Word: banking
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John Burns, president of John Burns Real Estate Consulting, is a bit more bearish, predicting foreclosure notices will rise to 3.1 million this year. Foreclosure notices include default notices, auction-sale letters and bank-repossession notices. But those notices may produce a far more damaging result than last year's. "I think 50% more people will lose their homes to a bank this year than they did last year," predicts Burns. (See questions and answers about retirement...
Germans standing in line to pay for groceries at supermarkets this week could be in for a nasty - and embarrassing - surprise. Many of their bank cards will be rejected at the register, but not because there isn't enough money in their accounts. The problem is with a faulty microchip in the cards that can't recognize the year...
...Over the past few days, bank officials say that most cash machines in the country have been reconfigured and are now reading the cards again. But they say that most payment terminals won't be fixed until at least Monday, which has led some crafty consumers to come up with their own solution - covering the faulty chips on their bank cards with tape so tellers can process payments through the magnetic strip instead. But consumer groups point out that magnetic strips are not as secure as chips, and they've urged the banks to solve the problem as quickly...
...under no domestic pressure to make peace with the Palestinians. On the contrary, Israeli society is comfortable with the status quo and skeptical of offering the Palestinians new concessions, much less of risking the civil strife that would be spurred by any attempt to remove settlers from the West Bank. Israeli public opinion prevented Netanyahu from accepting the settlement-freeze demand, and the primary factor that brings him to the negotiating table may simply be the need to stay on side with Washington. (See 25 people who mattered...
...Boston Globe has named Harvard Law School Professor Elizabeth Warren its 2009 Bostonian of the Year for bringing “a sense of sanity to the economic crisis” as the official overseer of the U.S. bank bailout program...