by Paul Kiel, ProPublica - May 4, 2010 Allow us to make an introduction: Homeowners, local journalists. Local journalists, homeowners. We’d like to set you up. Since last May, nearly 800 struggling homeowners from all over the country have shared their stories with ProPublica about their efforts to get a loan modification through the federal program. With their help, we showed the incredible delays and frustrations applicants typically face: mortgage servicers have repeatedly lost documents , misinformed homeowners , and denied modifications for reasons that run contrary to the program’s guidelines. Among the 1.1 million homeowners who’ve begun the program’s trial stage, which is supposed to last three months, hundreds of thousands have waited in limbo for six months or more. We have no doubt that there are many more important stories to be told. By any account, millions of homeowners are facing possible foreclosure. Although we read every homeowner’s story, we can only use a fraction in our coverage. That’s why we’re offering to set up our readers with local journalists (with the homeowner’s permission, of course). Often, the media can be the most effective recourse for homeowners who have nowhere else to turn. We’re calling our service ProPublica’s Reporting ...

Congresswoman Eddie Bernice Johnson, Southwest Center Mall, and the Consumer Credit Service of Greater Dallas will host a Financial Education Lecture Series on Thursday, July 30, 2009 from 4PM to 6 PM.  The free workshop  on surviving a financial crisis is scheduled to help attendees: Prepare a back-up plan in case of a job loss Identify resources for financial assistance Take steps in saving your home Financial Stress Test For more information, call 214-922-8885 SEMINAR LOCATION Southwest Center Mall 3662 W Camp Wisdom RD Dallas, TX

BY JAMES "BIRD" GUESS Credit cards do not put people in debt, financial decisions that people make is what put them in debt! On May 22, 2009, President Obama signed The Credit Card Holder’s Bill of Rights Act into law, which could potentially help people become debt free quicker. This new legislation will dramatically help the roughly 50% of American consumers who have charged nearly $1 trillion, and carry an average balance of $8,000. Twenty percent of those who carry a balance are paying more than 20% interest on that balance. Most of the new legislation will not become effective until early 2010, but it will finally use some common-sense methods regarding interest rates. For example, it prohibits lenders from increasing interest rates on existing balances (stuff you already charged) unless you are more than 60 days late on your bill. And if you actually fall behind on paying your credit card bill and the rate is increased, the lender must restore the lower rate if you have paid your bill on time after six months. Also, borrowers are required to have periodic payment history reviews by their lenders and have their rates decreased if indicated by the review. This may be hard ...

I thought Gemna Holmes from Gemna Speaks had an interesting take in a recent post regarding Tavis Smiley. I thought I'd repost some of it here: This is the third in a series of posts about Tavis Smiley and Wells Fargo, sponsor of the State of the Black Union (SOTBU). Everyone is in uproar about Wells Fargo employees calling loans to black mortgage holders “ghetto loans” and the disdain they showed for the customers they made the most profit from. But the media, especially black media, has been very silent about the role Tavis Smiley played in helping stack this ill fated deck of cards that has plagued the black community in several major cities. When Mr. Smiley first partnered with Wells Fargo in 2005, he was a TEACHER of economic empowerment and assembled seminars around the country as the keynote speaker for wealth building. Press releases filled every major news outlet inbox and black newspapers were infected with faxes stating Mr. Smiley’s desire to teach the principles of home ownership as the key for breaking the cycle of poverty in the African American community. All this knowledge was given at no charge to trusting black folks. This was the golden ...

BY JAMES "BIRD" GUESS Wall Street investor conman, Bernie Madoff, made off with billions of investor’s money and on December 10, 2008, he confessed to orchestrating an estimated $65 billion “ponzi scheme,” that is considered the largest act of investor fraud ever by a single person. On March 12, 2009, Madoff appeared in court and pled guilty to 11 felonies. He faces a maximum sentence of 150 years in prison, and will also have to pay mandatory restitution and fines estimated at $170 billion. After prosecutors froze Madoff’s accounts and seized his business and personal assets, they accounted for only $830 million. Prosecutors are expected to investigate members of Madoff’s family as well. Former investors who contributed to Madoff’s investment funds, who profited and cashed out, may be asked to return some of their “false profits” to remaining investors in order to make them whole. Despite the billions in losses, fines, and public outrage, Madoff did not implicate any other person who may have known or helped him pull off this sophisticated scam, instead he went out solo. What!! Are you telling me one man pulled off the largest investment scam in history by himself? Yeah right! Federal investigators definitely have their work ...

President Barack Obama was very clear about how he felt regarding recent reports of bonuses paid out at AIG (American International Group), that surfaced over the weekend. "This is a corporation that finds itself in financial distress due to recklessness and greed," the President said in remarks made at the White House with Secretary Timothy Geithner present. Obama went on to talk about the money that AIG has received from the U.S. Treasury and the $165 million in bonuses the company paid out on contracts signed be fore receiving TARP (Troubled Asset Relief Program) money. "I've asked Secretary Geithner to use that leverage and pursue every single legal avenue to block these bonuses and make the American taxpayer whole," Obama went on to say. Hear President Obama's Remarks from the White House. New York Attorney General Andrew Cuomo sent a letter to AIG requesting who received the bonuses (sent out on Friday), their job description/title, and performance. Cuomo set a deadline of 4 p.m. on Monday as at deadline, but had not heard back from the company when the time came and went. He's now in the process of issuing subpoenas. There's no doubt that AIG executives should make it ...

Guest Post by Community Supporter Higgins and Associates Keeping your stuff is probably important to you. Faced with financial obligations that you are unable to pay, understanding the exemptions available in bankruptcy can help you take steps to preserve as many of your belongings as possible in a chapter 7 bankruptcy case. In the State of Texas, both federal and state bankruptcy exemptions are available for those filing bankruptcy. There are some limits on certain exemptions such as equity that you have in a home or in a vehicle. The law office of Robert A. Higgins and Associates, with convenient locations in the Dallas Fort Worth Metroplex has offered assistance to hundreds of clients looking for a way out of debt. Below is a brief summary of the exemptions available to those who file bankruptcy in Texas. Homestead: Unlimited, although, property cannot exceed 10 acres in town, village, city, or 100 acres elsewhere (200 per family). Sale proceeds exempt for 6 months after sale. Pensions: Tax-exempt retirement accounts, traditional and Roth IRAs to $1,095,000 per person, and virtually all pension and survivor’s benefits. Insurance: Most life, health, accident or annuity benefits, monies, policy proceeds and cash value, due or paid to beneficiary or insured. Miscellaneous: Property of business partnership; alimony ...

By James "Bird" Guess What if I lost my job? Over 3 million Americans fell victim to job loss in 2008. Unfortunately, losing your job may create new tax issues. Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or sick time are also taxable. What if I am searching for a job? You may be able to deduct certain expenses while looking for a new job in the same occupation, even if you do not obtain employment. Such expenses may include travel and transportation, copying, printing and mailing of resumes and employment/outplacement agency fees. Stay focused and keep “grindin” What if my 401(k) dropped in value? In 2008, Americans lost over $2 trillion in their retirement savings and watched their 401(k)’s be reduced to 201 (k). You cannot claim a capital gains loss on your retirement accounts since they are already receiving favorable tax treatment. What if I can’t pay my taxes? You can contact the Taxpayer Advocate Service (TAS) at 1-877-777-4778. TAS, is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, and who are seeking help in resolving tax problems that have not been resolved. What if I’m missing a W-2 If you have not received ...

In the last couple of months, the health posts submitted by guest blogger Jason Johnson have been very well received. Jason is a personal trainer and is the proprietor of JMJ Fitness. Kristin (formerly known as Jazzy) who blogs at Because I Said So and serves as Co-Host on my Blog Talk Radio Show (Shawn P. Williams Now), has enlisted Jason's services for a 6-week program. "I was a size 6 forever until I got married (almost 4 years ago)," Kristin said on her blog as she discussed her decision." She went on to say "over a four year period I have packed on twenty pounds." I asked Jason exactly what the program will look like. "I have designed a time-efficient and effective fat loss exercise routines for Kristin." Jason said. "She will workout 4 times a week and follow my online training exercise program and diet plan," he says. She will also follow the diet plan for the full 6 weeks," he said. Kristin's program started on Monday. Kristin's Day One Snack Once or twice each week Kristin will update us on the progress of her weight loss journey. She'll tell us what she feels ...

  BY JAMES "BIRD" GUESS “Remember the Lord your God, for it is He who gives you the ability to produce wealth” -- Deuteronomy 8:18 What does the Bible have to say about money? Many people may consider the Bible to be only a book detailing Jesus’ teachings and the principles of Christianity, while ignoring other real-life issues of money and wealth. You may be surprised to know, according to Biblical historians Craig Hill and Earl Pitts, the New Testament contains approximately ten times as many verses regarding money and credit as it does salvation and faith. The New Testament contains 215 verses on faith, 218 verses on salvation, and 2084 verses discussing stewardship and accountability for money and finance. It appears that money and wealth is an important issue addressed in the Bible, and must continue to be addressed by all Christians. Could it simply mean that GOD wants you to get your money right? In these trying economic times, when we are asked to handover 10% of our income to support “GOD’s house,” some Christians may cringe when they have to dig deep into their pockets or pull out their checkbooks to pay tithes. You should consider tithes the greatest investment of all time because ...