05-25-2018  11:54 am      •     
The Skanner Report
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NEWS BRIEFS

Attorney General Forms Hate Crime Task Force

The task force will study hate-motivated crimes and review existing legal protections for victims ...

Portland Art Museum Celebrates Art Museum Day with Free Admission on May 25

Portland Art Museum joins art museums across North America, with great works of art and public programs ...

June Key Delta Community Center Hosts May Week ’18 Health Fair May 26

Event includes vision, glucose screenings, medication disposal and car seat installation ...

Mississippi Avenue Giving Tuesday

On Tuesday, May 22, 10 percent of proceeds from participating Mississippi Ave. businesses will go to SEI ...

'Smart' gadgets: Ways to minimize privacy and security risks

NEW YORK (AP) — Revelations that an Amazon Echo smart speaker inadvertently sent a family's private conversation to an acquaintance shows the risks that come with new technologies.Amazon blamed an "unlikely" string of events, and the company already has many privacy safeguards built into the...

The Latest: 3 injured in hit-and-crash in downtown Portland

PORTLAND, Ore. (AP) — The Latest on hit-and-crash in Portland, Oregon (all times local):11:20 a.m.Police say three women have been injured in a hit-and-run crash near Portland State University.Portland police Sgt. Chris Burley say the vehicle hit the women while they were on a sidewalk...

'Smart' gadgets: Ways to minimize privacy and security risks

NEW YORK (AP) — Revelations that an Amazon Echo smart speaker inadvertently sent a family's private conversation to an acquaintance shows the risks that come with new technologies.Amazon blamed an "unlikely" string of events, and the company already has many privacy safeguards built into the...

Former NAACP leader exposed as white faces fraud charges

SPOKANE, Wash. (AP) — A former NAACP leader in Washington state whose life unraveled after she was exposed as a white woman pretending to be black has been charged with welfare fraud.Nkechi Diallo, known as Rachel Dolezal before she legally changed her name in 2016, was charged this week...

OPINION

Racism After Graduation May Just Be What's on the Menu

Dr. Julianne Malveaux says that for our young millennials, racism is inevitable ...

Prime Minister Netanyahu Shows Limits of Israel’s Democracy

Bill Fletcher, Jr. on racial politics in Israel and Prime Minister Benjamin Netanyahu’s uneven treatment of African immigrants ...

Golfing While Black Is Not a Crime

Grandview Golf Club asks five Black women to leave for golfing too slow ...

Discovering the Best of Black America in 2018

Dr. Benjamin F. Chavis discusses the DTU Journalism Fellowship & Scholarship Program ...

AFRICAN AMERICANS IN THE NEWS

Former NAACP leader exposed as white faces fraud charges

SPOKANE, Wash. (AP) — A former NAACP leader in Washington state whose life unraveled after she was exposed as a white woman pretending to be black has been charged with welfare fraud.Nkechi Diallo, known as Rachel Dolezal before she legally changed her name in 2016, was charged this week...

Students hand back in yearbook after racial slur is pictured

SAVANNAH, Ga. (AP) — Students at a coastal Georgia high school are being asked to hand back in their yearbooks after a racial slur made for some bad memories.The Savannah-Chatham County school district tells news outlets that the publisher has recalled the Windsor Forest High School yearbook...

Column: Jack Johnson's biggest crime was being black

Jack Johnson's biggest crime was being an unrepentant black man who beat up white men for a living.High-flying and flamboyant, he refused to live by the unwritten rules of American society in the early 1900s. That made him a target, and that eventually cost him his freedom after being convicted of...

ENTERTAINMENT

Famed chef Mario Batali's Vegas Strip restaurants will close

LAS VEGAS (AP) — Mario Batali's three Las Vegas Strip restaurants will shut down July 27, officials said Friday, as the celebrity chef faces sexual misconduct allegations from multiple women.Batali & Bastianich Hospitality Group partner Joe Bastianich sent a letter to nearly 300 workers...

The Latest: Weinstein takes books on theater, film to arrest

NEW YORK (AP) — The Latest on the sexual misconduct probe of film producer Harvey Weinstein (all times local):11:40 a.m.Harvey Weinstein was in and out of custody so quickly in his rape case, he probably didn't have time to read the books he brought with him.The film mogul carried three...

Weinstein faces sex charges amid #MeToo reckoning

NEW YORK (AP) — It was the moment the #MeToo movement had been waiting for: Harvey Weinstein in handcuffs.His face pulled in a strained smile and his hands locked behind his back, the once-powerful Hollywood figure emerged from a police station Friday facing rape and criminal sex act...

U.S. & WORLD NEWS

For CEOs, .7 million a year is just middle of the pack

NEW YORK (AP) — Chief executives at the biggest public companies got an 8.5 percent raise last year,...

Former NAACP leader exposed as white faces fraud charges

SPOKANE, Wash. (AP) — A former NAACP leader in Washington state whose life unraveled after she was exposed...

Police: Suspected restaurant gunman had no criminal record

OKLAHOMA CITY (AP) — The man suspected of shooting three people inside an Oklahoma City restaurant before...

Putin says US exit from Iran deal could trigger instability

ST. PETERSBURG, Russia (AP) — Russian President Vladimir Putin warned Friday that the U.S. exit from the...

Explosion at Indian restaurant in Canada wounds 15 people

TORONTO (AP) — An explosion caused by a homemade bomb ripped through an Indian restaurant where children...

Netherlands, Australia hold Russia liable for downing MH17

THE HAGUE, Netherlands (AP) — A day after international prosecutors said they had unequivocal evidence of...

Charlene Crowell NNPA Columnist

In the aftermath of more than 2.5 million foreclosures, the Federal Housing Administration is now offering a homeownership program that will put previously troubled borrowers on a fast-tracked return to the home ownership market. The new program, known as "Back to Work – Extenuating Circumstance," cuts the standard three-year waiting period to only 12 months.

According to Charles Coulter, HUD's Deputy Assistant Secretary for Single Family Housing, "We understand that families occasionally experience financial difficulties that are simply beyond their control. We already have a policy allowing for exceptions to this waiting period when there is an extraordinary life event. This Mortgagee Letter is a targeted expansion of that policy.

"As part of FHA's ongoing mission," Coulter continued, "we want to make sure that qualified borrowers are not being unnecessarily shut out of the market. We 're looking forward to working with our industry partners to strengthen our housing market, to protect FHA's insurance fund, and to make certain access to credit remains available for future generations of homeowners."

That's good news for borrowers who lost their home because of specific financial hardships but can now demonstrate they have regained previously lost financial ground.  The list of eligible financial hardships reads like a list of housing crisis woes:

Chapter 7 or Chapter 13 bankruptcy

Deed-in-lieu

Forbearance

Foreclosure

Loan modification

Loss of income, employment or both that totaled at least 20 percent of previous earnings for at least six months, including copies of applicable termination notices or changes in employment status

Pre-foreclosure sales

Short sales 

Additionally, consumers must also meet other verifiable measures to participate in the program:

Proof of borrower's current income – usually W-2 forms or federal tax returns that show the desired mortgage would be affordable and sustainable;

Credit history pre- and post the eligible hardship event that is free from late payments or other major credit issues, including rental housing payments  and accounts delinquent by 30 days or more;

Credit score of at least 500; and

Housing counseling by a HUD-approved counselor at least 30 days but no more than six months before submitting an FHA application.

For consumers meeting all of these criteria as well as other standing FHA mortgage guidelines, the Back to Work program is now available nationwide through FHA-approved lenders.  Once participating lenders determine that mortgage applicants meet all eligibility and policy criteria, the same 3.5 percent minimum FHA down payment requirement will apply. Mortgage insurance and closing costs will also apply.

Only one FHA program is ineligible for the Back to Work program: reverse mortgages.

Earlier research by the Center for Responsible Lending found that more than 2.5 million homes were lost to foreclosure during the housing crisis. According to CoreLogic, a firm providing data and analysis to financial services companies and real estate professionals, the number of homes in some state of foreclosure dropped below the million-mark as of July 2013, to 949,000. This figure also represents a drop of 32 percent since July 2012.

Underwater mortgages, properties that are now worth less than their purchase price, also continue to haunt housing recovery. As of May 2013, Core Logic, the firm specializing in residential property information, found that 11 states had more than 1-in-5 underwater homes. The states with the seven highest numbers of underwater properties were Arizona, Florida, Georgia, Michigan, Nevada, California and Illinois.  

As CRL has stated before, the housing crisis is not yet over. But programs that enable former troubled borrowers to regain the pride of home ownership and the chance to build family wealth have to be good news.

Charlene Crowell is a communications manager with the Center for Responsible Lending.

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