,” Broad said. The case for renting became even more compelling when Broad reviewed Pennucci’s cash flow and retirement savings.

Although Tufts is now contributing $5,500 a year to Pennucci’s retirement plan, the Web designer has no other retirement savings, since she cashed in her other retirement plans to support the family while she was between jobs. Nor has Pennucci tucked away any money for her daughters’ college education.

“If we had reviewed this a year ago, I might have said you can adopt two kids or you can buy a condo,” Broad said, noting that Pennucci’s $55,000 annual salary might have been sufficient to cover the costs. but with two children needing clothes, food, and afterschool care, that extra $538 a month to buy the home simply wasn’t in the budget.

As part of the review, Broad recommended that Pennucci find a good renter’s insurance policy. While he didn’t rule out home ownership in the future, he also said Pennucci should keep retirement in mind and resume funding her retirement plan when money becomes available.

The adviser’s recommendations didn’t come as a surprise to Pennucci. Having just adopted, the Medford mom said she “would have been surprised if the numbers had worked out differently.”

But the “clarity” of Broad’s analysis eliminated all of those what-if questions that might have lingered. At the end of her life, Pennucci said, she won’t care at all that she couldn’t buy the town house. “But I will be glad that I’ve got the kids.”

To be considered for a Money Makeover, fill out the application at the “Your Money” section of boston.com/business, or call 617-929-2916.

Buying isn't always the smartest option…believe it or not Renting Works

Attachment parenting is a philosophy which promotes strong emotional bonds between parents and their infants. Dr William Sears, an American paediatrician coined this term over 25 years ago.

Together with his wife Martha Sears, a registered nurse, they raised 8 children using this philosophy and have gone on to write and co-write 40 plus books, many educating parents on the philosophy.

3 of the Sears children have also gone on to become paediatricians and two are currently working in practice with their father.

What does it mean to be attached to your child? Could it be that you have naturally developed an ‘attached’ style of parenting and want to know what to say to the critics around you? Or are you wanting to develop this parenting style and would like to learn more about it’s benefits? Many of the books by the Sears Family will lead you in the right direction.

Dr. Sears notes that there are 7 attachment tools, known as the Baby B’s:

* Bedding close to Baby

* Belief in the language value of your baby’s cry

* Beware of baby trainers

The Sears Family have written books for their parenting library and books for their children’s library. my son loves the potty book they have written for children and can really relate to the pictures as there is a baby being breastfed like he was and one who is sleeping in their parent’s bed as he does sometimes too.

I really wanted to find a ‘gentle way’ to help my baby sleep. I started with following many of the ideas in Dr. Sears’s books which advocates co-sleeping. I was, however pretty upset to find that I couldn’t sleep with my baby. I found I only ever went into a very light sleep when he was in the bed with me and while he slept well, I unfortunately did not.

Attachment parenting is an approach based on responsive parenting whereby you take your cues from your baby. As with any approach it is important to see it as an approach and not just a set of rules to follow.

Attachment Parenting – Books by Dr William Sears