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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...
...million debit and credit cards - around a quarter of all those in circulation in Germany - have been rendered unreadable by the software bug, causing chaos across the country. The situation harks back to the fears over the so-called millennium bug, which many experts thought would cause computer systems around the world to crash when the year switched over from 1999 to 2000. The difference: the millennium bug turned out to be a false alarm. In Germany, the Year 2010 bug has left millions of people fuming at the ATM. (See the top 10 panics...
...Customers of German savings banks, which are public institutions run by local councils, have been hit the hardest. More than 20 million of these banks' cards were not working when the glitch cropped up on New Year's Day. About 2.5 million cards issued by private banks such as Commerzbank and Postbank were also affected...
...banks for failing to spot the problem earlier. "We have angry customers and lost revenues and it's simply not our fault," Stefan Genth, the head of HDE, told the German daily Bild. Genth says retailers already have to foot an annual bill of more than $150 million in charges to banks when credit and debit cards don't work in store machines. This new problem will only add to their losses...
...Gemalto is the one responsible for the glitch. The company, which is a major supplier to German banks, said in a statement on its website that it is working with the banks to find a solution that would avoid replacing all the cards, which could cost up to $430 million. "We are fully focused on minimizing the inconvenience for the cardholders," said Olivier Piou, the head of Gemalto. "We will of course meet our contractual obligations, and continue to support our clients...