Jennifer Lanouette over at Comscore is reporting news that I’m sure causes great happiness for Joe Biden and his family members — the Senator from Delaware and land ‘o credit card companies — and anyone else who is connected with the credit card industry.

Despite the recent credit crisis that has hit the mortgage markets, credit applicants are still seeking online credit card applications.

The downside of the good news — all of the action is from subprime borrowers (a 30% increase) who have been squeezed out of other credit markets while prime customers (a 15% decrease) have been fleeing online credit card applications during these days of economic unrest.

The question to be seen is whether the subprime borrowers will be able to keep up with their credit card payments, if they are approved for credit.

Disclaimer — I’m tangentally connected with the credit card industry.

Technorati Tags: credit cards, subprime crisis

Video: Are we heading for a perfect financial storm?

I’m betting that the economy gets better almost immediately after the election is over. Things were bad in 1980, 1992, 2000 so 2008 is probably not much different than what we’ve experienced in the past.

Technorati Tags: economy, gas prices, subprime crisis

Chris Keller at the Northwest Indiana Times reports that 25 Chicago area residents have been charged by in a mortgage fraud scheme.

Twenty-five Chicago area residents face federal charges in connection with what authorities said is one of the largest mortgage fraud schemes prosecuted in the Northern District of Illinois.

In all, three indictments returned Tuesday by a federal grand jury allege that more than 150 properties were involved in fraudulent transactions, according to a FBI news release. About half of the properties are in foreclosure, and the potential loss from the fraudulent mortgages is more than $25 million.

Technorati Tags: Chicago, indictments, mortgage fraud, Northern District of Illinois

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