| Volume 63 Number 11 |
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The People’s Lawyer’s Tip of the Day
We all know it's important to check our credit reports regularly, but have you ever heard of a CLUE report? Your CLUE report is just as important in determining your insurance rates, but unfortunately, most consumers don't even know it exists. Take advantage of the law and get a free report every year. Click here for more.
Dissatisfied Users Shunning Facebook
The cultural impact of Facebook is huge. 700 million users worldwide. Let that sink in. Now, it appears that some users might be getting bored with the site. Friends have grown accustomed to the site and know what to expect when they log in. A status update, relationship status, or someone's location just isn't as interesting over time, especially once patterns develop. "Facebook fatigue" may be a real complication for the social media giant. There are only so many things a user can do to socialize online. According to the Inside Facebook blog, the site lost more than 7 million active users in the United States and Canada last month. Will "real world" interactions take control again? Or, is this just a small bump in the road for a company that will continue to grow? Click here for more.
19-Year-Old Arrested Over Sony Hack
On April 20, 2011, Sony's PlayStation Network was taken down after a massive data breach. According to reports, a hacker was able to obtain sensitive personal information, including credit card numbers, for over 70 million user accounts. The Sony PlayStation Store did not reopen until June. On Tuesday, London's Metropolitan Police announced the arrest of a 19-year-old suspected of hacking into systems and mounting attacks. Police say the man's computers will be examined for activities related to the hacks. Click here for more.
United States Taps Strategic Oil Reserve
Yesterday, the United States Department of Energy announced it will release 30 million barrels of oil from the Strategic Petroleum Reserve over the next thirty days. The United States consumes about 19 million barrels per day, but only produces about 9.8 million barrels per day. Why tap the Strategic Oil Reserve now? According to the Energy Department, the oil reserve contains a record 727 million barrels, which can offset the supply disruption in Libya. What does this mean for you? Will gas prices continue to drop? Click here for more.
Your Money
What happens when your adjustable rate mortgage (ARM) adjusts? Click here for more.
For the Lawyers
MERS cannot foreclose if it doesn’t hold underlying note. In a case with possible far reaching consequences, a New York appellate court held that the Mortgage Electronic Registration Systems (MERS), nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note. It is estimated that MERS is involved in about 60 percent of the mortgages originated in the United States. "This Court is mindful of the impact that this decision may have on the mortgage industry in New York, and perhaps the nation," "Nonetheless, the law must not yield to expediency and the convenience of lending institutions. Proper procedures must be followed to ensure the reliability of the chain of ownership, to secure the dependable transfer of property, and to assure the enforcement of the rules that govern real property." Click here for more.