Law School Discussion

Nine Years of Discussion
;

Author Topic: Home Ownership and Wealth Building  (Read 114243 times)

MsJay9

  • Sr. Citizen
  • ****
  • Posts: 876
  • I'm never down.....I'm either Up or Getting Up!
    • AOL Instant Messenger - msjy9
    • View Profile
Re: Home Ownership and Wealth Building
« Reply #180 on: May 24, 2005, 01:18:31 PM »

New Home possible Mortgage Products: required downpayment only $500. (There is a special product for teachers Ms Jay, check it out).  Let me know if you cannot access this link.

http://www.freddiemac.com/search/search_results.jsp?QueryText=home+possible+mortgages&pathName=%2F

Hey BP...I don't see the product for teachers....where is it?
If you always do what you always did then you'll always get what you always got!

One Step Ahead

  • LSD Obsessed
  • *****
  • Posts: 6465
  • you say you want a revolution
    • View Profile
Re: Home Ownership and Wealth Building
« Reply #181 on: May 24, 2005, 02:01:04 PM »

New and Improved Second Chance Banking Products Help Black Americans With Bad Banking History Get A Fresh Start 

Currently over 70 million Americans need new checking accounts in this country. Of that number, many of these individuals are minorities, single parents, senior citizens and/or divorcees. The Dottie Marketing Group Consumer Club (DMGCC) has launched a nationwide marketing campaign, assisting those individuals who have been blacklisted by ChexSystems and/or TeleCheck, the official credit bureaus of the banking industry.

ChexSystems and TeleCheck are reporting agencies that provide negative banking information about individuals, according to their history with banks. This, in turn, can ban that person from opening a new bank account of any kind with another bank for up to seven years.


DMGCC helps individuals set up new checking accounts with one of three FDIC Banks that they represent. A bank ATM cash card is also provided for easy access to the checking account. This bank ATM card does not have a MasterCard or Visa logo on it. However, it is widely accepted at most ATM machines and retail stores everywhere.

For those who want a card with a major credit card logo, DMGCC also offers a MasterCard logo debit card with unlimited usage per month for a $9 service fee. This debit card is one of the first bank debit cards to offer unlimited usage for a flat monthly rate. This new card also accepts direct deposits, wired cash, and mailed-in endorsed checks with personalized deposit slips.

The administrative process for both of these Second Chance Banking products is fast and easy. An individual can get set-up online or through the mail. Same day service is now available through Paypal online or via MoneyGram Express Payment wire for $6.95.

There is no need of a ChexSystems/TeleCheck credit check, an initial deposit, or an interview with a personal banker. An applicant is guaranteed approval for both banking products, as long as they are 18 years old, have a verifiable home address and telephone number, and possess a valid driver's license, state ID, military ID or US passport.

The one-time processing/set-up fees for these Second Chance Banking products are as follows:

New Checking Account set-up fee, only: $69.00;
MasterCard logo debit card set-up fee, only: $49.00;
or for both, only: $89.00

Senior Citizens 60 and over do not have to pay a fee to set up a new checking account. Only proof of age is required when applying.

For further information about these new Second Chance Banking products, contact:

Debby Thomas, Marketing Director, (866) 418-0133, www.2ndchancechecking.net


To apply, call the marketing representative in your respective area.

* Denise - East Coast Representative: 1-877-924-5030
* Daphne - Southern Representative: 1-877-374-7844
* Krystal - Los Angeles Representative: 1-877-827-7633
* David - Northern California Representative: 1-877-243-0651
* Luanna - Greater West Coast Representative: 1-800-679-8082
* Kayla - Midwest Representative: 1-866-747-9831


I actually know someone involved in a similar program in DC.  great idea

Lawprofessor

  • Sr. Citizen
  • ****
  • Posts: 3376
  • Pony Up!
    • View Profile
Re: Home Ownership and Wealth Building
« Reply #182 on: May 24, 2005, 02:14:12 PM »
What did I tell you all about Prince Georges County!!!

THE MOST AFFLUENT AFRICAN-AMERICAN AND BEST MANAGED COUNTY IN THE COUNTRY...THE PRINCE GEORGE'S MARYLAND STORY


Mitchellville, MD (BlackNews.com) - The New York Times ran a story on June 14, 1992 in The New York Times Magazine titled "The New Black Suburbs" by David J. Dent, featuring Prince George's County, MD. The cover photo featured the Johnson family, Jack B. and Leslie Johnson with their sons Jack Jr. and Zachary outside their home in Paradise Acres, a predominantly Black upper-middle-class neighborhood in Mitchellville, which is located in Prince George's County, MD.


At the time of the story Jack B. Johnson was a Prince George's county prosecutor; the county was 51% Black with a total population of 729,268. In addition, the County Executive was Parris Glendening, a white male who later became the Governor of the State of Maryland. Ironically, ten years later Jack B. Johnson became only the second African American to hold the position of County Executive and is one of only two African Americans who hold the position of County Executives in the United States.


According to a recent study on African American buying power by the University of Georgia, Prince George's County is the most affluent county in the country. In fact, its statistical contribution has made Washington DC the second most affluent African-American market and the number one city with the largest affluent African-American suburb. Currently, the population of Prince George's County is 850, 384 with African Americans comprising 62.7%.


Prince George's County has also become the Mecca for African Americans when seeing employment opportunities with its large number of African-American owned businesses such as Radio One the nation's largest African American owned radio broadcast network.


Gaylord National Resorts, which will become the largest combined hotel and convention center in the Washington, D.C. region, is building on the banks of the Potomac River, in Prince George's County's National Harbor. Gaylord National Resorts, which is the largest hospitality industry project to break ground outside of Las Vegas, is scheduled to open in March 2008. The 500 million dollar project will provide over a minimum of 150 million dollars for minority businesses in Prince George's County. The National Harbor, which is a mixed-use urban waterfront village covering 225 acres along one and one quarter miles of the Potomac River, is th e largest development in the history of Prince George's County. With that said, no wonder Prince George's County has a very hot climate for minority businesses!


Not only is Prince George's County, MD the most affluent, but also one of the best managed Counties in the US. There are 3,066 Counties in the United States. Prince George's County, MD alone with 39 other counties was selected in a group of 40 counties to determine how good a job most counties do at managing their finances, when they're allowed a reasonable amount of freedom. The 40 counties in Governing Magazine's "Government Performance Project" received an average grade of B- in Financial Management. Prince George's County with a B+ was tried for fourth place with first place go! ing to Fairfax County, VA with a grade of A-.


The Prince George's story is a great story to tell...A County that is over 300 years old, one of the best managed, received the highest bond rating in its history this year and has a Livable Community Initiative that is one of the best in the country! And last but not the less, the most affluent African-American county in the nation!!
Back in the saddle again.

_BP_

  • Sr. Citizen
  • ****
  • Posts: 2594
  • Think. Wait. Fast.
    • View Profile
Re: Home Ownership and Wealth Building
« Reply #183 on: May 24, 2005, 02:17:12 PM »

New Home possible Mortgage Products: required downpayment only $500. (There is a special product for teachers Ms Jay, check it out).  Let me know if you cannot access this link.

http://www.freddiemac.com/search/search_results.jsp?QueryText=home+possible+mortgages&pathName=%2F

Hey BP...I don't see the product for teachers....where is it?

It's on page 3 of the first pdf on that page.  It's called the HOme possible neighborhood solution 100 (this is the name of the product used by the lender).  

excerpt: Provides Temporary subsidy buydown plans permitting borrowers to qualify using an interest rate that is 1.5 % points lower than the stated rate.  This increases the purchasing power of teachers, firefighters, law enforcement workers, and healthcare workers so they can live in the community they serve

Only people in those "community serving" jobs mentioned above can qualify under the Home Possible Neighborhood Solution 100 product.  Let me know if you need more info, but note these products are facilitated at the lender level, so definitely mention that you are aware of them when it is time for you to shop for your mortgage.
UNITED STATES OF AMERICA
1776 TO 2006

_BP_

  • Sr. Citizen
  • ****
  • Posts: 2594
  • Think. Wait. Fast.
    • View Profile
Re: Home Ownership and Wealth Building
« Reply #184 on: May 24, 2005, 02:24:33 PM »
Msjay, follow this link to see if you meet the income eligibility for the above product.  I have it set for Ohio:

http://ww3.freddiemac.com/ds2/sell/affgold.nsf/frmState?OpenForm&State=OHIO
UNITED STATES OF AMERICA
1776 TO 2006

_BP_

  • Sr. Citizen
  • ****
  • Posts: 2594
  • Think. Wait. Fast.
    • View Profile
Re: Home Ownership and Wealth Building
« Reply #185 on: May 24, 2005, 02:29:49 PM »
If you qualify, follow this link:

http://www.freddiemac.com/singlefamily/mortgages/homepossible/ns100.html

scroll all the way to the bottom and you'll see a fact sheet for this particular product with relevant info.
UNITED STATES OF AMERICA
1776 TO 2006

MsJay9

  • Sr. Citizen
  • ****
  • Posts: 876
  • I'm never down.....I'm either Up or Getting Up!
    • AOL Instant Messenger - msjy9
    • View Profile
Re: Home Ownership and Wealth Building
« Reply #186 on: May 24, 2005, 02:43:30 PM »
 :) BP what did I ever do without you!  Thank You, I'll be looking into this fully this evening while I wait outside of babygirl's ballet class! :)
If you always do what you always did then you'll always get what you always got!

_BP_

  • Sr. Citizen
  • ****
  • Posts: 2594
  • Think. Wait. Fast.
    • View Profile
Re: Home Ownership and Wealth Building
« Reply #187 on: May 24, 2005, 03:04:05 PM »
:) BP what did I ever do without you!  Thank You, I'll be looking into this fully this evening while I wait outside of babygirl's ballet class! :)

Best believe it;)  Happy to help Msjay.
UNITED STATES OF AMERICA
1776 TO 2006

Omegaman

  • Sr. Citizen
  • ****
  • Posts: 499
  • Say it Loud! We're Black & Republican & Proud!!!
    • View Profile
Re: Home Ownership and Wealth Building
« Reply #188 on: May 24, 2005, 05:53:15 PM »
Mystics sold, Johnson becomes WNBA's first black female owner
May 24, 2005

WASHINGTON (AP) -- Former television executive Sheila Johnson became the WNBA's first black female owner Tuesday when she joined a group that purchased the Washington Mystics.

Johnson, co-founder of Black Entertainment Television, became a part-owner of Lincoln Holdings LLC, which purchased the Mystics from Abe Pollin's Washington Sports & Entertainment. Lincoln Holdings, founded by AOL executive Ted Leonsis, owns the NHL's Washington Capitals and is a 45-percent partner in the NBA's Washington Wizards and MCI Center, which Pollin also owns.

The Mystics said Johnson is believed to be the first black woman to be a part-owner of three professional sports franchises. Johnson's stake in Lincoln Holdings is between 5 and 10 percent.

ADVERTISEMENT
Leonsis said Johnson will hold the titles of president and managing partner of the Mystics and will represent the team at the board of governors meetings.

``We think it's time for an African-American woman to own a WNBA team,'' Pollin said. ``We sought her out, we think she's perfect to run a team.''

Her former husband, Robert L. Johnson, who co-founded BET with Johnson, is the owner of the Charlotte Bobcats of the NBA. The two divorced in 2002.

Sheila Johnson, who lives about 50 miles from Washington, is the director of the Washington International Horse Show, which is held annually at MCI Center.

``I hope that this is a signal that it's about time that a woman, and an African-American woman, is part of this whole scene of sports,'' Johnson said.

The purchase price for Pollin's share of the Mystics was about $5.5 million, which would put the franchise's worth at about $10 million.

The sale is the latest transfer of Pollin's holdings to Leonsis' group. In 1999, Lincoln Holdings bought the Capitals from Pollin, but Leonsis has said that team has consistently lost money. The Mystics, meanwhile, have led the WNBA in attendance five times since beginning play in 1998.

``I will say that the Mystics are managed and have been running better than the Washington Capitals. At least they're playing and have a shot at making money,'' Leonsis said. ``So it's an honor to be part of a team that is very vital and has been a leader in attendance so many years.

``Sheila really has a unique perspective on business and management and how to drive our sports teams forward,'' he added.

blk_reign

  • LSD Obsessed
  • *****
  • Posts: 7978
    • View Profile
Re: Home Ownership and Wealth Building
« Reply #189 on: June 03, 2005, 10:29:05 AM »
Ways & Means: Six Ways to Pay Off Your Student Loans Part 1

It is the moment you have been waiting for. After several grueling years of studying and wonderful memories of socializing., armed with your mint diploma, you are ready to enter the workforce to slay corporate Goliaths. Just as you are about to celebrate your journey to freedom you realize that there are a few roadblocks up ahead, including paying bills, buying a home and paying off those student loans you racked up while pursuing your higher education.


Now you might be thinking that you have plenty of time to worry about these things, especially since you have up until six months after graduation before you have to start paying off student loans. However, this grace period is actually the best time to begin repayment since student loan interest rates are over a half a percentage point lower. You’ll also want to give serious thought to repayment plans. You have four options:


Standard Payment
This is the quickest way to pay of your loans but it requires the highest monthly payments. In 10 years, you’ll have finished paying off your loans plus you’ll get the better interest rate. Should you land a great paying job out of college and can afford to make steep monthly payments, go with this plan.


Income-Sensitive Payment
This is a good fit if you’re unsure what your salary will be or get a job working on commission. Your monthly payments are calculated based on your gross monthly income and the total loan amount. You’ll get up to 15 years to pay it all off but you have to reapply for this plan each year.

Graduated Payment
This is ideal if you expect to make a modest salary starting out but expect it to steadily rise after a few years in the job market. With this plan, your monthly payments would increase every couple of years for the next 10 to 30 years.


Extended Payment
You can pay the least possible amount per month by lengthening your payback time up to 30 years. Of course by the time 30 years rolls around, you may have paid double the original amount of the loan and you’ll end up paying at the worst possible interest rate.


Bear in mind that if you fail to choose a repayment plan when you first begin repaying your loans, you’ll automatically be put on the standard one at a fixed rate. There may be some other options that you may be unaware of, including those that reduce or wipe out your student loan debt altogether.


Work Off Your Student Loans
Congress has passed a bill that will forgive your student loan debt up to $10,000 per year and $60,000 over your career if you work for the federal government. How about devoting a year of your life to volunteering for Americorps (www.americorps.org; 800-942-2677), you’ll be rewarded with $4,725 to spend on your college debts and a stipend of up to $7,400. Or if you opt to travel with the Peace Corps (www.peacecorps.gov; 800-424-8580) you’ll get to defer most of your student loans until after you leave the program. Also, you may be able to get as much as 70 percent of the loan amount you owe reduced. Should you join the Army Reserve or National Guard after graduation, you can receive up $10,000 to pay of your loans.

Wipe Out Your Student Loans
There is a special student loan forgiveness program for teachers. Congress has already passed the Taxpayer Protection Act, which is awaiting President Bush’s signature. Under the program, a schoolteacher can erase up to $17,500 in student loan debt. The catch, however, is that you have to teach specific courses, such as math, science or special education. Or you have to teach in a school that services students from low-income families or is in a designated area with a teacher shortage. Moreover, student loans can be completely absolved for those who are a full-time provider of early intervention services for the disabled, a full-time nurse or medical technician, or a full-time law enforcement or corrections officer. Loan forgiveness is also available to law students who take on public interest or non-profit positions and med students who practice in underserved areas.


Whether you are in college, just graduated, or graduated a long time ago, you can consolidate your debts. Also, unknown to millions of student loan payees, you might be able to get a break from your payments if you’re suffering financial hardship or even if you’re about to get married. Read about loan consolidation, deferment and forbearance in more detail in ‘Getting Rid of Student Loan Debt, Part II.’
We're not accepting this CHANGE UP in the rules. Period. American presidents have been in the bed with organized crime, corporate pilferers, and the like for years. And all u want to put on this man is that his pastor said "Gotdamn America?" Hell, America.U got off pretty damn well, if you ask me...