A few weeks ago, I came across a particularly annoying click-bait pop-up ad from a well-known online lender. “Do the math (the banks wish you wouldn’t do),” their advertisement said.
“Did the tax code overhaul kill home equity loans?” That was the headline of an article in The Washington Post in January. Considering that millions and millions of homeowners have home equity lines and loans (and love them), it was pretty alarmist.
And it turns out that home equity lines and loans are alive and well. Even The Washington Post eventually admitted it later in their story.
I recently heard a story about a businessperson who discovered that the check a client had sent them had been intercepted somehow and cashed by a stranger in another state. This story had an odd twist.
At a recent banking conference, a banker from the North Shore told me about a particularly unfortunate situation she had run into. A young man came into her bank to cash a check. He did not have an account at that bank, but the check was from an account-holder.
Up until about the mid-1980s, a homeowner who wanted to borrow against the equity in their home had to take out what was known as a “second mortgage.” And there was a stigma against second mortgages.
These big data breaches – like the recent Equifax hack – are very frustrating. Especially when they happen to huge companies that you’d think would have multiple layers of systems in place to protect themselves and their customers’ information.
Every parent who has kids planning to go to college thinks about the cost. How could you not? When we’re starting to see the $70,000 a year mark regularly surpassed at private colleges (for tuition, room & board), the idea of coming up with that kind of money by an August due-date four years running is daunting.