11-11-2019  7:20 pm   •   PDX Weather    •   SEA weather  
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NORTHWEST NEWS

Veterans Day: Honoring Those Who Serve and Continue to Serve

On this Veterans Day, the staff at The Skanner News honors all who have served and continue to serve in our nation's armed forces

FBI Reports Cybercrimes are Rising Because of Sophisticated Scams

Oregon man offers warning after he was scammed into giving away his family's life savings to criminals

Worker Who Yelled Racist Slurs at Black Customer Gets Jail

Audio and video showed a disturbing scene, said Deputy District Attorney Nicole Hermann

PSU’s Black Studies Department Marks 50 Years

Despite budgetary concerns, the department remains one of the strongest and longest-lasting of its kind in the country

NEWS BRIEFS

Noose Found at Oregon Health & Science University

Surveillance cameras did not capture the area; investigator are reviewing who had access ...

DEQ Extends Air Quality Advisory Due to Stagnation

DEQ expects the air quality advisory to last until at least Tuesday, Nov. 12 ...

Forest Service Waives Fees in Honor of Veterans Day

The USDA Forest Service will waive fees at day-use recreation sites in Oregon and Washington on Monday, Nov. 11 in honor of Veterans...

Two Local Nonprofits Announced as Grant Recipients for Portland-Area Programs

Financial Beginnings Oregon and Portland Parks Foundation will receive a total of 0,000 plus leadership resources through Bank of...

State Seeks Volunteers to Rank Investments in Washington’s Outdoors

The Washington State Recreation and Conservation Office is recruiting 50 volunteers to evaluate grant proposals for parks, boating...

Portland, Oregon, paramedics learn self-defense amid attacks

PORTLAND, Ore. (AP) — Trisha Preston was transporting a patient in a mental health crisis in the back of her ambulance when suddenly the woman undid her seatbelt, jumped off the gurney and began attacking the veteran paramedic, punching her and pulling her hair. By the time Preston's partner...

Sage grouse court order trims energy lease auction in Nevada

RENO, Nev. (AP) — U.S. land managers have withdrawn more than 500 square miles (1,295 sq. kilometers) of public land from a swath of eastern Nevada where oil and gas drilling leases are set to go to auction.The move came after a judge blocked a Trump administration attempt to curtail...

Junkyard Dawgs: No. 5 Georgia's stellar D a team effort

ATHENS, Ga. (AP) — Kirby Smart has coached some stellar defenses.This might be one of his best.Never mind the lack of star power."They've got some of those same traits as the good defenses I've been able to be around," the Georgia coach said Monday. "But this group probably doesn't have that...

No. 6 Georgia rides tough defense to 27-0 win over Missouri

ATHENS, Ga. (AP) — Georgia's defense didn't settle for just beating Missouri.The Bulldogs added to their growing collection of shutouts with a late goal-line stand.Jake Fromm threw two touchdown passes to George Pickens and No. 6 Georgia posted its third shutout, dominating a Missouri...

OPINION

5 Ways Life Would be Better if it Were Always Daylight Saving Time

A Professor from the University of Washington says DST saves lives and energy and prevents crime ...

Importance of Educators of Color for Black and Brown Students

A new report examines the ways that school leaders of color’s experiences and perspectives influence how they build school culture ...

Atatiana Jefferson, Killed by Police Officer in Her Own Home

Atatiana Jefferson, a biology graduate who worked in the pharmaceutical industry and was contemplating becoming a doctor, lived a life of purpose that mattered ...

“Hell No!” That Is My Message to Those Who Would Divide Us 

Upon release from the South African jail, Nelson Mandela told UAW Local 600 members “It is you who have made the United States of America a superpower, a leader of the world" ...

AFRICAN AMERICANS IN THE NEWS

Junkyard Dawgs: No. 5 Georgia's stellar D a team effort

ATHENS, Ga. (AP) — Kirby Smart has coached some stellar defenses.This might be one of his best.Never mind the lack of star power."They've got some of those same traits as the good defenses I've been able to be around," the Georgia coach said Monday. "But this group probably doesn't have that...

No. 6 Georgia rides tough defense to 27-0 win over Missouri

ATHENS, Ga. (AP) — Georgia's defense didn't settle for just beating Missouri.The Bulldogs added to their growing collection of shutouts with a late goal-line stand.Jake Fromm threw two touchdown passes to George Pickens and No. 6 Georgia posted its third shutout, dominating a Missouri...

Missouri, No. 6 Georgia bring strong defenses into key game

ATHENS, Ga. (AP) — When Southeastern Conference coaches gather and Georgia's Kirby Smart wants to talk defense, he looks for Missouri's Barry Odom.Smart sees Odom as a like-minded coach. Both were defensive coordinators before being hired to take over programs at their alma maters.One more...

ENTERTAINMENT

War epic 'Midway' bests 'Doctor Sleep' at the box office

LOS ANGELES (AP) — Despite a fresh injection of four big movies into the marketplace including a Stephen King adaptation, a World War II epic, a glossy, holiday-themed romantic comedy and a family friendly comedy, audiences largely stayed away from theaters this weekend and the North...

Reflections on writing about the lives of Beckett, Beauvoir

"Parisian Lives: Samuel Beckett, Simone de Beauvoir, and Me: A Memoir," Nan A. Talese/Doubleday, by Deirdre BairDeirdre Bair has spent her life writing well-received biographies of some of the 20th century's most fascinating people, including Al Capone and Carl Jung. Yet the only two subjects that...

Trump impeachment inquiry heads to live TV coverage

Back in 1973, tens of millions of Americans tuned in to what Variety called "the hottest daytime soap opera" — the Senate Watergate hearings that eventually led to President Richard Nixon's resignation.It was a communal experience, and by some estimates, more than 80% of Americans tuned in...

U.S. & WORLD NEWS

Mets' Alonso, Astros' Álvarez named Rookies of the Year

NEW YORK (AP) — Young sluggers known for their prodigious power, Pete Alonso and Yordan Álvarez...

Utah death-row inmate featured in best-selling book dies

SALT LAKE CITY (AP) — A Utah death-row inmate who killed his brother's wife and her toddler because of his...

Burger King brings a plant-based Whopper to Europe

Burger King is introducing a plant-based burger in Europe. But it's not the Impossible Whopper that's been a hit...

Mets' Alonso, Astros' Álvarez named Rookies of the Year

NEW YORK (AP) — Young sluggers known for their prodigious power, Pete Alonso and Yordan Álvarez...

Utah death-row inmate featured in best-selling book dies

SALT LAKE CITY (AP) — A Utah death-row inmate who killed his brother's wife and her toddler because of his...

Burger King brings a plant-based Whopper to Europe

Burger King is introducing a plant-based burger in Europe. But it's not the Impossible Whopper that's been a hit...

McMenamins
Charlene Crowell NNPA Columnist

Mike Calhoun, president of CRL



Fix or Evict, the Center for Responsible Lending's latest in a series of research reports on mortgage lending and foreclosures, reaches eye-opening conclusions in its ongoing scrutiny of America's still-unfolding foreclosure crisis.  It's no secret that banks and other loan servicers are harming struggling homeowners by pushing unnecessary foreclosure.  Now, this research shows that banks are also acting directly against the best interests of loan investors – the companies that own the loans including pension funds and life insurance companies. 

Most importantly, the report found that the lending industry's poor track record on loan modifications cannot be blamed on homeowners who re-default.

"It's well documented how mortgage servicers' unfair, shoddy practices have hurt homeowners," said Mike Calhoun, president of CRL.  "This research shows that servicers also routinely give the investment community a raw deal." 

At present, families facing eviction outnumber those with a modification by a 12-1 margin. Updated statistics show that residential mortgage foreclosures are on track to reach 13 million by the end of 2014 at a cost of nearly $1 trillion in direct losses to families, local governments, and financial institutions. When CRL factored in the lost value to homes in close proximity of foreclosures, $1.9 trillion in losses will be stripped away by 2012. 

From CRL's perspective, it is time for the banks to accept the consequences for the hundreds of billions of dollars in damages that have been inflicted on the nation.  It was the lack of accountability by banks that is so disturbing when the public bailed them out. Before any foreclosure is allowed to proceed, there needs to be full disclosure for homeowners and investors to ensure that every loan got a good look from the servicer. Further, the current loan servicing investigation by the nation's attorneys general must result in remedies to reform an industry that perpetuated the crisis. Let's not forget that this crisis began with foreclosures and spread to the rest of the economy.

Findings from Fix or Evict? also corroborate recent data from the Home Affordable Modification Program (HAMP), which showed how four out of five households that received HAMP modifications are still current on their mortgages.  Unlike many short-term loan repairs that occur outside the HAMP program, HAMP loan modifications are most likely to involve reducing the homeowner's monthly payment – and this is the type of modification that is likely to be the most successful.

It is amid this growing body of objective analyses that some from the investment side are questioning the low number of modifications as well.

"The misalignment of economic interests between the owners of mortgages and those who service them is the single reason why the mortgage problem has become a crisis and a massive economic drain on this country", said Bill Frey, president of Greenwich Financial Services and a longtime investor advocate. 

"Servicers have been allowed to follow their own voluntary loan modification program", said CRL's Calhoun, "and the result has gone against the best interests of everyone but the servicers themselves.  We need mandatory reforms that ensure servicers follow the law and act in the best interests of their clients – that would end up benefiting everyone."  

Perhaps if investors with deep pockets could align themselves with the people whose pockets have been picked, we could have a real and sustainable recovery.  Sure, it would be an odd couple alignment. But, maybe after so many losses, it's the one that could make the true difference.

 

Charlene Crowell is the Center for Responsible Lending's communications manager for state policy and outreach.

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Fighting for the Right to Fight: African American Experiences in World War II