Home
Jo Freeman Reviews Hope's Kids, A Voting Rights Summer
Jo Freeman reviews and writes: Alan Venable was one of Hope’s kids. A junior at Harvard, he joined 18 students from Brandeis University and four from other Boston area schools to go to Columbia S.C. for ten weeks. After two weeks, six of them moved to Calhoun County. When they started canvassing only 490 blacks were registered to vote in that county. They registered 114 in July, under the very restrictive registration rules typical of the Southern states, which were generally applied to blacks but not to whites. When the VRA became law on August 6, it removed the literacy test. Another 500 registered in the next two months. more »
A decade after housing bust, mortgage industry is on shaky ground, experts warn: "There is great fragility. These lenders could disappear from the map”
The ripple effects of a market collapse would be severe, and taxpayers would potentially be on the hook for losses posted by failed mortgage companies. In addition to loans backed by the FHA or VA, the government is exposed through Ginnie Mae, the federal agency that provides payment guarantees when mortgages are pooled and sold as securities to investors. The mortgage companies are supposed to bear the losses if these securitized loans go bad. But if those companies go under, the government “will probably bear the majority of the increased credit and operational losses,” the paper concludes. Ginnie Mae is especially vulnerable because almost 60 percent of the dollar volume of the mortgages it guarantees comes from nonbank lenders. more »
My New Roommates, Alexa and Google Home
Rose Madeline Mula writes: After living alone for over thirty years, I recently acquired two new roommates. The adjustment is proving to be very interesting — not only regarding my relationships with them, but also theirs with each other. Their names are Alexa and Google Home, and they reside in opposite ends of my condo — Alexa lives in my den, and Google in my bedroom. I myself am an insomniac, and they are awake and available around the clock to tell me the time, the temperature, the weather, and the news of the world, or any celebrity gossip. (I was shocked when Google identified the latest person to be accused of sexual harassment!) more »
*FOIA Response from HUD Reveals 646% Increase in Foreclosures against Seniors in 2016; HUD Must Do Better Monitoring Servicers When They Report "Non-occupancy" As Reason For Foreclosing
In January 2017, the California Reinvestment Coalition and Jacksonville Area Legal Aid submitted a Freedom of Information Act request to the Department of Housing and Urban Development, seeking data about reverse mortgage foreclosures in HUD’s Home Equity Conversion Mortgage program, and about a new HUD program meant to keep widowed and widower non-borrowing spouses in their homes after the death of their spouse. New data indicates that there was a 646% increase in foreclosures last year against seniors with federally insured reverse mortgages as compared to the previous 7 years. more »