The New York Times By: Julie Bosman March 30, 2010
An unusual and much-heralded program that gave poor families cash to encourage good behavior and self-sufficiency has so far had only modest effects on their lives and economic situation, according to an analysis the Bloomberg administration released on Tuesday.
Flagpole Magazine (Georgia; CFED) By: Andre Gallant March 31, 2010
"We're creating a new animal in a short period of time," says Gwen O'Looney of the micro-enterprise development work underway at ACTION, Inc. The former Athens mayor is managing a $1.2 million American Recovery and Reinvestment Act grant that bolsters much of ACTION's anti-poverty and community stabilizing work, but with a portion of the funds, O'Looney is nurturing an economic development tool that targets low-income Athenians who lack access to traditional credit.
The U.S. Small Business Administration will continue to provide enhancements on its two largest small business loan programs under the federal recovery act, thanks to an extension signed by President Barack Obama.
The News & Observer (North Carolina) By: Alexandra Forter Sirota March 26, 2010
Vice President Joe Biden visited North Carolina last week to discuss the Obama administration's Middle Class Task Force and to tour a local "green" manufacturing plant. Biden's visit and the first annual report from the task force, released last month, signal a renewed commitment to rebuilding the American middle class. This is welcome news.
America's small-business owners are finding themselves cut off from the money they need, as banks drastically reduce credit limits and freeze lending. True to the entrepreneurial spirit, however, they're finding a new solution -- from the third world.
DENVER - From balancing a checkbook to learning how to save for retirement: financial questions, both simple and complex, are answered at the King Trimble Economic Prosperity Center. That is just what founders wanted.
The New York Times By: Fernanda Santos March 29, 2010
For three years, Juan Maldonado worked in a sleek skyscraper in Midtown, reconciling stock trades at a Lehman Brothers subsidiary that managed $216 billion in assets. These days, he toils in a cramped, decidedly unglamorous office in southeastern Queens, helping the poor and the unemployed stretch budgets that often amount to a couple of hundred dollars a week.
Crain's Cleveland Business By: Arielle Kass March 22, 2010
Institutions aim to wake up 'unbanked' to value of saving money, dealing in financial mainstream
Not everyone has a bank account. There are some people - many people, in fact - who deal on the outskirts of the financial system. They go to check cashers or payday lenders; they keep their money on their person or under their mattress.
The New York Times By: David Streitfield March 26, 2010
Will it work this time?
Once again, the federal government is adding to its arsenal of programs for troubled homeowners, seeking to help those who urgently need it while neither angering nor creating perverse incentives for those who do not.
Although it is a requirement to file a tax return each year, how to do so is not taught in school, or at the workplace. This means that many people are left with the decision to try to figure out their own tax return as best they can, or suck up their pride, open their wallets, and hire a professional to do it for them.
The New York Times By: David Streitfield March 25, 2010
The Obama administration on Friday will announce broad new initiatives to help troubled homeowners, potentially refinancing several million of them into fresh government-backed mortgages with lower payments.
WASHINGTON -- Ask Elizabeth Warren, scourge of Wall Street bankers, how they treat consumers, and she will shake her head with indignation. She will talk about morality, about fairness, about what she calls their "let them eat cake" attitude toward taxpayers. If she is riled enough, she might even spit out the Warren version of an expletive.
Columbus County is one of two North Carolina counties awarded Community Development Block Grants to provide down-payment assistance and financial literacy training for first-time homebuyers, N.C. Commerce Secretary Keith Crisco announced.
Americans stung by the recession and the burst housing bubble hunkered down as the decade ended. As a result, hot spots in the South and the West that had surged in population after 2000 grew more slowly or lost migrants to other places, according to census data released Tuesday.
San Francisco Chronicle By: Rebecca King March 23, 2010
As a fledgling 30-something female sheep farmer, I rack up more than my share of Little Bo Peep jokes. In reality, I haven't lost my sheep.I know exactly where to find them because they're the key to my successful cheese-making start-up enterprise and my farm outside Watsonville.
The New York Times By: David Leonhardt March 23, 2010
For all the political and economic uncertainties about health reform, at least one thing seems clear: The bill that President Obama signed on Tuesday is the federal government's biggest attack on economic inequality since inequality began rising more than three decades ago.
The Washington Post By: David Cho and Brady Dennis March 23, 2010
The Senate banking committee voted along party lines Monday to transform the regulation of financial markets, sending another piece of far-reaching legislation to the full Senate a day after Congress approved an overhaul of the nation's health system.
LINDSAY -- Thirty-three proud employees at the city-owned McDermont Field House -- a three-story recreation center that draws people from miles around -- were crushed when they received pink slips in a budget crunch late last year.
BOSTON -- Jane Petion lived in her home for 15 years and saw its value rise slowly, rise rapidly and, when the housing bubble burst, plunge at a sickening pace that left her owing $400,000 on a house worth closer to $250,000. Last June, her lender foreclosed on the property. The family received notices of eviction and appeared in housing court.
Though it was penned nearly half a century ago in support of a losing candidate, many Americans are still familiar with the phrase, authored by speechwriter, Karl Hess, for presidential candidate, Barry Goldwater, which stated: "Extremism in the defense of liberty is no vice"
The Citi Foundation has won a 2010 Community Reinvestment Award for its support of the Corporation for Enterprise Development's Self-Employment Tax Initiative, a national project that delivers business development services to low-income entrepreneurs during the annual income tax filing process.
WASHINGTON -- The 1,336-page bill to overhaul financial regulation that Senate Democrats put forward on Monday with the backing of the Obama administration calls for Washington to play a more active role in policing Wall Street.
Americans believe the American Dream is in trouble: 60 percent say the dream is harder to achieve for them than it was for their parents, and 68 percent say it will be even more difficult for their children.
To review legislative proposals designed to create jobs related to energy efficiency, including a Majority Staff Draft on energy efficient building retrofits; Testimony by: Stacey Epperson March 11, 2010
Adrienne Lauer tried out and interviewed twice before scoring a pastry chef job at Boulder's acclaimed Frasca Food and Wine.
But that job meant moving from Denver to Boulder to avoid wasting hours commuting. A single mom, all she could find to rent in her price range was a one-bedroom apartment. She slept on the couch for almost two years so her son could have the room.
The Washington Post By: Renae Merle March 13, 2010
About 90,000 distressed borrowers have lost their mortgage aid under the government's foreclosure prevention plan, and many more are at risk of losing the help, according to Treasury Department data released Friday.
The Wall Street Journal By: Mark Whitehouse March 15, 2010
YPSILANTI, Mich.--Thomas Harrison, chief executive of Michigan Ladder Co., has a plan that would contribute to the U.S. economic recovery: Expand the 108-year-old company, adding at least 20 jobs in the process. His chances of getting the loan of $300,000 or more he needs to do so, though, depend in part on what happens to folks like home builder James Haeussler.
Janice Johnson left her job as a managing director at a major New York financial services company at age 49 to start her own executive training business. Almost immediately, that plan was sidetracked when her mother became seriously ill with the West Nile virus. Traveling to Mississippi where her mother lived to provide care became Johnson's main occupation for the next two years.
The Senate approved a $140 billion package of tax breaks and aid to the unemployed Wednesday, the most substantial effort by the chamber to boost the nation's economy since it passed the stimulus bill last year.
Investment Business Weekly (IDA; ADD) March 21, 2010
According to recent research from the United States, "Homeownership is a desirable goal for most Americans and is considered an integral part of the American Dream. Empirical studies indicate homeownership has many positive outcomes."
WASHINGTON -- Senator Bob Corker, the Tennessee Republican who is playing a crucial role in bipartisan negotiations over financial regulation, pressed to remove a provision from draft legislation that would have empowered federal authorities to crack down on payday lenders, people involved in the talks said. The industry is politically influential in his home state and a significant contributor to his campaigns, records show.
Pittsburgh Post-Gazette By: Tim Grant March 09, 2010
Women of all races bring home less income and own fewer assets, on average, than men of the same race, but for single black women the disparities are so overwhelmingly great that even in their prime working years their median wealth amounts to only $5.
Star Tribune (Minnesota) By Kara McGuire March 8, 2010
Jack the cat was sick of living in a basement apartment and yearned for his own window ledge. His owners, Nou Thao and Brian Bussey, were ready to move, too. Fortunately for the engaged couple, their timing couldn't be better. Interest rates are at rock bottom, properties are more affordable than they've been in years, and dozens of valuable home-buying incentives are enticing buyers into the market.
Washington Post By Michael A. Fletcher and Dana Hedgpeth March 9, 2010
Millions of Americans have been forced to rely on unemployment payments for extended periods as the nation struggles through its longest period of high joblessness in a generation, and critics are taking aim, saying that the Depression-era program created as a temporary bridge for laid-off workers is turning into an expensive entitlement.
Lubbock Avalanche-Journal (Scorecard) By: Sara McLarty March 9, 2010
Texas was given a "D" grade by the Corporation for Enterprise Development for how families are doing in the economic turndown. CFED notes Texas is trailing behind the rest of the country in health care resources, education (our teachers rank 48th in salary compensation), and asset-building policies and outcomes. Texas has more children uninsured than any other state: a whopping 1,526,180; and more than 4 million uninsured adults. And Texas emits more pollutants into the air than any other state. Voters need to know these facts when casting ballots in the primaries and in the fall elections. Voting has consequences.
DELRAY BEACH, Fla., March 8 /PRNewswire-FirstCall/ -- WikiLoan, Inc. (OTC Bulletin Board: WKLI), a financial social network today announced that it expects to receive final design and specifications for the first stage product of "Wiki" branded phone cards to be sold through SDI's distribution channel that reaches more than 20,000 retail locations by early next week. The approval of the design and specifications will be the first real step taken since executing an agreement signed last month.
FOR decades, the federal government has subsidized housing --
particularly owner-occupied housing. This has been especially true during the
continuing financial crisis, with Fannie Mae, Freddie Mac and the Federal
Housing Administration propping up the housing market by issuing guarantees for
investors on most new mortgages.
Big business and advocates for the working poor often have
trouble finding common ground. But that shouldn't be a problem for the next few
weeks leading up to April 15. New research shows they both have more than ever
at stake this year in boosting California's woefully low participation in the
country's largest program for the working poor -- the earned-income tax credit.
They just need to realize it.
Even though the Great Recession and the real estate crash
are fading, African Americans are still at a greater disadvantage. Commentator
Angela Glover Blackwell says that's in part because of how they were able to
get into the housing market.
Ryan Fochler's life
changed six years ago when he left his job in the computer industry to buy an
Arlington County-based dog-walking business with $50,000 in personal savings
and a home-equity line of credit. The firm grew quickly, with revenue more than
doubling each year. By 2008, Fochler was ready to expand the business into a
full-fledged pet day-care service called Dog Paws 'n Cat Claws.
WASHINGTON--The House of Representatives moved a $15 billion jobs bill closer to final passage Thursday, but some of the targeted businesses say the measure is underwhelming and won't likely lead them to boost hiring in a big way.
With the expanded
homebuyer federal income tax credit currently in effect for first-time and
qualified repeat buyers, now is the perfect time to consider making that big
purchase, your first, or next, home.
Mayor Thomas M. Menino of Boston, as part of an effort to
spur business growth, will announce today a partnership with a nonprofit group
in Charlestown that offers ``microloans'' of $500 to $50,000 to small companies
unable to borrow from large banks.
As President Obama
tackles the financial crisis, his policies must address the economic distress
unevenly affecting Americans. Assessments of the impact cannot be reduced to
abstract averages or gross aggregates. Jobless rates and other economic
measures have human dimensions that vary dramatically across the nation.
WASHINGTON -- A proposal to give the Federal Reserve the
primary responsibility for protecting consumers from abusive and deceptive
financial products emerged on Tuesday as a potential breakthrough after months
of partisan gridlock in the Senate over the terms of a broad overhaul of
CHARLESTON - Customers with the state's electric
cooperatives, including those in Dorchester County, could receive new
appliances, weather-proofing upgrades and heat pumps to make their homes more
As the Worker, Homeownership and Business Assistance Act of
2009, extending the First-Time Homebuyer Credit and expanding who qualifies,
expires on April 30, the Silicon Valley Association of Realtors, a professional
trade organization representing more than 4,000 people engaged in the real
estate business on the Peninsula and in the South Bay, would like to share
information from the Internal Revenue Service regarding the top 10 things to
know about the expanded credit and the qualifications buyers must meet in order
to qualify for it.
The federal government announced on Tuesday that it would
begin producing an experimental measurement of poverty next year, a step toward
the first overhaul of the formula since it was developed nearly a half-century
ago by an obscure civil servant in the Social Security Administration.
If cheap is chic, then saving is suddenly sexy. America
Saves Week, which is just wrapping up, takes on new meaning when the U.S.
savings rate, which had dipped into negative territory, headed up to 4.6
percent last year. The savings rate could climb as high as 6.5 percent,
according to Allianz Group Economic Research.
The chairman of the Senate Banking Committee on Friday proposed creating a Bureau of Financial Protection inside the Treasury Department to regulate mortgages, credit cards, payday loans and other consumer products.