Loans

David L. Horne, Ph.D.  |   OW Contributing Columnist
Feb 16 2012

Practical Politics

Kudos to state Attorney General Kamala Harris. She was a real champion for California homeowners this time around. She hung tough, played her cards well and walked off with the biggest slice of the monetary pie for Californians in the recently completed foreclosure mortgage deal struck between the Obama administration and the banking industry. She took the path less traveled, held out for a quantifiable, enforceable deal until the end—and got it.

Jan 12 2012

The lender will pay $335 million in mortgage-loan discrimination case

Bank of America’s agreement to pay the largest housing fair lending settlement in history to settle allegations that Countrywide Financial Corp., its recently acquired subsidiary, has proved to be another indictment of the mortgage banking industry.

The Department of Justice alleged in its case that Countrywide engaged in widespread discrimination against African American and Hispanic borrowers just before the near-collapse of the U.S. economy.

Bank of America has agreed to pay $335 million. The bank agreed to acquire Countrywide four years ago.

May 23 2011

Those who perpetrated crimes and frauds walk free

LOS ANGELES, Calif.—A special task force of attorneys, including some in Los Angeles, will be cracking down on people and companies involved in mortgage fraud, Attorney General Kamala Harris announced today.

The Mortgage Fraud Strike Force will prosecute illegal activity at every stage of the mortgage process, from loan originators to investment firms that improperly market mortgage-backed securities to California investment boards, Harris said.

Apr 14 2011

Advantage Initiatives target start-ups and growing firms

WASHINGTON, D.C.—The U.S. Small Business Administration (SBA) has unveiled two new initiatives to increase lending opportunities for small business owners in inner cities and underserved communities.

Under the two initiatives, known as the Small Loan Advantage and the Community Advantage, community banks will be able to offer loans of up to $250,000. Those loans, which are part of the agency’s 7(a) program, come with the government guarantee of 75 percent guarantee while anything under $150,000 comes with the 85 percent guarantee.

Jun 4 2009

Businesses may qualify for recovery loans

Los Angeles, CA -- Karen Mills, the administrator for the federal government’s Small Business Administration (SBA), is ready to distribute as much as $35,000 per loan to qualified businesses as part of America’s Recovery Capital Loan Program (ARC).

The program is included in the economic stimulus bill and will issue interest free loans to small businesses that are having difficulties because of the economic downturn.

Across Black America

Here’s a look at African American people and issues making headlines throughout the country.
 

Alabama
Freeman A. Hrabowski, president of the University of Maryland, Baltimore County, will address the annual African American Business Council luncheon on June 28. Hrabowski, who is chairman of President Barack Obama’s Advisory Commission on Education Excellence for African Americans, has a national reputation for his work studying the performance of minority students in math and science. Hrabowski, named one of the 10 best college presidents in the country by Time magazine, was a child leader in the Civil Rights Movement in Birmingham in the 1960s.
 

Arkansas
The Liberty Counsel filed a motion and a brief in United States District Court for the Eastern District of Arkansas seeking to intervene on behalf of a Concepts of Life crisis pregnancy center to defend against a suit filed by the American Civil Liberties Union and the Center for Reproductive Rights. The groups seek to impose a permanent injunction before the Human Heartbeat Protection Act goes into effect July 18. Liberty Counsel also filed a brief opposing the ACLU’s request for an injunction. The “Heartbeat” bill states that when a woman seeks an abortion at or after the 12th week, doctors must test for a fetal heartbeat before an abortion is performed and inform the pregnant mother that the child in her womb has a heartbeat. If a heartbeat is detected, a woman cannot have an abortion, except in cases of rape, incest, and if a mother’s life is in danger. “As we promised when the legislation was introduced, Liberty Counsel will defend this law without reservation for the people of Arkansas, born and pre-born,” said Matt Staver, founder and chairman of Liberty Counsel. “No right is more foundational than the right to life. Without life, all other rights are irrelevant,” concluded Staver.