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Banks Encourage Homeowners to Sell at a Loss

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Pam Hall

By Tanya
Dennis

Banks are encouraging underwater homeowners to short sale their properties, that is, sell their home at a loss rather than go through foreclosure.
In 2009, the Obama Administration designed a $75 billion   “Making Home Affordable program, initially created to help distressed borrowers’ receive loans so they could stay in their homes.
Unfortunately, the plan also offers incentives for banks if they do not offer modifications for borrowers and allow homeowners instead to sell their home at a loss.
Lenders are increasingly using this program to receive government incentive payments by offering homeowners the opportunity to short sale their homes.  Under the plan, the government also shares the cost of extinguishing second liens in the form of second mortgages.
“Banks push homeowners into short sales, and the houses go to investors,” said Pam Hall, chairwoman of the Home Defender’s League.
“In Oakland, investor-owned properties are transforming our neighborhoods, especially in communities of color, as homeowners lose their homes, and Section 8 tenants are pushed out as tenants.
“Mayor Quan is dedicated to stabilizing the Oakland housing market, but rampant short sales are undermining any attempt Mayor Quan, grass-root organizations and housing organizations are using to try and keep people in their homes.”
Over 25 percent of California borrowers were underwater between 2007 and 2010, and average Americans lost 40 percent of their wealth during the recent Great Recession
With banks quick to foreclose and slow to offer loan modifications, the loss of wealth in the middle class is likely to increase.
“The Multiple Listing Service show homes in foreclosure, and real estate agents are flooding homeowner with ‘deals’ to bail out of their homes,” said Hall. “The results are, investors are able to come in, revamp a home and boost the price or get permits to tear down and build other entities that aren’t a fit for the neighborhood.”
According to Bill Fricke, senior credit officer for Moody’s Investors Service in Manhattan, banks like these short sales. “Banks have decided the deals are faster and less costly than foreclosures, which have slowed in response to regulatory probes of abusive practices. Banks are nudging potential sellers by pre-approving deals, streamlining the closing process, and in some cases providing large cash incentives.”
Looking for ways to keep people in their homes, community organizers point to the multi-state agreement between the nation’s attorneys general and the banks and how the banks continue to benefit to the detriment of homeowners.
As part of the nationwide $2-billion agreement with Bank of America, Ally Financial, Citi Mortgage, JPMorgan Chase and Wells Fargo, forgiving short sale debt is one way lenders can meet their financial obligations.
Nationwide, about 60 percent of the debt forgiven through Sept. 30 has been through short sale deficiency waivers.
“If banks were committed to stabilizing the housing market, they would keep homeowners in their homes by offering across the board principal reductions rather than short sales. Unfortunately the bank makes more money with short sales. The results are that homeowners get sold out,” said Hall.
About 14 million homeowners are in foreclosure, behind on their mortgages or owe more than their properties are worth, said RealtyTrac Inc., a property-data company in Irvine. California.

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Coronavirus

SEN. TIM SCOTT SOLVES ASIAN AMERICANS’ MODEL MINORITY PROBLEM

In the official GOP response to President Joe Biden’s Joint Speech to Congress last week, Scott offered up his childhood growing up with a single mother in a one-room apartment, and then looked America in the eye and said, unequivocally, “America is not a racist country.”

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Asian Americans have long been  hampered at times by the “Model Minority” stereotype. What’s that about? You know, how Asian Americans’ success has been used against them in that “look how good they are” way. It’s an excuse to ignore them.  Here’s the thinking: as model minorities, we can all  ignore them. They don’t need any government help, affirmative action, or any such handouts. They are model minorities, ergo, the subtext–Why can’t you all be like them! 

But not this year! 

Sen. Tim Scott (R-South Carolina) has made a gift to all Asian Americans.

We aren’t the model minority anymore.

He is.

In the official GOP response to President Joe Biden’s Joint Speech to Congress last week, Scott offered up his childhood growing up with a single mother in a one-room apartment, and then looked America in the eye and said, unequivocally, “America is not a racist country.”

He was taking away our crown of “model minority” and placing it on his own head. And tying it on with his own bootstraps. 

Got to hand it to Scott. He likes to brag: “I get called Uncle Tom and the N-word by progressives, liberals.” But honestly, to say America is not a racist country is possibly a bigger lie than “Trump won last November.”

A Biden margin of victory of nearly 7 million voters debunks that lie.

It would take just one chapter  of Asian American history—just the Filipino part– to refute Scott.

In an historical context, taking away Asian Americans’  “model minority” burden is quite significant. 

Dropping the stereotype is important as America, after the Atlanta mass murders , finally begins to understand that we Asian Americans are beyond stereotypes. All together, Asian Americans are  23 million strong and diverse, from more than 20 countries. And we’re growing, destined to overtake the Hispanic population as the No.1 ethnic minority by 2060, according to the Pew analysis of Census data.

It’s especially important as the government looks to engage with all of its people in a new inclusive way.

It is the New America many of us in the ethnic media have been talking about for the last 20 years.

And that’s what Scott and the GOP are trying to negate that positive uplifting message of President Biden’s national address to a new America. 

We’re getting a lot of history in the first hundred days of Joe Biden. In that speech, we got the precious first image of a U.S. president speaking to a joint session of Congress, flanked by a female speaker of the house, and a female vice president—a multi-racial woman of Black and Asian descent.

It’s the good history of an evolving democracy.

When Biden talked about “real opportunities in the lives of Americans,” he didn’t any of us leave us out.

“Black, white, Latino, Asian American, Native American,” Biden said, then he segued into a thank you. “Look, I also want to thank the United States Senate for voting 94-1 to pass the Covid-19 Hate Crimes Act to protect Asian American Pacific Islanders.”

Seven seconds of applause. And then to top it off, he transitioned to a mention of the Equality Act to protect transgender youth.

These were the specific and necessary moments when many of us could see ourselves. They were signs that government hasn’t forgotten who it’s governing—all Americans, of all stripes, collars, and colors. Biden’s all-encompassing economic plan covering infrastructure and families would cost anywhere up to $4 trillion.

Worth it? It is if we still want to be an America that’s of the people, by the people and for the people.

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Art

Student Work – Nayzeth Vargas

There is freedom with the Zentangle; there is no expected visual outcome and students are less prone to creative blocks and self-criticism. 

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This piece was created by Nayzeth Vargas, a senior at Oakland Technical High School. The Zentangle Method is a therapeutic technique which uses combinations of contrasting patterns and values to create an image. Students were introduced to the Zentangle Method to offset the mental stress they were experiencing due to the COVID-19 pandemic and social isolation.  

There is freedom with the Zentangle; there is no expected visual outcome and students are less prone to creative blocks and self-criticism. 

Nayzeth is enrolled in the West Oakland Legacy and Leadership Project, an integrated arts program that supports youth in developing thoughtful, educated voices for their communities. Though art, youth practice mindfulness and boundless creativity. Enrollment for the West Oakland Legacy and Leadership Project is open to youth ages 13-18 through AHC, for more information visit ahc-oakland.org/legacy.

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Community

Edna Lewis: Humanizing the Black Chef

In 1948, female chefs were few and far between; black female chefs were almost nonexistent. But that didn’t stop Lewis from partnering with John Nicholson, an “antique dealer and bohemian with a taste for high society,” to open her own restaurant. It was called Café Nicholson. Located on East 57th Street in Manhattan, the café quickly became legendary.

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For decades, chefs, food critics, and writers neglected Southern cooking. Stereotypes dehumanizing chefs remain an echo in black culture today, from Aunt Jemima, the so-called happy servant on the syrup bottle to the promise of black servitude flooding TV commercials targeted at white American travelers to the fictional character Uncle Ben, created to sell rice to those in black communities. But Edna Lewis (1916–2006) was real and a giant in the culinary world.
Lewis was born on her grandfather’s farm in the rural community of Freetown, Va., a town founded in the late 19th century by three formerly enslaved people. One was Lewis’ grandfather. He also started the first school in Freetown, holding classes in his living room.
Despite not having modern conveniences, Lewis learned to cook early on. Most of her cooking lessons were taught by her aunt, Jenny. The two would prepare food using a wood-fire stove. Without fancy spoons or scales, they used coins and measured seasonings the old-fashioned Southern way: piling baking powder on pennies, salt on dimes, and baking soda on nickels. It has been said that Lewis could tell when a cake was done “just by listening to the sound it was making.”
Lewis left home after the death of her father; she was 16 at the time. She first relocated to Washington, D.C. and later to New York City. There she took on jobs as a presser in a Laundromat and at the Daily Worker, a local newspaper. She took part in political demonstrations and campaigned for Franklin D. Roosevelt. But what Lewis didn’t know was that her cooking was about to make her a local legend in The Big Apple.
In 1948, female chefs were few and far between; black female chefs were almost nonexistent. But that didn’t stop Lewis from partnering with John Nicholson, an “antique dealer and bohemian with a taste for high society,” to open her own restaurant. It was called Café Nicholson. Located on East 57th Street in Manhattan, the café quickly became legendary.
Lewis did all the cooking. Her simple Southern dishes, the ones she learned to prepare on a wood-fire stove, attracted a crowd of famous faces: Tennessee Williams, Truman Capote, Richard Avedon, Gloria Vanderbilt, Marlene Dietrich, and Diana Vreeland. Business was great and Lewis was making a name in the culinary world.
Lewis stayed with the restaurant until 1954. Café Nicholson was sold years later to Chef Patrick Woodside.
In the late sixties, Lewis broke her leg and took a hiatus from cooking professionally. It was then that she began to compile some of her recipes. The result: the Edna Lewis Cookbook. In 1976 she wrote The Taste of Country Cooking, which became was one of the first cookbooks penned by an African-American woman to reach a nationwide audience.
Lewis’ teaching and cookbooks have influenced and inspired countless young chefs. She retired as a chef in 1992.

Source: https://www.thespruceeats.com/edna-lewis-1664995
https://en.wikipedia.org/wiki/Edna_Lewis
https://www.womenshistory.org/education-resources/biographies/edna-lewis
Image: https://www.eater.com/2017/1/7/14200170/edna-lewis-cookbook-bestseller-top-chef

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