Last Week in Review...

     Last week, Fed Chairman Ben Bernanke was mum about another round of Quantitative Easing (QE3). This put a pause on the Stock rally we saw midweek, to the benefit of the Bond Markets and home loan rates.

     Also helping Bonds and hurting Stocks was a threat by Credit Rating firm Fitch, who said that the US may lose its AAA rating next year unless Congress comes up with a credible plan to significantly cut the budget deficit. And Fitch didn't stop there. They downgraded Spain three notches to BBB, which is just two notches above junk status!

     The lack of confirmation of QE3, the US debt downgrade threat, and the escalating drama in Europe caused a "risk-off" trade or flight to safety into the US Dollar. This means US Bonds are being purchased as a safe place to "park" money, and this is helping Bonds and home loan rates reach for their best levels. And while that's great news for homebuyers, it is also important for our economy to strengthen and improve. Last week's economic report calendar was light, though we did see a glimmer of good news as the latest weekly Initial Jobless Claims Report showed its first decline since April.

     The bottom line is that now continues to be a great time to purchase or refinance a home, as home loan rates are reaching for historic lows. Let me know if I can answer any questions at all for you or your clients. 

Stolen LinkedIn Passwords are Only Half the Problem 

     Last week, a high-profile hack resulted in millions of people worrying about the security of their accounts on sites such as LinkedIn, eHarmony, and the BBC.
In response to the situation, LinkedIn deactivated the stolen passwords and sent emails to the owners of those accounts with information on resetting their passwords. By the end of the week, LinkedIn had not been able to identify any actual account break-ins due to the compromised passwords.

But the stolen passwords were just the first problem!

Watch Out for a Second Scam

     Soon after the highly publicized hacking, a second attack wave was unleashed on unsuspecting LinkedIn members. The second wave came in the form of a phishing scam. This scam consisted of phony emails that look as if they were sent from LinkedIn. The phony emails include a link that directs users to a phony website that looks like it will reset the LinkedIn password. And, you guessed it, once users put their information into the website, they're vulnerable all over again!

Don't Click That Link!

     LinkedIn has confirmed that it is sending emails to members whose passwords were compromised, but the company stresses that those emails do NOT include any links. Instead, the company has included specific instructions that need to be followed to reset the password. So if you see an email that looks like it will help you reset your password, don't bite. 

Stay Up to Date 

     As part of its communication to members, LinkedIn posted some important reminders about best practices for protecting passwords from phishing scams and other malicious scams.

     You can read the password best practices on LinkedIn's blog and follow LinkedIn's Twitter feed to stay informed on the latest developments of the hack.