Thursday, February 26, 2009
BUSINESS REVITALIZATION ASSOCIATION
CHATHAM BUSINESS ASSOCIATION
TRIANGLE NEIGHBORHOOD ORGANIZATION
CHESTERFIELD COMMUNITY COUNCIL
PARK MANOR NEIGHBORS COMMUNITY COUNCIL
WEST CHESTERFIELD COMMUNITY ASSOCIATION
ROSELAND HEIGHTS COMMUNITY COUNCIL
HOSTS A BANKING SYMPOSIUM
DATE: SATURDAY, MARCH 7, 2009
PLACE: ST. MARKS METHODIST CHURCH
8441 ST. LAWRENCE AVE
CHICAGO, ILLINOIS 60619
TIME: 10:00AM UNTIL 2:00PM
REFRESHMENTS FINANCIAL INFORMATION
CASH RAFFELS CASH RAFFELS
FREE SEMINAR…... FREE SEMINAR ……. FREE SEMINAR
FOR MORE INFORMATION, PLEASE CALL THE CAPCC OFFICE
AT 1-866-272-1215 OR VISIT THE CAPCC BLOG AT: CHATHAM
AVALON PARK COMMUNITY COUNCIL. BLOGSPOT.COM.
Monday, February 23, 2009
It appears that a new LOW ceiling is being created for black elected officials. For those of you who hold elected office, the status quo is now saying that you will never get back the Illinois State Senate Presidency nor the U.S. Senate seat.
It may be time for a black elected official's summit in Cook County. Until you guys go behind close doors as a whole group and come out on the same page, they will continue to pick you apart.
I applaud Congressman Rush for having the courage to speak out and not be afraid of being black. Regardless of the Burris outcome, Rush solidified his mark in the pages of black political history with his bold move of being pro black and pro Roland.
The Westside/Southside division amongst black elected officials must end now. The fight should not be between each other but against the common enemy. I applaud Alderman Lyle and Delmarie Cobb for embracing Roland and sending a clear message that we are all under attack, elected officials and regular black folks.
Let's Fight Back,
In a message dated 2/21/2009 4:42:12 P.M. Central Standard Time, writes:
Roland Burris wanted the Senatorial seat and talked to everyone who would listen once it became obvious that Sen. Obama had a chance to win the Presidency. In fact when he would hear discussions about possible replacements he would get upset when he did not hear himself mentioned. Thus he talked to people on the street, his friends and personal network and anybody else he came in contact with about his interest in the seat. During one of many fundraising drives for the former Governor he was asked to raise or contribute money for the Governor. He donated a thousand dollars (and don't quote me on this figure) but in the terms of Gubernatorial fundraising efforts it was deminimus. The Governor's brother later solicited money and Burris initially said ok. After the Governor was arrested he told the Governor's brother he could not raise or give him any money because he was interested in the seat and it would be a conflict of interest. If there are taped conversations and they verify his version, they will not be released to the media. If there are taped conversations that disprove his version they would have been released already.
As of today, no one has accused the Senator of any crime. They suggest he committed perjury because he did not fully disclose when he had a chance to do so. While in the Impeachment hearing however, he said he would be submitting a supplemental Affidavit, which he did on Feb. 5. For reasons having nothing to do with him, the contents of the Affidavit were not released until 8 days later to the Sun Times. Then in his usual and problematic style he tried to explain the alleged inconsistencies, each time stating some new tidbit and further fueling the fire. Which brings us to this point. Roland's problems are not legal, they are perceptual. Now that the Trib has brought down the Governor and has undermined any goodwill that existed for Pres. Stroger they are feeling their oats and have Sen. Burris in their sights. In fact, the Trib went so far as to incredulously state ' you don't need to wait for the evidence or read the transcripts, we did it for you and we say he must go'. After an article/editorial implying that if you disagree with what they said, you must be either crooked or crazy, they ask the readers to vote on whether the Sen. should be kicked out of office. Talk about manipulating public opinion!
I personally don't remember asking the Trib or the Sun Times to think for me, but if it works for them, then I guess somebody did. If they are successful in their latest venture then they will forever control the plight of the Black elected official, because we have no media (at least none on a daily basis) through which we can fight back. Who will be next? We however need to be clear that there is another agenda at work here that has nothing to do with good government or Illinois' reputation across the World.
Freddrenna M. Lyle
Although nothing was been proven, that would imply Senator Burris has been less than forthright, we are in still supportive of our Junior Senator.
Thursday, February 19, 2009
1. Refinancing for Up to 4 to 5 Million Responsible Homeowners to Make Their Mortgages More Affordable
2. A$75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners
3. Supporting Low Mortgages Rates By Strengthening Confidence in Fannie Mae and Freddie Mac
1.Affordability: Provide Assess to Low-Cost Refinancing for Responsible Homeowners Suffering From Falling Home Prices Enabling Up to 4 to 5 Million Responsible Homeowner to Refinance: Mortgage rates are currently at historically how levels, providing homeowners with the opportunity to reduce their monthly payments by refinancing. But under current rules, most families who owe more than 80 percent of the value of their homes have a difficult time refinancing. Yet millions of responsible homeowners who put money down and made their mortgage payments on time have--though no fault of their own--seen the value of their homes drop low enough to make them unable to access these lower rates. As a result, the Obama Administration is announcing a new program that will help as many as 4 to 5 million responsible homeowners who took out conforming loans owned or guaranteed by Fannie Mae or Freddie Mac to refinance through those two institutions. Reducing Monthly Payments: For many families, a low-cost refinancing could reduce mortgage payments by thousands of dollars per year: Consider a family that took out a 30-year fixed rate mortgage of $207,000 with an interest rate of 6.50% on a house worth $260,000 at the time. Today, that family has about $200,000 remaining on their mortgage, but the value of that home has fallen 15 percent to $221,000--making them ineligible for today's low interest rates that now generally require the borrower to have 20 percent home equity. Under this refinancing plan, that family could refinance to a rate near 5.16%--reducing their annual payments by over $2,300.
2. Stability: Create A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners Helping Hard-Pressed Homeowners Stay in their Homes: This initiative is in tented to reach millions of responsible homeowners who are struggling ton afford their mortgage payments because of the current recession, yet cannot sell their homes because prices have fallen so significantly. Millions of hare-working families have seen their mortgage payment rise to 40 or even 50 percent of their monthly income--particularly those who received subprime and exotic loans with exploding terms and hidden fees. The Homeowner Stability Initiative helps those who commit to make reasonable monthly mortgage payments to stay in their homes--providing families with security and neighborhoods with stability. No Aid for Speculators: This initiative will go solely to helping homeowners who commit to make payments to say in their home--it will not aid speculators or house flippers. Protecting Neighborhoods: This plan will also help to stabilize home prices for all homeowners in a neighborhood. When a home goes into foreclosure, the entire neighborhood is hurt. The average homeowner could see his or her home value stabilized against declines in price by as much as $6,000 relative to what it would otherwise be absent the Homeowner Stability Initiative. Providing Support for Responsible Homeowners: Because loan modifications are more likely to succeed if they are made before a borrower misses a payment, the plan will include households at risk of imminent default despite being current on their mortgage payments. Providing Loan Modifications to Bring Monthly Payments to Sustainable Levels: The Homeowner Stability Initiative has a simple goal: reduce the amount homeowners owe per month to sustainable levels. Using money allocated under the Financial Stability Plan and the full strength of Fannie Me and Freddie Mac, this program has several key components:
A Shared Effort to Reduce Monthly Payments:For a sample household with payments adding up to 43 percent of his monthly income, the lender would first be responsible for bringing down interest rates so that the borrower's monthly mortgage payment is no more that 38 percent of his or her income. Next, the initiative should match further reductions in interest payments dollar -for-dollar with the lender to bring that ration down to 31 percent. If that borrower had a $220,000 mortgage, that could mean a reduction in monthly payments by over $400. That lower interest rate must be kept in place for five yea4s, after which it could gradually be stepped up to the conforming loan rate in place at the time of the modification. Lenders will also be able to bring down monthly payments by reducing the principal owned on the mortgage, with Treasury sharing the costs.
"Pay for Success" Incentives to Servicers: Servicers will receive an up-front fee of $1000 for each eligible modification meeting guidelines established under thin initiative. They will also receive "pay for success" fees--awarded monthly as long as the borrower stays current on the loan --of up to $1,000 each year for three years.
Incentives to Help Borrowers Stay Current: To provide an extra incentive for borrowers to keep paying on time, the initiative will provide a monthly balance reduction payment that goes straight towards reducing the principal balance of the mortgage loan. As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years.
Reach Borrowers Early: To keep lenders focused on reaching borrowers who are trying their best to stay current on their mortgages, an incentive payment of $500 will be paid to servicers, and an incentive payment of $1,500 will be paid to mortgage holders, if they modify at-risk loans before the borrowers falls behind.
Home Price Decline Reserve Payments: To encourage lenders to modify more mortgages and enable more families to keep their homes, the Administration--together with the FDIC--has developed an innovative partial guarantee initiative. The insurance fund--to be created by the Treasury Department at a size of up to $10 billion--will be designed to discourage lenders from opting to foreclose on mortgages that could be viable now out of fear that home prices ill fall even further later on. Holders of mortgages modified under the program would be provided with an additional insurance payment on each modified loan, link to declines in the home price index.
Institute Clear and Consistent Guidelines for Loan Modifications: Treasury will develop uniform guidance for loan modifications across the mortgage industry, working closely with the bank agencies and building on the FDIC's pioneering work. The Guidelines will be used for the Administration's new foreclosure prevention plan. Moreover, all financial institutions receiving Financial Stability Plan financial assistance going forward will be required to implement loan modification plans consistent with Treasury Guidance. Fannie Mae and Freddie Mac will use these guidelines for loans that they own or guarantee, and the Administration will work with regulatory and other federal and state agencies to implement these guidelines across the entire mortgage market. The agencies will seek to apply these guidelines when permissible and appropriate to all loans owned or guaranteed by the Federal government, including those owned or guaranteed by Ginnie Mae, the Federal Housing Administration, Treasury, the Federal Reserve, the FDIC, Veterans' Affairs and the Department of Agriculture.
Other Comprehensive Measures to Reduce Foreclosure and Strengthen Communities
Require Strong Oversight, Report and Quarterly Meetings with Treasury, the FDIC, the Federal Reserve and HUD to Monitor Performance;
Allow Judicial Modifications of Home Mortgages During Bankruptcy for Borrowers Who Have Run Our of Options;
Provide $1.5 Billion in Relocation and Other Forms of Assistance to Renters Displaced by Foreclosure and $2 Billion in Neighborhood Stabilization Funds;
Improve the Flexibility of Hope for Homeowners and Other FHA Programs to Modify the Refinance At-Risk Borrowers
3. Supporting Low Mortgage Rates by Strengthening Confidence in Fannie Me and Freddie Mac:
Ensuring Strength and Security of the Mortgage Market: Today, using funds already authorized in 2008 by Congress for this purpose, the Treasury Department is increasing its funding commitment to Fannie Mae and Freddie Mac to ensure the strength and security of the mortgage market and to help maintain mortgage affordability. Provide Forward-Looking Confidence: The increased funding will enable Fannie Mae and Freddie Mac to carry out ambitions efforts to ensure mortgage affordability for responsible homeowners, and provide forward-looking confidence in the mortgage market. Treasury is increasing its Preferred Stock Purchase Agreements to $200 billion each from their original level of $100 billion each. Promoting Stability and Liquidity: In addition, the Treasury Department will continue to purchase Fannie Mae and Freddie Mac mortgage-backed securities to promote stability and liquidity in the marketplace. Increasing the Size of Mortgage Portfolios: To ensure that Fannie Mae and Freddie Mac can continue to provide assistance in addressing problems in the housing market. Treasury will also be increasing the size of the GSE's retained mortgage portfolios allowed under the agreement--by $50 billion to $900 billion--along with corresponding increases in the allowable debt outstanding. Support State Housing Finance Agencies: The Administration will work with Fannie Mae and Freddie Mac to support state housing finance agencies in serving homebuyers. No EESA or Financial Stability Plan Money: The $200 billion in funding commitments are being made under the Housing and Economic Recovery Act and do not use any money from the Financial Stability Plan or Emergency Stabilization Act/TARP.