| Crime Report
Burglary, grand larceny, financial transaction card theft/fraud, 11 a.m.
East Quad, 1400 Blossom St.
Bank of America credit cards, a digital camera, a Wii, games, controllers and a gold and diamond necklace were taken. The cards were used before they could be cancelled.
Estimated value: $2,132
Reporting officer: M. Winnington
Thursday, Nov. 8
Petit larceny, 3:15 p.m.
Blatt PE Center, 1328 Wheat St.
Someone took a pair of pants from the men's locker room. A wallet with $20 cash, two Visa credit cards, a Mastercard, a USB drive and a South Carolina driver's license were in them.
Estimated value: $88
Reporting officer: W. Guyon
Friday, Nov. 9
Auto break-in, petit larceny, 2:50 a.m.
The $915B bomb in consumers' wallets
This past summer's subprime meltdown involved about $900 billion in now-suspect securitized debt, reckless lending, and consumers who buckled under the weight of loans they couldn't afford. Now another link in the consumer debt chain - credit cards - is starting to show signs of strain. And the fear that the $915 billion in U.S. credit card debt (an uncannily similar figure) may blow up has major financial institutions like Citigroup, American Express, and Bank of America strapping on their Kevlar vests. Last month, as banks reported their worst quarterly results since 2001, concerns about rising credit card delinquencies began to make their way onto earnings announcements alongside mentions of subprime woes. .
Writedowns will hurt fourth quarter
Another day, more writedowns on Wall Street. Several of America's leading banks warned yesterday the subprime lending crisis will contribute to another round of losses in the fourth quarter, a sign that fallout from the U.S. housing and mortgage-lending slump is spreading deeper into the country's credit markets. Wachovia Corp. began the day by writing down the value of its loan-backed securities by about $1.1 billion (U.S.), and was followed by Bank of America Corp. and JPMorgan Chase & Co., which both said their fourth-quarter results would suffer – although neither bank quantified any potential mark downs in filings with the U.S. Securities and Exchange Commission. Financial services provider ETrade Financial also said it expects the value of its asset-backed securities to continue to drop in value, while credit-card leader Capital One Financial Corp.
Iowa universities consider ending BofA marketing pacts
Iowa's three major state universities are one step closer to ending their credit-card marketing arrangements with Bank of America, reports the Charlotte Business Journal. Iowa Attorney General Tom Miller has recommended an end to agreements between the schools, their alumni associations and California's largest bank to market credit cards that generate hundreds of thousands of dollars for the alumni groups. .
Whose Second Chance?
How discharged debts can be revived
Some of the country's largest financial firms have been accused of harassing consumers over debts that courts have canceled. Troy Norton, 84, a retired prison guard who lives in Bismarck, Ark., claims in a lawsuit filed in June in U.S. Bankruptcy Court in Hot Springs that he was a victim of improper collection attempts by Bank of America Corp. (BA ) and two collection agencies. He obtained a discharge of certain debts in June, 2006, after medical bills prompted him to seek Chapter 7 protection. Court documents show that he received eight collection letters from the bank on credit-card debt of $4,218 that a judge had canceled. .
Which Way is Your Business Headed? New Credit-Wisdom.com Offers Businesses Unique Experience
Credit-wisdom.com has launched, offering businesses the ability to grow their buying power through a variety of business credit card product offerings. Maitland, FL (PRWEB) October 30, 2007 -- Credit-wisdom.com has launched, offering businesses the ability to grow their buying power through a variety of business credit card product offerings. Headed by Richard Gilliland, CEO, it is literally a "one stop" place to apply for credit cards from American Express, Citi, Discover, Bank of America, Advanta and Chase. Also offered are a variety of secured and unsecured business credit cards. .
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