11-09-2024  3:05 pm   •   PDX and SEA Weather

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NORTHWEST NEWS

In Portland, Political Outsider Keith Wilson Elected Mayor After Homelessness-focused Race

Wilson, a Portland native and CEO of a trucking company, ran on an ambitious pledge to end unsheltered homelessness within a year of taking office.

‘Black Friday’ Screening Honors Black Portlanders, Encourages Sense of Belonging

The second annual event will be held Nov. 8 at the Hollywood Theatre.

Democratic Attorney General Bob Ferguson Wins Governor’s Race in Washington

Ferguson came to national prominence by repeatedly suing the administration of former President Donald Trump, including bringing the lawsuit that blocked Trump’s initial travel ban on citizens of several majority Muslim nations. 

African American Alliance On Homeownership Turns 25, Honors The Skanner Cofounder Bernie Foster

AAAH's executive director Cheryl Roberts recalls how the efforts of Bernie Foster led to an organization that now offers one-on-one counseling for prospective home buyers, homebuyer education, foreclosure prevention services, estate planning, assistance with down payments and more.

NEWS BRIEFS

Volunteers of America Oregon Announces Retirement CEO, Kay Toran

Toran's tenure at VOA Oregon is marked by decades of dedicated public service in the State of Oregon and unwavering commitment to...

NAACP Launches Innovative $200 Million Fund of Funds to Transform the Venture Capital Landscape

The fund will invest in fund managers and startups that are focused on closing gaps facing communities of color. ...

Legal Services Corporation Announces 2025 Grant Awards for Civil Legal Services

The grants are part of LSC's ongoing effort to support legal aid organizations in providing essential services to underserved...

Maxine Dexter Elected to Fill Earl Blumenauer's Seat

Blumenauer: “I can think of no person I would rather have take my place” ...

Dan Rayfield Elected Oregon’s Next Attorney General

Rayfield thanks AG Ellen Rosenblum and is honored "to follow her footsteps." ...

Family of 31-year-old American tourist killed in Hungary's capital mourns loss, suspect in custody

BUDAPEST, Hungary (AP) — Family members of a 31-year-old American tourist who was killed while on vacation in Hungary’s capital mourned their loss while a 37-year-old suspect was in custody Saturday. The victim, Mackenzie Michalski from Portland, Oregon, was reported missing on...

Police arrest a man after 9 people are stabbed over 2 days in Seattle

SEATTLE (AP) — A man has been arrested in connection with a spate of random stabbings over two days in Seattle, in which nine people were injured -- five of them on Friday afternoon, police said. “This incident was apparently one individual over a 38-hour period of time committing...

Memphis visits UNLV after Haggerty's 25-point outing

Memphis Tigers (1-0) at UNLV Rebels (1-0) Las Vegas; Saturday, 6 p.m. EST BETMGM SPORTSBOOK LINE: Tigers -1.5; over/under is 158 BOTTOM LINE: Memphis faces UNLV after PJ Haggerty scored 25 points in Memphis' 83-75 victory against the Missouri Tigers. ...

Davis scores 22, Southern Illinois defeats Missouri S&T 86-64

CARBONDALE, Ill. (AP) — Kennard Davis scored 22 points as Southern Illinois beat Missouri S&T 86-64 on Friday night. Davis also had five rebounds, eight assists, and seven steals for the Salukis (1-1). Elijah Elliott scored 14 points, going 5 of 10 from the floor, including 1...

OPINION

Why Not Voting Could Deprioritize Black Communities

President Biden’s Justice40 initiative ensures that 40% of federal investment benefits flow to disadvantaged communities, addressing deep-seated inequities. ...

The Skanner News 2024 Presidential Endorsement

It will come as no surprise that we strongly endorse Vice President Kamala Harris for president. ...

Black Retirees Growing Older and Poorer: 2025 Social Security COLA lowest in 10 years

As Americans live longer, the ability to remain financially independent is an ongoing struggle. Especially for Black and other people of color whose lifetime incomes are often lower than that of other contemporaries, finding money to save for ‘old age’ is...

The Skanner Endorsements: Oregon State and Local Ballot Measures

Ballots are now being mailed out for this very important election. Election Day is November 5. Ballots must be received or mailed with a valid postmark by 8 p.m. Election Day. View The Skanner's ballot measure endorsements. ...

AFRICAN AMERICANS IN THE NEWS

Actor Tony Todd, known for his role in the movie 'Candyman' and other films, dies at 69

Actor Tony Todd, known for his haunting portrayal of a killer in the horror film “Candyman” and roles in many other films and television shows, has died, his longtime manager confirmed. He was 69. Todd died Wednesday at his home in the Los Angeles area, his manager Jeffrey...

Man charged with participating in march with flaming torch has pleaded guilty to lesser charge

CHARLOTTESVILLE, Va. (AP) — Another man charged with carrying a flaming torch with the intent to intimidate during a 2017 rally at the University of Virginia campus in Charlottesville has agreed to a plea deal. Dallas Jerome Nicholas Medina, 32, of Ravenna, Ohio, was originally...

Trump’s gains with Latinos could reshape American politics. Democrats are struggling to respond

MIAMI (AP) — From Pennsylvania to Florida to Texas, areas with high numbers of Hispanics often had little in common on Election Day other than backing Republican Donald Trump over Democrat Kamala Harris for president. Trump, the president-elect, made inroads in heavily Puerto Rican...

ENTERTAINMENT

Macy’s Thanksgiving Parade will feature Ariana Madix, T-Pain, 'Gabby’s Dollhouse' and pasta

NEW YORK (AP) — A eclectic group of stars — including reality TV's Ariana Madix, Broadway belter Idina Menzel, hip-hop's T-Pain, members of the WNBA champions New York Liberty and country duo Dan + Shay — will feature in this year's Macy’s Thanksgiving Day Parade. Music...

Celebrity birthdays for the week of Nov. 10-16

Celebrity birthdays for the week of Nov. 10-16: Nov. 10: Blues singer Bobby Rush is 90. Actor Albert Hall (“Ally McBeal,” ″Beloved”) is 87. Country singer Donna Fargo is 83. Lyricist Tim Rice is 80. Actor Jack Scalia is 74. Director Roland Emmerich (“The Patriot,”...

Music Review: State Champs’ self-titled album is enjoyable, quintessential, predictable pop-punk

New York pop-punk band State Champs’ self-titled album is one fans of the genre have heard before — a band musing about awkward interactions at parties, overthinking their romantic relationships and scorning the mundane. Across 12 tracks, the album is charming, but unchallenging. ...

U.S. & WORLD NEWS

Japanese ace Roki Sasaki to become available to MLB teams this offseason

CHIBA, Japan (AP) — Japanese ace Roki Sasaki will be available to Major League Baseball teams this offseason. ...

Anti-abortion advocates press Trump for more restrictions as abortion pill sales spike

WASHINGTON (AP) — Anti-abortion advocates say there is still work to be done to further restrict access to...

Democracy was a motivating factor for both Harris and Trump voters, but for very different reasons

WASHINGTON (AP) — While inflation and immigration emerged as the dominant themes in this year's presidential...

North Korean GPS manipulation disrupted dozens of planes and vessels, South Korea says

SEOUL, South Korea (AP) — South Korea’s military said North Korea disrupted GPS signals from border areas for...

A Ukrainian medic fell in love with a soldier on the front. They died together in a Russian attack

A crowd of mourners lit torches and intoned a military chant to honor a Ukrainian medic and a soldier who fell in...

100-year-old Royal Air Force veteran will join UK memorial service for the first time

LONDON (AP) — Michael Woods has visited his wife, Mary, every day since she moved into a nursing home two years...

Charlene Crowell NNPA Columnist

Mike Calhoun, president of CRL



Fix or Evict, the Center for Responsible Lending's latest in a series of research reports on mortgage lending and foreclosures, reaches eye-opening conclusions in its ongoing scrutiny of America's still-unfolding foreclosure crisis.  It's no secret that banks and other loan servicers are harming struggling homeowners by pushing unnecessary foreclosure.  Now, this research shows that banks are also acting directly against the best interests of loan investors – the companies that own the loans including pension funds and life insurance companies. 

Most importantly, the report found that the lending industry's poor track record on loan modifications cannot be blamed on homeowners who re-default.

"It's well documented how mortgage servicers' unfair, shoddy practices have hurt homeowners," said Mike Calhoun, president of CRL.  "This research shows that servicers also routinely give the investment community a raw deal." 

At present, families facing eviction outnumber those with a modification by a 12-1 margin. Updated statistics show that residential mortgage foreclosures are on track to reach 13 million by the end of 2014 at a cost of nearly $1 trillion in direct losses to families, local governments, and financial institutions. When CRL factored in the lost value to homes in close proximity of foreclosures, $1.9 trillion in losses will be stripped away by 2012. 

From CRL's perspective, it is time for the banks to accept the consequences for the hundreds of billions of dollars in damages that have been inflicted on the nation.  It was the lack of accountability by banks that is so disturbing when the public bailed them out. Before any foreclosure is allowed to proceed, there needs to be full disclosure for homeowners and investors to ensure that every loan got a good look from the servicer. Further, the current loan servicing investigation by the nation's attorneys general must result in remedies to reform an industry that perpetuated the crisis. Let's not forget that this crisis began with foreclosures and spread to the rest of the economy.

Findings from Fix or Evict? also corroborate recent data from the Home Affordable Modification Program (HAMP), which showed how four out of five households that received HAMP modifications are still current on their mortgages.  Unlike many short-term loan repairs that occur outside the HAMP program, HAMP loan modifications are most likely to involve reducing the homeowner's monthly payment – and this is the type of modification that is likely to be the most successful.

It is amid this growing body of objective analyses that some from the investment side are questioning the low number of modifications as well.

"The misalignment of economic interests between the owners of mortgages and those who service them is the single reason why the mortgage problem has become a crisis and a massive economic drain on this country", said Bill Frey, president of Greenwich Financial Services and a longtime investor advocate. 

"Servicers have been allowed to follow their own voluntary loan modification program", said CRL's Calhoun, "and the result has gone against the best interests of everyone but the servicers themselves.  We need mandatory reforms that ensure servicers follow the law and act in the best interests of their clients – that would end up benefiting everyone."  

Perhaps if investors with deep pockets could align themselves with the people whose pockets have been picked, we could have a real and sustainable recovery.  Sure, it would be an odd couple alignment. But, maybe after so many losses, it's the one that could make the true difference.

 

Charlene Crowell is the Center for Responsible Lending's communications manager for state policy and outreach.

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