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"When I discover who I am, I'll be free." - Ralph Ellison
Turning Tragedy Into Triumph- Coach Michael Taylor Interviews Frederick H. Lowe, founder of The NorthStar News and AnalysisThe NorthStar News on The Dr. Vibe Show

February 16, 2012

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Mortgage Settlement Agreement

Mortgage Settlement Agreement Five Banks Agree To Pay $25 Billion To Settle Mortgage Abuses

African Americans have been disproportionately hurt by the mortgage foreclosure crisis, but it is not clear how much they will be helped by this deal.

By Frederick H. Lowe

Mortgage Settlement Agreement's Key Points

•    According to the agreement, which needs federal court approval, the servicers are required to dedicate collectively $20 billion toward various forms of relief to borrowers.

49 Attorneys General Signed Federal-State Mortgage Agreement

Their Contact Information Is Listed
Alabama Attorney General Luther Strange (R)
501 Washington Ave. P.O. Box 300152

Banks Involved In The Mortgage Settlement Agreement And Their Contact Information

Ally/GMAC Ally/GMAC: 800-766-4622
Ally Financial Inc., which is based in Detroit, has agreed to make $110 million in federal and state payments. The bank also will provide $200 million in relief to borrowers. This includes principal writedown, refinancing and other programs.
The bank's website is https://www.gmacmortgage.com/finform/hhstart.htm

Bank of America
Bank of America
Bank of America: 877-488-7814
Bank of America, which is based in Charlotte, N.C., has agreed to make $3.24 billion in federal and state payments. The bank also will provide $8.58 billion in relief to borrowers. This includes principal writedown, refinancing and other programs. The bank's website is http://homeloanhelp.bankofamerica.com

Citigroup
Citigroup
Citigroup: 866-272-4749
Citigroup Inc., which is based in New York City, has agreed to make $415 million in federal and state payments. The bank also will provide $1.79 billion in relief to borrowers, including principal writedown, refinancing and other programs.
The bank's website is https://www.citimortgage.com/Mortgage

JPMorgan Chase
JPMorgan Chase
JPMorgan Chase: 866-372-6901
JPMorgan Chase & Co., which is based in New York City, has agreed to make $1.08 billion in federal and state payments. The bank also will provide $4.21 billion in relief to borrowers, including principal writedown, refinancing and other programs. The bank's website is https://www.chase.com/chf/mortgage/keeping-your-home

Wells Fargo
Wells Fargo
Wells Fargo: 800-288-3212
Wells Fargo & Co., which is based in San Francisco, has agreed to make $1.01 billion in federal and state payments. The bank also will provide $4.34 billion in relief to borrowers, including principal writedown, refinancing and other programs.
The bank's website is https://www.wellsfargo.com/homeassist/

 Video of the week

President Obama Speaks on Landmark Housing Settlement with Banks

Black Gay Men Differ On Roland Martin’s Punishment

Black Gay Men Differ On Roland Martin’s Punishment by Frederick H. Lowe
Black gay men are divided over whether CNN should take a tougher stance against political commentator Roland Martin, regarding his anti-gay tweets during the Super Bowl.

South Africa Will Issue Banknotes Honoring Nelson Mandela

South Africa Will Issue Banknotes Honoring Nelson Mandela by Frederick H. Lowe

The South African Reserve Bank, the country's central bank, will issue new banknotes with a specially designed engraving of Nelson Mandela, the country's first black president.

Officials of the bank, which is based in Pretoria, made the announcement on February 11, 22 years after Mandela walked out of prison a free man and assumed a greater presence on the world stage.

Bank officials said they were upgrading the security features on the banknotes to prevent counterfeiting. 

“The current note series was upgraded in 2005, and while the security features remain effective, we decided that it is time to produce a new note series,” bank officials said. “In consultation with South African President Jacob Zuma and Pravin Gordhan, South Africa Finance Minister, the currency will have the same denominations, sizes and colors, but the front of all the notes will carry a specially designed engraving of former President Nelson Mandela.”

South Africa's currency is the Rand, which is widely used for payments throughout Sub-Saharan Africa and globally. The Nelson Mandela banknote will be issued toward the end of 2012, said bank officials. South Africa is the first country to honor Mandela with a banknote featuring his portrait, said Owen W. Linzmayer of Banknote News, which is based in San Francisco.
 
There are, however, numerous streets and squares, in Europe, in  the United Kingdom and in Africa, named in honor of Mandela. Tourists who visit Kingston, Jamaica, drive there on the Nelson Mandela Highway. In 1988, the former Soviet Union issued a commemorative stamp, honoring Mr. Mandela as a freedom fighter.

Prison officials released Mr. Mandela on Feb. 11, 1990. He had served 27 years in prison, spending many of these years on Robben Island. Following his release from prison, Mandela led his party in the negotiations to a multi-racial democracy in 1994. Mr. Mandela served as South Africa's president from 1994 to 1999. In 1993, Mandela and Frederik Willem de Klerk, then president of South Africa, shared the Nobel Peace Prize for ending apartheid.

As president, Mandela frequently gave priority to reconciliation, while introducing policies to combat poverty and inequality in South Africa. Mandela has retired from public life.

Museum Of African American History And Culture Schedules Groundbreaking

Museum Of African American History And Culture Schedules Groundbreaking The National Museum of African American History and Culture will officially break ground next week in Washington, D.C., six years after the project was launched.

NorthStar News & Analysis Briefs

NorthStar News & Analysis Briefs Economic Policy Institute to Host Panel Discussion on Black Unemployment

U.S. Rep. John Conyers, Jr., (D.,Mich.) will deliver the keynote address before a panel discusses African Americans and the economic recession today, February 16, at the Economic Policy Institute in Washington, D.C.

Whitney Elizabeth Houston

Whitney Elizabeth Houston Private funeral services for the singer Whitney Houston will be held on Saturday, February 18, in Newark, N. J., a  spokesperson for the Whigham Funeral Home, which is handling the arrangements, told The NorthStar News & Analysis.
 
"The funeral is scheduled for noon at New Hope Baptist Church

Super Bowl, Super Dollars

Super Bowl, Super Dollars by Cheryl Pearson-McNeil
Being that I’m not a football fan, it stands to reason that the Super Bowl isn’t normally high on my priority list. But I felt I had a vested interest in tracking the results of Super Bowl XLVI this year for a few reasons.

 First of all, I’m from Fort Wayne, Indiana (don’t hate) and

NorthStar’s Week in Black History

NorthStar’s Week in Black History February 16 through February 22

February 16

1852 ----- Classics scholar and university president, William S. Scarborough, was born in Macon, Ga.

Born into slavery and emancipated during the Civil War, Scarborough was admitted to Atlanta University in 1869 where he earned a bachelor’s degree.  He also earned a master’s degree from Oberlin College. A classics scholar, Scarborough taught at Wilberforce University, eventually becoming president of the institution in 1908.  He served in that post for 12 years. His textbook, First Lessons in Greek (1881), was widely used in

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