(Pam Fessler, NPR) Here's a startling figure: The typical white family has 20 times the wealth of the median black family. That's the largest gap in 25 years.
Complete Story...
Today is Sunday, February 05, 2012 1:05AM
(Audio) Making It In The U.S.: More Than Just Hard Work
September 19, 2011 by BBN Editor,
(Video) Paschal’s, Once A Civil Rights Landmark, Is In Tatters
August 21, 2011 by BBN Editors,
(Tim Carman, The Washington Post) Paschal’s Motor Hotel and Restaurant, once the epicenter of the civil rights movement in the ’60s, is now an eyesore. Many of its windows are shattered, missing or boarded up.
Complete Story...
California Creating Mortgage Fraud Task Force
May 23, 2011 by BBN Editors,
. California Attorney General Kamala Harris, saying that years of unscrupulous lending still haunts the state, is creating a 25-person task force to target mortgage fraud of any size — from small operations that preyed on troubled borrowers to corporations that sold risky loans as safe investments.
Complete Story...
Washington Mutual Bank Collapses. Bank Marketed Heavily to Latinos, Blacks.
September 25, 2008 by bbn editors,
(BBN Editor’s Note: Washington Mutual Bank, the nation’s largest savings and loan bank, collapsed today. Its customers are now in the hands of banking institution JPMorgan Chase.
Complete Story...
Hip-Hop May Save Bronx Homes
February 24, 2008 by Louise Roug, LA Times
In the beige linoleum hallway, a fluorescent light flickers on and off as a woman saunters over to visit her neighbor. The elevator creaks and whines, then frees a gaggle of giggling girls.
Complete Story...
By Jesse Washington/AP: The disappearing black middle class
July 11, 2011 by editor (View Source)
(Jesse Washington/AP) Millions of Americans endured financial calamities in the recession. But for many in the black community, job loss has knocked them out of the middle class and back into poverty. And some experts warn of a historic reversal of hard-won economic gains that took black people decades to achieve.
“History is going to say the black middle class was decimated” over the past few years, said Maya Wiley, director of the Center for Social Inclusion. “But we’re not done writing history. More...
Economy poll: African Americans, Hispanics were hit hardest but are most optimistic
February 20, 2011 by editor (View Source)
(wapo) Despite severe losses during the recession, the majority of African Americans see the economy improving and are confident that their financial prospects will improve soon. That optimism, shared to a lesser degree by Hispanics, stands in stark contrast to the deeper pessimism expressed by a majority of whites. In general, whites are more satisfied with their personal financial situations but also more sour about the nation's economic prospects.
Those are among the findings of a new Washington Post-Kaiser Family Foundation-Harvard University poll that probed attitudes in the wake of a downturn that more than doubled unemployment and wiped away nearly a fifth of Americans' net worth.
African Americans and Hispanics were more likely to be left broke, jobless and concerned that they lack the skills needed to shape their economic futures. More...
HUD sees 20% rise in ‘worst case’ housing. Hispanics and families with children were the most affected.
February 07, 2011 by editor (View Source)
(chicago business via Latinopolicy. org) The number of households forced to spend more than half of their monthly income on rent and possibly also live in severely substandard conditions rose by more than 20 percent between 2007 and 2009, the federal government said Tuesday.
Almost 7. 1 million low-income households were defined as having “worst case housing needs” as a result of joblessness, rising rents and a general lack of affordable rental housing.
The dramatic increase was the largest in any previous two-year period since at least 1985, when the Department of Housing and Urban Development began collecting data on renters whose incomes are less than 50 percent of the area median income and who are not receiving government rental assistance. More...
(NY) The State Senate this week passed a bill that would require paid holidays, sick days and vacation days for domestic workers, along with overtime wages. It would require 14 days’ notice, or termin
June 08, 2010 by editor (View Source)
(nyt) In a city of secret economies, few are as vital to the life of New York as the business of nannies, the legions of women who emancipate high-powered professionals and less glamorous working parents from the duties of daily child care.
Those nannies, as well as other domestic workers who make possible the lives of New York’s eternally striving work force, have long gone without basic workplace guarantees that most employees take for granted.
That appears likely to change soon.
The State Senate this week passed a bill that would require paid holidays, sick days and vacation days for domestic workers, along with overtime wages. It would require 14 days’ notice, or termination pay, before firing a domestic worker. More...
The Other Foreclosure Menace. Mortgage Paid Off, Woman Loses Home -- Over a Small Water Bill
May 20, 2010 by editor (View Source)
(hupo investigative fund) One raw day in early February, Vicki Valentine stood by helplessly as real estate investors snatched her West Baltimore home over what began with an unpaid city water bill of $362.
As snow threatened to fall, she watched a work crew hired by the new owners punch out the lock on her front door. A sheriff’s deputy was on the scene while Valentine and her teenage son piled whatever they could into a borrowed car.
Running out of time, Valentine scrambled to pack up clothing and mementos. The home had been her family’s for nearly three decades, and her father had paid off the mortgage in 1984. More...
Study: White Families Now $95K Richer Than African-American Families On Average.
May 18, 2010 by editor (View Source)
(hupo) In the last 23 years, the gap between the average net worth of African-American families and white families has more than quadrupled, according to a new study by researchers at Brandeis University.
In examining data from 1984 to 2007, Brandeis's Institute on Assets and Social Policy found that
the average white family now has accumulated $95,000 more in total wealth than the average African-American family. One quarter of African-American families, the report notes, currently have no financial assets to protect themselves from financial ruin. (Scroll down to see chart. )
The report's authors argue that, through a mixture of policy mistakes and discrimination, most of the wealth during that period flowed into the hands of white families. More...
(photos) For sale: The house that Michael Vick built at 2927 Darlington Run, Duluth, Georgia
March 06, 2009 by editor (View Source)
(ajc/ap/funarirealty) For sale: the remains of an American success story gone horribly wrong.
On a peaceful cul-de-sac in Atlanta's prosperous northern suburbs, a behemoth of a home sits empty and lifeless at 2927 Darlington Run. Four towering columns greet those who enter through a double set of thick, wooden doors. Out back, an idyllic lake laps at the edge of the yard. Within the walls, all the telltale signs of wealth and luxury — a pool room, a movie theater, an indoor golf range, assorted-sized statues of black panthers throughout. More...
Opinion: Treasury Secretary Tim Geithner's plan is huge but also disciplined. It's designed by someone aware of government's limitations.
February 10, 2009 by editor (View Source)
(nyt) It’s no fun being a leader in a financial crisis. You’ve got to be bold but reassuring, free-spending but disciplined. You must decisively crush the short-term problem without freaking everybody out and leaving a long-term mess.
To my mind, the stimulus packages on Capitol Hill fail to strike these balances. They are broad but sloppy, too slow to make a quick difference and too enduring to avoid fiscal damage. More...
NYC Residents: See If You Have Unclaimed Funds
January 03, 2009 by editor (View Source)
(nystategov) The State of New York is currently holding billions of dollars in unclaimed funds. Some of this money may belong to you! To search the list of unclaimed funds, view source.
. . . More...
Jobless claims jump to 573,000, a 26-year high. Report shows businesses laying off workers at rapid pace and finding employment is harder.
December 11, 2008 by editor (View Source)
(mktwatch) The U. S. labor market weakened further last week, with the number of first-time filings for state unemployment benefits jumping by 58,000 to a 26-year high of 573,000, the Labor Department reported Thursday.
The number of people collecting unemployment benefits rose by 338,000 to stand at 4. 43 million, also the highest since late 1982. More...
Real estate a trap for Atlanta couple buried under three mortgages, two education loans and private school bills for their two children.
November 30, 2008 by editor (View Source)
(ajc) When housing was hot and credit easy, Nadege Adam and Jude Valles gorged.
Together and separately, the couple bought a five-bedroom house in Smyrna, a condominium in Smyrna for his mother and another condo at an intown development that was creating a lot of buzz at the time — Atlantic Station.
Atlantic Station was so popular in 2005 and 2006 that a lottery was used to sell homes. Adam got lucky, she thought, and purchased a two-bedroom condo at Twelve for $387,700.
The couple’s gung-ho approach to real estate turned out to be an enormous mistake. More...
Food Prices Expected to Keep Going Up.
November 30, 2008 by editor (View Source)
(nyt)Government and industry economists project that the overall cost of food will continue to climb in 2009, led by increases for meat and poultry. A big reason, they say, is that food companies still have not caught up with the prolonged run-up in commodity prices, which remain above historical averages despite coming down from their highs early this year.
. . . More...
General Motors plans to invest billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market.
November 23, 2008 by editor (View Source)
(LAHT) General Motors plans to invest billion in Brazil to avoid the kind of problems the U. S. automaker is facing in its home market, said the beleaguered car maker.
According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U. S. More...
Stick a Fork in Harlem Soul Food? It Seems Done.
November 12, 2008 by editor (View Source)
(nyt/city room) M&G Diner, famed for its fried chicken, has been closed since the summer. (Photo: Chester Higgins Jr. /The New York Times)
As recently as 15 years ago, there were few dining options available in Harlem aside from soul food.
But the neighborhoods’ collection of soul food restaurants has long been dwindling — as tastes change, health concerns intensify and costs rise — and recent weeks have yielded yet more bad news.
M&G Diner, opened in 1968 and famed for its fried chicken — and a neon sign that reads, “Old Fashion’ But Good!” — closed for its annual July sabbatical this summer and has not reopened. More...
Great Depression colors seniors’ view of crisis. Some consider taking all of their money out of the bank and hiding it.
October 15, 2008 by editor (View Source)
(msnbc) Marcelle Uptain grew up during the Great Depression, so her response to the recent bank turmoil, the stock market plunge and home foreclosures was simple — take her money out of the bank and hide the cash at home.
Her son had to talk her out of it.
"I have a little steel box with a key and I was thinking about taking my checking account out and putting it in there," said Uptain, 83, who grew up in Alabama and lives at a senior center here.
For Americans who lived through the Depression, the last few months have felt like deja vu. Many of them are pulling money out of the bank, shopping for discounts and warning younger relatives about darker days that may lie ahead. More...
Pasadena woman facing eviction is found dead in burning home
October 15, 2008 by editor (View Source)
(lat) Firefighters discover the body of Wanda Dunn, 53, in a back room of the house, which was in foreclosure. Police say she had suffered a gunshot wound, and a gun was found nearby. A series of financial setbacks left Wanda Dunn facing eviction from the house in Pasadena where her family had lived for generations. Early Monday, the day of her expected eviction, firefighters pulled her body out of the house as it burned. She apparently had set it on fire before shooting herself in the head, authorities said. More...
Mortgage Forgiven for 90 Year Old, Addie Polk, Who Shot Herself As Sheriff's Deputies Attempted to Evict Her.
October 05, 2008 by editor (View Source)
(AP) Mortgage finance company Fannie Mae said it is forgiving the mortgage debt of a 90-year-old woman who shot herself in the chest as sheriff's deputies attempted to evict her.
Addie Polk's plight was cited by Rep. Dennis Kucinich, D-Ohio, on Friday before the House voted to approve the $700 billion financial rescue package. Kucinich voted against the plan.
Fannie Mae announced later Friday that it would dismiss its foreclosure action, forgive Polk's mortgage and allow her to return to the Akron home where she's lived since 1970. More...
Washington Mutual Bank Close to Tanking. "Regulators Said to Broker Rescue of Washington Mutual Bank."
September 25, 2008 by editor (View Source)
(nyt) Washington Mutual, the nation’s largest savings and loan, agreed Thursday to sell assets and some branches to JPMorgan Chase in a government-brokered deal to rescue the troubled bank, according to people briefed on the deal.
The deal is expected to be discussed at 9:15 p. m. on a conference call for investors held by JPMorgan.
The sale will give JPMorgan branches in California and other markets where it does not have a footprint. More...
Cathy Middleton has become black radio's favorite expert on child support.
September 14, 2008 by editor (View Source)
(vv) During a recent 15-minute segment on Power 105's Ed Lover Morning Show, Cathy Middleton fields calls coming in on the jammed switchboard.
"She's our most popular guest outside of celebrity artists that come to the show," Jennifer Romero, a screener handling the calls says about Middleton, who is also a regular guest of Wendy Williams at WBLS and Michael Baisden on his syndicated show.
A woman named Melissa calls in to the show with a typical question: "My baby's father owes arrears," she says, "but I don't want to collect them because he has been doing really well in paying child support. "
Middleton has not only helped hundreds of women track down their deadbeat baby daddies, but she's also helped men get out from under onerous demands from their baby mamas. It's the babies that matter, and sometimes, she argues, a baby mama should consider being more lenient than a court of law. More...
The Ultimate Price: Woman Who Was A Victim of Housing Fraud Dies After Stress of Foreclosure Becomes Too Much For Her.
September 08, 2008 by editor (View Source)
(nydn) The day Lucille Henry died, her family blamed high blood pressure, persistent diabetes - and the foreclosure on her Queens home.
The thought of losing her home, they say, literally killed her.
Just nine days before her death, Henry nearly collapsed at a court hearing on her home foreclosure. She wound up hospitalized. Last Nov. More...
Angry truckers to encircle D.C. with 'blockade'. Protesting administration plan to allow Mexican long-haulers on U.S. roads.
April 14, 2008 by editor (View Source)
(worlddaily) American truckers plan to circle the White House and state capitals in a "rolling blockade" to protest a federal government plan to allow Mexican long-haul rigs to operate throughout the U. S.
Drivers who participate in "Truck-Out" also are being asked to run their rigs at the minimum speed permitted by law.
The protest is scheduled for April 23-25 to coordinate with the "Hold Their Feet to the Fire" rally and radio talk show marathon in Washington planned by the Federation for American Immigration Reform.
"American truckers are going to have their jobs undercut or vanish into the hands of Mexican truck drivers as this Department of Transportation pilot project gains permanency," said Frosty Wooldridge, a writer and talk-show host who drove 18-wheelers for two decades. More...
Study: Gap between rich, poor Americans accelerates. Middle class stuck between a lower class with shrinking incomes; upper class expanding slice of the pie.
April 10, 2008 by editor (View Source)
(msn/reuters)
The gap between rich and poor in many U. S. states has broadened at a quickening pace since the last recession, which could make it difficult for low-income families to weather the current economic downturn, according to a report issued today.
Since the late 1990s, average incomes have declined 2. 5% for families on the bottom fifth of the country's economic ladder, while incomes have increased 9. More...
Outcry! Controversial proposal to rezone Harlem's legendary 125th St. is Approved.
March 11, 2008 by editor (View Source)
(nydn) Members of the city's Planning Commission were loudly denounced for approving a controversial proposal Monday to rezone Harlem's legendary 125th St.
The vote was also coolly received by residents and small business owners along the famed corridor, where high-rise office towers and condominiums could soon pop up.
"Uncle Tom sellout!" screamed Harlem architect and historian Michael Henry Adams as commission members voted 14-2 in favor of the plan, which still needs final approval by the City Council.
Adams said the white members were "destroying" Harlem by approving the plan, which he fears will bring housing built exclusively for "well-to-do whites. "
He singled out Amanda Burden, calling her a "rich, rich useless socialite. More...
Foreclosures up 75% in 2007
January 30, 2008 by editor (View Source)
(msn) More than 1% of all households slipped into foreclosure in 2007, as more borrowers failed to keep up on their mortgages. Nevada led the nation with the highest foreclosure rate, while California had the highest total number of foreclosures.
U. S. foreclosures jumped 75% in 2007 to more than 2. More...
The Child-Care Crisis. American Families Face Tough Decisions in Child Care. Affordability Off Limits to Many Families.
January 18, 2008 by editor (View Source)
(msn) When both parents work, families need someone to mind the kids. But with costs as high as $14,650 a year, day care can swallow most of one parent's wages. (BBN. . This is a good piece for families struggling with child care costs). More...
Fed’s Hit with Lawsuits by Katrina Victims Totaling 3 Quadrillion.
January 11, 2008 by editor (View Source)
(Times-Picayune) The most expensive Katrina claims filed so far against the Army Corps of Engineers -- those specifying damages of at least billion each -- total quadrillion, according to a thumbnail set of figures released Monday by the agency. That's $3,013,283,057,589,910, to be exact. And no cents.
One claim alone accounts for all but . 3 trillion of the total, and that one came from Baker -- 93 miles northwest of New Orleans and far outside the Katrina flood zone. More...
(MUST READ) Gap in Black Wealth. Class Divide Predicted Long Ago.
November 25, 2007 by editor (View Source)
(nyt) The Pew Research Center published the astonishing finding that 37 percent of African-Americans polled felt that “blacks today can no longer be thought of as a single race” because of a widening class divide. From Frederick Douglass to the Rev. Dr. Martin Luther King Jr. , perhaps the most fundamental assumption in the history of the black community has been that Americans of African descent, the descendants of the slaves, either because of shared culture or shared oppression, constitute “a mighty race,” as Marcus Garvey often put it. More...
3 ex-wives of Muslim bakery (Oakland) founder allege elaborate welfare scam
November 18, 2007 by editor (View Source)
(sfchron) As the late Yusuf Bey built Your Black Muslim Bakery into an empire of wealth and influence, he also orchestrated a systematic welfare fraud scheme at his Oakland compound, three of his former wives have testified.
By the wives' sworn account, Bey directed many of the 100 women whom he considered his wives to make fraudulent applications for government aid programs intended to assist poor families, then diverted the benefits to himself.
Bey's alleged fraud scheme began in the 1970s and continued in some form until his death in 2003, according to the women, who gave depositions in a negligence lawsuit against Alameda County that was settled out of court earlier this year.
The alleged fraud scheme was aided by two employees of the Alameda County Social Services Agency who were also Bey's sisters-in-law, the former wives testified. A welfare worker who was Bey's sister-in-law once tipped off the bakery that it might become the target of a fraud investigation, according to the testimony. More...
