by Stella J. Adams

(NNPA)—Private-equity firms, hedge funds and other Wall Street investors are seeking to develop a Real Estate Owned (REO)– to- Rent Securitization Market with the blessing of the FED and FHFA.  A year ago, the Federal Reserve Board issued a policy statement on rental of REO owned by the banks they supervise and allowed the banks to rent REO properties without requiring them to demonstrate continuous efforts to market the properties.  Last fall, FHFA initiated a “pilot” REO bulk sale program in urban markets across the nation. This munificence by the federal regulators will change the course of America’s future and signals the abandonment of homeownership as a pathway to prosperity.

DAMON CARR

Ok, I’ll admit the title is somewhat exaggerated. My second choice was “I would never recommend a reverse mortgage to my grandmother.” I think you know where I’m going with this article. I’m not a fan of reverse mortgages. In fact, I despise them. Before I go into the details as to why, let me ask you a question? If you had an opportunity to get a loan and didn’t have to make a payment during your life, would you consider it? If you answered yes, you’re easy bait for a reverse mortgage.

CHARLENE CROWELL

(NNPA)—President Obama recently nominated Melvin (Mel) Watt, a long-time North Carolina Congressman, to direct the Federal Housing Finance Agency. While major news media reported on the development, few mentioned exactly what the new job would entail or the significance of an African-American potentially leading a key financial office.

SHARING A MOMENT—Juanita Lomax, chair for the PNC Pittsburgh African American EBRG’s  Community Outreach and Event Planning Committees and Susan L. Taylor founder and CEO of the National CARES Mentoring Movement encourage one another. (Photos by Diane I. Daniels)

Juanita Lomax helps PNC open doors to minorities through PNC Supply Chain Management.

As a Business Systems Analyst for PNC Supply Chain Management the responsibility of Lomax is to focus on the development and implementation of systems and applications for Supply Chain Management and other businesses within the company. Employed with PNC, considered among the leading financial services organizations in the country since 2006, she takes her job very seriously. She also views her roles as chair of the Pittsburgh African American EBRG’s (Employee Business Resource Group) Community Outreach and Event Planning Committees seriously. She says the organization was established as part of PNC’s corporate-wide diversity and inclusion initiative to support programs that engage employees, customers, communities and suppliers.