Washington Informer
Busniess Archive (201)
No one can be certain of the knockout punch that ousted Fenty from office, but several blows battered his campaign from the start.Photo by Khalid Naji-AllahThe results of Tuesday’s Democratic Primary for Mayor of the District of Columbia have placed Mayor Adrian M. Fenty in a most precarious situation – one that many District residents have been forced to confront during his tenure as Mayor – the unemployment line.
However, Fenty’s supporters remained hopeful following a speech given by the Mayor at about 1:30 a.m. on Wed., Sept. 15 at his headquarters on Georgia Avenue in Northwest. Supporters shouted, “Four More Years” and “Victory Is with Us Today” as they attempted to drum up enthusiasm with a skeletal staff of young volunteers.
Nonetheless, when the Washington Post, called the election during the early morning hours on Wed., Sept. 15 and declared D.C. Council Chairman Vincent C. Gray, the winner – it was a wrap for Fenty -- despite his upbeat appearance.
“I haven’t heard that and as far as I know the Board of Elections still has a lot of counting to do last time we were briefed… We’re fully prepared, as I said during the whole campaign, to take whatever decision the voters have and respond to it,” Fenty said.
“We just need to know what that is and the only way we can know is after the Board of Elections has finished the count.”
The Congressional Black Caucus this year is tackling the current debilitating joblessness in the Black community head on with several sessions on the connection between education and employment at its 40th Annual Legislative Conference (ALC). The conference will be September 15-18 at the Walter E. Washington Convention Center.
Sen. Ronald W. Burris (D- Ill) is hosting a panel “Exploring Minority Business Opportunities with the Federal Government” on Thursday, September 16, 2010.
Sen. Ronald W. Burris (D- Ill) is hosting a panel “Exploring Minority Business Opportunities with the Federal Government” on Thursday, September 16, 2010.
Much to-do and media attention has been focused on the little boy or girl from the "undeserved" community, sitting behind a big computer screen, glancing at their first view of the Internet. From grant opportunities to major partnerships with the big technology giants, the transformation from hopelessness to hopeful is occurring.
Yet the cries of the victims resonate, calling out for vindication. How long, how long before the wicked are silenced and the poor receive rest from their woes. Strike three, you're out, mandatory minimum sentences, lack of economic development opportunities, lack of vision -- and the people perish.
Yet the cries of the victims resonate, calling out for vindication. How long, how long before the wicked are silenced and the poor receive rest from their woes. Strike three, you're out, mandatory minimum sentences, lack of economic development opportunities, lack of vision -- and the people perish.
Each month, the Treasury Department releases new information about how homeowners in its mortgage modification program are faring. And each month, the numbers get bleaker.
About 1.3 million homeowners have received a trial modification, a temporary reduction in payments designed to make sure they can keep up with the lower monthly bill. It is supposed to last three or four months. For most, it has lasted longer than that, and for over a quarter of a million homeowners, it has lasted longer than six months.
About 1.3 million homeowners have received a trial modification, a temporary reduction in payments designed to make sure they can keep up with the lower monthly bill. It is supposed to last three or four months. For most, it has lasted longer than that, and for over a quarter of a million homeowners, it has lasted longer than six months.
Congresswoman Maxine Waters was the keynote speaker at a recent forum designed to help Black and other non-White businesses, as well as those run by women, gain greater access to major banks and brokers to help sustain and establish their corporations.
“Since the recession really took hold in December 2007,” the congresswoman explained, “about 2.3 million homes have been repossessed by banks. Currently, about one in 10 American households, with a mortgage, is at risk of foreclosure.”
“Since the recession really took hold in December 2007,” the congresswoman explained, “about 2.3 million homes have been repossessed by banks. Currently, about one in 10 American households, with a mortgage, is at risk of foreclosure.”
From the Council of Economic Advisors (CEA) Blog
Today’s employment report was better than expected. Private sector payrolls increased by 67,000 in August -- the eighth consecutive month of private sector job growth. This growth is consistent with other recent data reports indicating that the economy is continuing to recover, albeit at a somewhat slower pace than in the early spring.
The rate of job growth, however, is not as large as needed to bring the unemployment rate down quickly. Indeed, the unemployment rate rose one-tenth of a percentage point to 9.6%, as more than half a million people joined the labor force. The President continues to work with his economic team and with Congress to identify measures that could help speed the recovery and put the economy on a path of steadily declining unemployment.
Today’s employment report was better than expected. Private sector payrolls increased by 67,000 in August -- the eighth consecutive month of private sector job growth. This growth is consistent with other recent data reports indicating that the economy is continuing to recover, albeit at a somewhat slower pace than in the early spring.
The rate of job growth, however, is not as large as needed to bring the unemployment rate down quickly. Indeed, the unemployment rate rose one-tenth of a percentage point to 9.6%, as more than half a million people joined the labor force. The President continues to work with his economic team and with Congress to identify measures that could help speed the recovery and put the economy on a path of steadily declining unemployment.
CRL Terms Findings a National Tragedy
In the 1930s movie classic, It’s a Wonderful Life, a family run savings and loan was the only opportunity in a town for working families to secure a mortgage and know the pride of home ownership. Fast forward to 2009, and the available financial tools to home ownership are still elusive, especially for people of color.
According to the recently released Home Mortgage Data Act (HMDA) Report, last year African-Americans and Latinos experienced “notably higher” application denial rates than those experienced by white applicants. Moreover, this disparity existed even when taking risk factors into account whether the application was for a home purchase or refinance of an existing loan.
In the 1930s movie classic, It’s a Wonderful Life, a family run savings and loan was the only opportunity in a town for working families to secure a mortgage and know the pride of home ownership. Fast forward to 2009, and the available financial tools to home ownership are still elusive, especially for people of color.
According to the recently released Home Mortgage Data Act (HMDA) Report, last year African-Americans and Latinos experienced “notably higher” application denial rates than those experienced by white applicants. Moreover, this disparity existed even when taking risk factors into account whether the application was for a home purchase or refinance of an existing loan.
As the U.S. Treasury Department devoted a day’s discussion this week to the future of two housing government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, the Center for Responsible Lending (CRL) issued a new research report that details the impacts and characteristics of foreclosures in the nation’s most populous state, California.
Dreams Deferred dispels the McMansion myth that the foreclosure crisis is the result of consumers purchasing high-priced, opulent estates. Instead, the new report found that the majority of California foreclosures were modest homes of three bedrooms or less with a median size of only 1,492 square feet.
Although foreclosures are highest in major cities such as Los Angeles, the highest concentration or density of foreclosures occurred in the big-city exurbs of Central Valley and Inland Empire.
Dreams Deferred dispels the McMansion myth that the foreclosure crisis is the result of consumers purchasing high-priced, opulent estates. Instead, the new report found that the majority of California foreclosures were modest homes of three bedrooms or less with a median size of only 1,492 square feet.
Although foreclosures are highest in major cities such as Los Angeles, the highest concentration or density of foreclosures occurred in the big-city exurbs of Central Valley and Inland Empire.
County Executive to Announce Assistance to 600 First Time Home Buyers through the County’s
Down Payment on Your Dream Program .
Awards to be distributed to Top Producing Lenders, Realtors and Housing Counseling Program Partners
Down Payment on Your Dream Program .
Awards to be distributed to Top Producing Lenders, Realtors and Housing Counseling Program Partners
Prince George’s County Executive Jack B. Johnson along with the Department of Housing and Community Development (DHCD) will announce homeownership assistance to 600 first time homebuyers through the “Down Payment on Your Dream” Program. The Program is part of the County’s federally funded Neighborhood Stabilization Program (NSP) to stabilize neighborhoods hit hard by foreclosures.
“Since Prince George’s County kicked off this program in July 2009, it has made the American dream of homeownership possible for so many and has successfully stabilized many neighborhoods by turning vacant foreclosures into occupied homes,” said County Executive Jack Johnson.
Thomas Penny III runs the Courtyard by Marriott Convention Center hotel, which is close to the Verizon Center and the bustling Chinatown community in Northwest. Courtesy PhotoThomas Penny III is the general manager of the Courtyard by Marriott Convention Center in Northwest and one of the few African Americans in charge of a prominent hotel in the D.C. metropolitan area. Penny, 35, said that the position has elevated his stature.
"In Washington, there are 92-plus hotels and there are only six Black general managers," Penny said. “The industry is still predominantly White male but is wide open for people of color."
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