The housing recovery may have already peaked but some hallmarks of the boom era are making a comeback: Adjustable-rate mortgages and reverse mortgages In the fourth quarter, 31% of mortgages between $417,000 and $1 million were adjustable vs. fixed-rate, up from 22% a year earlier and the highest percentage since the third-quarter of 2008. For mortgages above $1 million, 61% were adjustable, up from 56% a year earlier. In 2013, $15.3 billion in reverse mortgages loans were issued – via a government-backed program that allows seniors to borrow against the equity in their homes – up 20% vs. 2012, Reuters…
Archive for March, 2014
Americans Feel Better About Retirement
Posted on March 28, 2014 by Saldutti
While yesterday’s post, 34% of Workers Have Less Than $1,000 For Retirement, was quite startling, there is some good news out there. Americans’ confidence in having a comfortable retirement has rebounded from record lows in recent years, despite the fact that they are no further along in retirement preparedness. According to the 24th annual Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI), 18% polled in 2014 felt very confident about having enough money in retirement, up from 13% in the previous year. Another 37% are somewhat confident. The increased confidence was observed mostly among those with higher…
34% of Workers Have Less Than $1,000 for Retirement
Posted on March 27, 2014 by Saldutti
Most people have very little tucked away for retirement, and many aren’t even trying to figure out how much they’ll need later in life, a new national survey reveals. About 36% of workers have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions, and 60% of workers have less than $25,000, according to a telephone survey of 1,000 workers and 501 retirees from the non-profit Employee Benefit Research Institute and Greenwald and Associates. Only 44% say they or their spouses have tried to…
U.S. Businesses Love to Write Checks
Posted on March 20, 2014 by Saldutti
A growing number of consumers don’t hesitate to buy a cup of coffee using an iPhone, bid for a dress on eBay and pay for it via PayPal, or purchase a sofa on OverStock.com with virtual bitcoins. But for American businesses, the old-fashioned paper check remains the preferred payment method. Businesses in the U.S. still pay50% of their bills by check, according to a September survey by the Association for Financial Professionals. That’s down from 74% in 2007, but the rate of decline has slowed, suggesting stubborn barriers to change. “Businesses know the check system works. It’s been around for…
Visa & MasterCard Announce Payment Security Working Group
Posted on March 18, 2014 by Saldutti
MasterCard and Visa have announced the formation of a new cross-industry group focused on enhancing payment system security to keep pace with the expectations of consumers, retailers and financial institutions. The group will initially focus on the adoption of EMV chip technology in the United States, in addition to addressing other security-related topics, including tokenization, point-to-point encryption and broader needs of the region. “One of the critical roles we play is to protect consumers and businesses against criminals and fraudsters,” said Chris McWilton, president of North American Markets, MasterCard. This new group will include a diverse group of participants in…
St. Patrick's Day Brings the Green …
Posted on March 17, 2014 by Saldutti
As St. Patty’s Day falls on a Monday this year, and we can only imagine how many revelers will call in sick from work on Tuesday. While “sick day” tallies elude our grasp, other numbers surrounding this mid-March holiday can be counted, and quite a few of them green. The National Retail Federation forecasts that St. Paddy’s spending for 2014 should grow modestly to $4.8 billion, up slightly (about 2%) from last year. Talk about a heapin’ pot o’ gold. So whether Irish green runs in your blood, or simply down your Celtic sweater in the form of spilled St….
Saldutti Alumni Deployed
Posted on March 13, 2014 by Saldutti
Over the last few months, we have received numerous requests concerning our former colleague, Ryan Murphy. Lance Corporal Murphy, a former team member of Saldutti, LLC, landed safely with his unit in Afghanistan for his deployment. Ryan is a machine gunner assigned to C Company, 1st Battalion, 7th Marines – also known as Suicide Charley. As a member of Suicide Charley Company, Ryan is proud to be a part of one of the most storied units of the Marine Corp. Legendary Marines Chesty Puller and John Basilone both served in this battalion. Ryan is serving in the Sangin area, Helmand…