by Cyril Josh Barker

(NNPA)—Reports indicate that several lawsuits have been filed against big banks due to the mishandling of important lending documents. The mishap has resulted in the stopping of foreclosure proceedings and reviewing past evictions in 23 states.

Banks that are being targeted in the lawsuits include Bank of America, JPMorgan Chase, Ally Financial Inc., and GMAC Mortgage because of document verification issues, specifically, false signatures and documents. Tens of thousands of homeowners are being affected by the flaw.

More than half of all new cars purchased today are sold under a lease agreement. Why? Americans have a love affair with cars. We like them big, fast, shiny and luxurious with all the bells and whistles—TV monitors, 12-disc CD changers, moon roofs, heated seats, navigational systems. We want it all. Problem! Cars with all the bells and whistles come with a healthy price tag. Even with repayment terms on new cars ranging from five to eight years, the monthly payment on new cars has proven to be a burden on the average American family’s budget. Solution! In an attempt to continue to sell cars at double-digit profits to a growing economy of people living on the brink of financial ruin the auto industry is pushing leases.

What better way to learn about the significance and benefits of the Minority Business Opportunity Committee and its affiliate organizations than from its participants? That was the philosophy of Benjamin Butler and the Minority Enterprise Development Week committee during the 28 anniversary of the event.

JOB WELL DONE—Proud 2010 MED Week awardees, from left: Dr. Rochelle Oaks, the Oaks Group; Donna Chappel, Advanced Integration Group, Inc.; Faye Ritter, The Allegheny Group; Leanne Pomponio, Vantage Corp.; Ron Alvarado, Novus Staffing Solutions and Michael Cvetic, CCAC. (Photos by Diane I. Daniels).

Recognized for being a vital component in strengthening America’s economic state as well as affecting people’s lives within the community, eight local minority-, veteran- and women-owned business owners were honored for their success and efforts. With the theme “Strategies for Growth and Competitiveness in the Global Economy,” the Minority Enterprise Development Awards Program was held at the Meadowlands Holiday Inn.

(NNPA)—Three years ago when a coalition of civil rights organizations called for a foreclosure moratorium, their plea for struggling homeowners went largely ignored by mortgage lenders, loan servicers, and mortgage investors. Since that call for action, more than 2.5 million foreclosures have occurred and another 5.7 million more are imminent. Additionally and as previously reported, nearly one in 10 homeowners is now either in foreclosure or more than 60 days past due on their mortgage and nearly one in five homeowners is under water, owing more money than their home is now worth.