Personal finance from around the Web:

• If you owe more than your home is worth, you shouldn't feel so bad about defaulting on your mortgage, suggests a University of Arizona law professor. For his full explanation of how the government, the media and the financial industry are ganging up to make homeowners bear the brunt of the housing collapse, read his research paper. [The Consumerist, WSJ.com]

• Haven't used your credit card in a while? Prepare to get slapped with an "inactivity fee." [MyBankTracker]

• Fidelity cut its 529 college savings plan fees and changed its age-based allocations this month. My Money Blog offers a handy summary of the changes. [My Money Blog]

• Don't be fooled into thinking you're saving money every time you buy something on sale, use a coupon or get free shipping: There's a good chance you're getting played. [It's Your Money]

• You may be planning a staycation to save this year, but not everyone has to scrimp. Check out the world's most expensive hotel suites. [The Business Insider]

Follow More Money on Twitter at http://twitter.com/moremoneyblog.

You'd think the subprime bust would mean no more mortgages for borrowers with little skin in the game. Well, it doesn't.

While most lenders have tightened standards for down payments — usually requiring at least 10% down and 20% for the best rates — the Federal Housing Administration has continued to offer loans to borrowers putting down as little as 3.5%. On Thursday the House Financial Services Committee is considering whether to boost the minimum down payment requirement to 5%.

I think the move is overdue, especially since FHA mortgage defaults are at a record high and the agency's reserve fund is at a record low. More

Personal finance from around the Web:

• According to First American Fund’s John Wenker, REITs are hot tamales, despite the commercial real estate market being a bust. [InvestmentNews]

• Stressed out about money? Your kids are stressed about it too, and it may be you that's making them panic. [Devil in the Details]

• One of the Twitter founders, Jack Dorsey, is offering a new product that lets you accept credit card payments with your iPhone. Cool, eh? [PC World]

• Start your holiday shopping early: Buy some good personal finance books for kids, teens and adults. [The Associated Press]

• With medical coverage costs rising, some are asking doctors if they can get a better price on their MRI’s and regular check-ups. Perhaps you can do the same. [The New York Times]

• The graduates of 2008 faced a tough job market, but what made it worse was the high level of debt they accrued while working toward their degrees. [The Quick and the Ed]

Follow More Money on Twitter at http://twitter.com/moremoneyblog.

Another week, another credit card policy change. This time around the news is that American Express will dock rewards points for certain co-branded cards when a cardholder doesn’t pay on time. To get the points reinstated, cardholders will first need to pay the obligatory late fee and then an additional $29 to recoup docked points. The AmEx cobranded cards hit with this new policy are Delta Air Lines, JetBlue, Hilton Hotels and Starwood Hotels, putting them all in line with the same policy that’s been in effect for AmEx's regular Green and Platinum cards for years. But the timing of the latest announcements just adds to the pile of credit card cutbacks and fee hikes that has made 2009 the annus horribilis for cardholders. More

My colleague Alexis Jeffries and I had fun reporting a recent story called "Five Ways To Pump Up Your Income," which ran in the December 2009 issue of MONEY.  Who couldn’t use some ideas right now on how to make more dough?

As Alexis recently blogged, many of the ideas we came up with didn’t make it into the final piece. But there’s an idea that did make it into the article — lending money to friends, families and strangers through so-called peer-to-peer networks — that had a surprising aspect that we didn’t cover in the piece. More

Personal finance from around the Web to get your week started:

• The delinquency rate on bank-issued cards dropped 6 percent between June and September, according to credit-reporting agency TransUnion. The company cites the unemployment rate, limited credit, and higher interest rates as the main cause of cutting the delinquency rate. Still, it's too early to tell how new credit card regulations and holiday retail sales will affect credit behavior in the long run. [AP via GoogleNews]

• Christmas came early this year! Because of falling produce prices, the American Farm Bureau estimates that this year's Thanksgiving dinner should be 4 percent cheaper than last year's. The average cost of stuffing 10 people with a Thanksgiving dinner shakes out to a grand total of $42.91. [It's Your Money]

• Kaiser Health News, a nonprofit health-policy news service funded by the Kaiser Family Foundation, Kaiser Permanente, one of the largest managed care systems in the nation, has released a consumer guide to the health care overhaul. The report answers most, if not all, of your basic questions about insurance and presents possible changes in an easily comprehensible manner.  [Kaiser Health News]

• After last month's embarrassing data loss, T-Mobile is jumpstarting a slick Sidekick offer with cheaper phones and a longer contract. But is it worth it? Reports in the UK suggest T-Mobile staff selling off customer information to the highest bidder. [Wallet Pop]

• Thanks to the expiring tax credit, home sales competely exceeded last month's expectations as first-time buyers pushed seasonally-adjusted resales up 10.1%, according to the National Association of Realtors. Set to run out at the end of this month, Congress renewed it earlier and expanded the policy. Not everyone, however, is impressed with the numbers coming out of the NAR.  [NPR via AP, The Big Picture]

• "Twilight's" vampiric sequel "New Moon" experienced a blowout monster weekend sucking in a total of $258.8 million in box offices worldwide. Regardless of age, women came out to cheer for their supernatural team of choice, putting "New Moon" third on the all-time domestic chart.  Apparently, women do like older men — well, as long as they're 118 years old and have sharp teeth. [EconomPic]

Follow More Money on Twitter at http://twitter.com/moremoneyblog.

• Imagine the perfect gift card: Able to be used anywhere, anytime, without any restrictions. Uh, guess what? It's called cash. [The Wall Street Journal]

• Beware of boilerplate requirements in mortgage commitments. Sometimes you can wriggle out of them. [Tales from the Real Estate Wars]

• Has a friend or relative asked you to co-sign for a credit card or other loan? Here are four excellent questions to ask before you go through with it. [CreditCards.com]

• Maintaining your credit is like keeping yourself fit. Now is not the time to stop exercising what you have. [The Huffington Post]

• Worried about running out of cash during your retirement years? Here's some good advice on how to get the most from your Social Security benefits. [RetirementRevised]

Follow More Money on Twitter at http://twitter.com/moremoneyblog.

In the year-ahead outlook for savings and credit that I wrote for MONEY's December issue, I reported that things weren't exactly going to be rosy next year. But I did point out one potential bright spot.

"Customers who have been on the receiving end of 'gotcha' practices that will earn banks $38.5 billion in overdraft fees this year may also get some relief," I wrote. "Many Capitol Hill watchers believe legislation reforming overdraft policies has a good chance of passage in 2010."

As I reported my story, I talked to several sources who felt that credit card legislation, which passed in May, gives overdraft reform some good momentum. Then, last week, the Fed announced new rules that would also limit overdraft fees charged by banks and credit unions. (See fellow MONEY blogger Beth Braverman's take on five ways you can protect yourself now.)

The Fed rules, which require that banks allow consumers to opt-in to overdraft protection on ATM and debit card transactions, are a step in the right direction. But as consumer advocate Ed Mierzwinski told The New York Times, "Some-of-the-time protection is never as good as round-the-clock protection." More

Personal finance from around the Web Tuesday:

• The Federal Reserve is proposing new rules to protect gift card consumers from exorbitant fees and and expiration dates.  While the exact date these new rules will go into effect remains unknown, it most likely won't be until next summer — after the upcoming gift-card season. [Federal Reserve, Bucks]

• Online microlending has been all the rave in recent years. One of the most popular is Kiva, which allows you to make loans to low-income entrepreneurs in developing countries. But it is no longer practical for it to be true "person-to-person lending." [My Money Blog]

• With the passing of the health care reform bill comes the passing of a 5.4 % surtax aimed at high-income tax returns. The Tax Foundation has created a map that shows the top tax rates in different states under the new plan. [Tax Policy Blog]

• The number of people taking the standardized Law School Admission Test has skyrocketed. In late September, 60,000  people took the test — a worrisome number, since law jobs are shrinking. [Most Strongly Supported]

• Wondering what has happened to the transportation stimulus package? The California Transportation Department reports it has been allocated $2 billion into federal highway funds. But only 2.5 % of that money has been spent yet.  California is not alone, but sometimes slow and steady wins the race. [Freakonomics]

Follow More Money on Twitter at http://twitter.com/moremoneyblog.

Five personal finance highlights from around the Web:

• FICO, the company that provides the nation's leading credit score, reveals how many points a consumer's credit rating will drop as a result of specific events. LIz Pulliam Weston sheds light on the impact of maxing out a card or making a late payment. [MSN Money]

• Will the McMansion buyers of the future want to live without theater roooms and butler's pantries? Luxury home builders think so. [The Wall Street Journal]

• '"I want to be rich" is not real a goal. And good financial planning requires clear, measurable goals. [The Boston Globe]

• Buffett: Investment opportunity is greater in the United States than abroad. The Oracle thinks the worst of the financial panic is behind us. [Reuters]

• Temporary conforming loan limits won't expire this year. The Federal Housing Finance Authority will extend the limit of $417,000 (up to $729,750 in high-cost areas) through 2010. [Washington Business Journal]

Follow More Money on Twitter at http://twitter.com/moremoneyblog.

The Fed announced Thursday new rules that prohibit banks from automatically enrolling customers in overdraft protection programs that charge fees when customers spend on a debit card or withdraw from an ATM more money they have in their checking account. The move comes in response to consumer outrage at the fees, which can amount to more than $30 for an overdraft of a few bucks. The new rules, which cover only ATM and debit card (and not checking) overdraft protection plans, don't go into effect until July 2010, but here are five ways you can protect yourself now:

1. Keep a buffer in your checking account. Keep an extra cash cushion in your account at all times so you won't overdraw your account for an emergency expense or if you incorrectly calculate your balance.

2. Sign up for automatic low balance alerts. If you request it, most banks will alert you via either e-mail or text message, that your balance has fallen below a certain level. Once you get that alert hold off on additional purchases or withdrawals until you've got more money in your account.

3. Link to your checking account to a savings account. Once you've established a link, your bank will withdraw funds from the savings account to cover the overdraft. This service customarily costs $5 to $10 per transaction, so while it's not free, it certainly beats a $35 overdraft fee.

4. Consider cash. Check your balance before hitting up the ATM, and only withdrawal what's available. Yes, it may seem obvious, but it's still a surefire method of avoiding overdraft fees.

5. Opt out. While the new regulations will require consumers to opt in, most banks will let you opt out now. You just have to call and ask. But remember, once you've opted out of overdraft protection, your card will be rejected if you try to spend more than you have.

Follow More Money on Twitter at http://twitter.com/moremoneyblog.

Five personal finance highlights from around the Web:

• More credit card company shenanigans: One cardholder shares her experience with Citi: The bank will double her interest rate unless she transfers $5,000 of other debt onto her Citi credit card. [Consumerist]

• Thinking about regifting something this holiday season? Brad Tuttle has some rules on how to do it right. [It's Your Money]

• When it comes to car insurance, pricing is based on 10 factors that are out of your control. So it pays to shop around. [MintLife]

• Maybe you can time the market. A new study challenges the notion that it can't be done. [The Big Picture]

• Recent credit card reform has prompted the industry to enact the Safe Credit Revision Everyone Wins Undertaking, also known as S.C.R.E.W.U. Animator Mark Fiore explains it in the video below. [The Consumer Reporter]

The Federal Reserve released on Thursday the latest details of its burgeoning balance sheet. In short, the assets on the Fed's books now amount to $2.2 trillion. That's more than double where it was a little over a year ago (when it stood at a mere $900 billion) — before the central bank bought tons of Treasury debt and mortgage-backed securities from the nation's banks in the midst of last year's credit crisis, putting government cash in the hands of those banks.

Now, when the Fed's balance sheet is big and banks have all that extra money to lend, the usual impact is that the increased number of dollars in the economy are competing for the same amount of merchandise. Prices go up; in other words, we have inflation.

You may have noticed, however, that it's not working that way. For the most part, in fact, prices are actually heading down. How can this be? More

Reverse mortgages are increasingly the go-to solution for retirees confronting insufficient nest eggs and paltry income payouts in today’s low-rate environment. Last year, the number of new Home Equity Conversion Mortgages insured by the federal government amounted to 112,000 — more than 14 times the HECMs that were originated in 2001. The 2009 tally is expected to be even higher.

Last week’s news that 2010 Social Security benefits will not be given a cost-of-living adjustment — for the first time since inflation protection was added to the program in 1975 — will likely fuel demand for reverse mortgages. And lenders on the prowl for post-meltdown revenue sources are eager to boost the supply. More

My daughter recently reached a dubious milestone in her life: She received her first credit-card solicitations in the mail. “A great rate is just the beginning …” read one of the offers, which were targeted at college students. Problem: My daughter is not a college student. She’s 12 years old.

My first reaction was to be angry at the mean, incompetent credit card companies trying to lure my tween into a life of debt. But as often is the case with parenting, and with finances, the story is more complicated than that. More