In a previous post I discussed various options that people use to send money and remittances to their family. The primary method that is used is Western Union, though more and more people have been considering Paypal due to their extensive advertising campaigns attempting to become a popular choice for remittences.

When you send money through Paypal, Paypal reviews the transaction to determine whether or not they think that its legitimate. If its going to an old account that has been around for years, in most cases they assume its good and let it go through. However, if the recipient is a new user, they often place excessive holds on the funds, resulting in huge delays. The average delay [...] Continue Reading…

Most of us have experienced it. You go into a bank with a check, hoping to cash it and get the money available in your account that day, only to experience the bank teller stating that they need to put a hold on the check. While this is sometimes reasonable, such as when the check is worth thousands of dollars and you’re a new customer, it happens far to often to those who have been banking with the same bank for years, and have always kept their account in good standing.

Sometimes it makes even less sense than usual. For example, I recently opened a new account at Scotiabank in Canada. I deposited $10,000 into the account and left [...] Continue Reading…

Each and every day, millions of people send money overseas using money transfer or money remittance services. Whether it be sending money home to help out family members, buying something online from a distant country, or paying an employee on the other side of the world, finding a quick and easy solution to transfer funds overseas is an important matter. Its often vital that the funds be available within a reasonable period of time, and that it is convenient for the receiver to receive said funds.

Unfortunately, along with that convenience and reliable comes a high price. If we look at the most popular money remittance service, Western Union, we will see that fees to send money overseas begin [...] Continue Reading…

Across North America, hundreds of rent to own furniture stores have been popping up over the past few years. In big and small cities alike, people can find stores such as Easy Home, Aarons, and many others. At a first glance, these stores seem great, as they help those who are unable to obtain alternative financing to furnish their homes. Best yet, theres no credit checks, and almost everyone is approved.

A quick look at Easy Home’s website reveals that you can get a computer for as low as $14 per week, a fridge for $18 per week, a new sofa set for $16 per week. This all seems pretty good doesn’t it… wrong. If you look at the [...] Continue Reading…

Over the past 10 years, Americans have witnessed the explosion of home prices across the country. Subsequently they witnessed the largest collapse in real estate prices of all time. With real estate prices remaining at historically high rates across Canada, many Canadians are wondering if the Canadian marketplace will fall victim to the same collapse as the United States.

To answer this question, we’re going to look at some of the causes of the American real estate collapse

1) Interest Only Mortgages
In the US, interest only mortgages became quite popular early in the new millennium, with many families opting to purchase homes that they really couldn’t afford, with interest only mortgages. Rather than renting, they would spend roughly the same [...] Continue Reading…

Are you struggling to pay your bills, and need a short term loan, but don’t want to pay the extremely high rates traditionally associated with pay day loans and credit card advances? If so, there is the potential for good news, depending on your credit card company.

Recently, credit card companies have been trying to get people to borrow money using their credit cards, rather than using lower interest rate options such as lines of credit, and have been running a variety of promotions to help advance their goal. The most common form of promotion to entice clients to use this type of financing is the Credit Card Check. A credit card check is a regular check, just like you [...] Continue Reading…

Diane Alter – AHN News Reporter
Washiington, DC, United States (AHN) – The ailing housing market in the United States has not been able to recover even with historic low interest rates, bargain-hunting American consumers or U.S. government intervention. So, the Senate is proposing a bill that would give foreigners a part in bailing out the industry. U.S. Sens. Charles Schumer (D-NY) and Sen Mike Lee (R-UT) have introduced a bill that would permit foreigners who shell out at least $500,000 on U.S. residential property to obtain visas allowing them to live in the United States. The plan might be the boon the U.S. real estate market needs, especially in states particularly hard hit such as California and [...] Continue Reading…

Vittorio Hernandez – AHN News
London, England, United Kingdom (AHN) – The Bank of England’s new Financial Policy Committee recommended on Wednesday for British banks to reduce their bonuses and shareholder dividends to strengthen their balance sheets. The recommendation was made in anticipation of another financial crisis likely to be caused by the worsening eurozone debt contagion. The BoE also warned the banks to prepare for future shocks. The bank did not specify how much the financial institutions should reduce their discretionary distributions, but in previous reports suggested that by limiting dividend payouts and constraining compensation ratios, the banks could raise up to $15 billion (£10 billion) a year. The amount could be used to support $75 [...] Continue Reading…

Vittorio Hernandez – AHN News
Washington, DC, United States (AHN) – The three-year investigation into whether mortgage giants Fannie Mae and Freddie Mac properly disclosed their exposure to risky subprime loans is about to end. Reports said that the regulators are near a settlement with the two companies. A proposed settlement with the Securities and Exchange Commission reportedly includes no monetary penalties for the two companies. Also being considered is no admission of fraud. Despite these terms, Fannie Mae and Freddie Mac’s possible agreement to a settlement are tacit admissions they had a major role in the housing market crash, observers said. The observers added that it would also be an awkward moment for the two mortgage [...] Continue Reading…

Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – The Federal Housing Finance Agency (FHFA) is set to sue a dozen banks over risky mortgage-backed securities they sold and that lost value during the housing collapse, according to reports from the Wall Street Journal and the New York Times. The suit alleges the banks misrepresented the securities’ quality and stability. The suits from the FHFA, which oversees mortgage buyers Freddie Mac and Fannie Mae, are expected to be filed within days. Reports say the securities named in the suit are those sold and backed by risky and subprime loans, but classified as safe by rating agencies. Banks said to be targeted include Bank [...] Continue Reading…