by Clarence E. Stowers | Apr 22, 2008 | Current Affairs, Family
LISTEN UP – THIS IS SERIOUS…WE’RE IN TROUBLE – FOR REAL!!!
I’ve read many articles, reviewed various websites, and attended a few seminars to gain an understanding of the current economic reality. Based on what I’ve discovered, I’d like to offer the following analysis:
According to various industry leaders, the current economic disaster began with unscrupulous and unwise lending to help home buyers with shaky credit and incomes (no-doc/stated income loans). Consequently, brokers and banks that made the loans made a boat load of money by putting borrowers in mortgages they couldn’t afford or sustain.
Next, those mortgages ended up being bundled, marketed, and sold as mortgage-backed securities – carrying good ratings to investors. However, as homeowners struggled and subsequently failed to meet their mortgage payments, foreclosures have mounted, devastating families, hitting banks’ bottom lines and prompting lenders to yank the reins on credit.
Meanwhile, the value of those mortgage-backed securities has plummeted along with investor interest in them, and housing-tied economic catastrophe has been created.
THE RESULT:
Seven out of 10 seriously delinquent subprime mortgage borrowers are still not getting the help they need to keep their homes.
That’s according to a report released Tuesday by the State Foreclosure Prevention Working Group, a coalition formed by eleven state attorneys general and the Conference of Bank Supervisors in the summer of 2007 to work with loan servicers to prevent unnecessary foreclosures.
"Our collaborative efforts to date have failed to prevent a large number of unnecessary foreclosures," said North Carolina Deputy Commissioner of Banks Mark Pearce. "We need to find solutions that fit the size of the problem we are facing."
The report, which surveyed lender efforts and programs like Hope Now, found that the number of borrowers getting help each month has increased from about 210,000 in October to nearly 261,000 in January. But because the total number of troubled borrowers is also growing so quickly, from 820,000 seriously delinquent loans last fall to over 1 million at the start of the year, the proportion of mortgage rescues has remained essentially unchanged.
"We’re still way behind," said Iowa Attorney General Tom Miller, who helped form the coalition.
Nearly a quarter of all subprime loans are in delinquency. About 300,000 subprime borrowers are now in some stage of foreclosure, up 8% since last October. (Thanks Rev. Paris Lewis for providing this info!)
If you or someone you know are facing foreclosure, you may want to check this out!
So you’re thinking, this doesn’t affect me – I’m not in this boat…OH YES YOU ARE…READ ON…
Today, certain people, although not directly involved in making or getting subprime loans, are being indirectly affected by it and engulfed in it through the following:
- First-time home buyers – since the pool of lending programs has shrunk, credit score requirements are 100 points higher & they have to put 20% or more as a down payment
- Lenders have stricter requirements & require credit scores of 675 or higher
- Refinancing is much more difficult
- Home-equity lines of credit are drying up
- Student loans are the NEXT BIGGEST PROBLEM since many lenders are pulling out, requiring co-signers w/higher credit scores, and some states suspending their loan programs (Michigan & Pennsylvania that I know of)
- Credit Cards – BIG PROBLEM since Americans owe more than $1 Trillion
- Small Business Lending – feeling the credit crunch & vendors not paying their bills
- Real Estate Investors – Citibank no longer offers mortgage loans for investment properties on three & four-family homes. Furthermore, most bank are only offering 75-80% financing for those properties
That’s my take – stay tuned for more information regarding my upcoming "State of the Economy Address" scheduled to take place @ The Mars Hill Baptist Church & my "Steps YOU MUST Take Now."
by Clarence E. Stowers | Apr 18, 2008 | Preaching, Religion, Web/Tech, Worship
The"text me" project is your chance to get biblical answers to burning questions, concerns and hot issues in our culture. Over the next few months, I will preach on the 10 Hottest Topics that address spiritual, ethical or controversial issues facing Christians today. And guess what, you get to choose the topic!
All you have to do is submit your topic for selection via text message at (773-358 0356) or on our website by April 25, 2008. Your submission, along with others, will be posted on our website.
Members, guests, family and friends will cast their votes for the top 20 Hot Topics. The selected 20 Hot Topics will be posted on the website beginning April 27th. Beginning May 4th – May 10th, members, guests, family and friends will vote for the final 10 Hot Topic Sermons that I’ll preach on.
GUESS WHAT, IT GETS EVEN BETTER…
When the Top 10 Topics are confirmed, at the end each message you can (are you ready for this) text me a question relevant to the topic. For better or worse, I’ll answer the question ON THE SPOT!
That’s right, DURING WORSHIP you will be able to use your cell phone, BlackBerry, iPhone, PDA during worship and "text" me your question…TALK ABOUT INNOVATION…
I know you’re interested and would like to know more about the series and the official voting rules.
I can’t wait to hear your feedback!!!
by Clarence E. Stowers | Apr 16, 2008 | Books, Communication, Empowerment, Leadership, Vision
Currently, I’m reading a new book entitled The Missional Leader by Alan Roxburgh, and boy is it GREAT! I’m willing to suggest this may be one of the best books I’ve read (so far) regarding leadership and change.
Thinking about initiating a wide-scale change/transition initiative
in your church or organization? Here are a couple of questions worth
asking before you dive in…
- Are we STRUCTURED for change?
Is your church or organization structured in a way that will allow the
RIGHT PEOPLE to lead and make decisions? If not – do not proceed past GO….do NOT collect $200!
First things first!!
If you’re not structured for change, it doesn’t matter how passionate or
committed you might be to it – there will always be a chance that the
wrong people could step in to infiltrate, hijack, or sabotage the transition.
- Am I COMMITTED to change?
Perhaps the question should be…. "Am I committed to change – NO MATTER WHAT THE COST?"
Am I willing to lose people? Lose money? Lose popularity? Lose friendships? Maybe even lose buildings?
Listen to me……..TRUE CHANGE is COSTLY! There will be a cost! And it will be painful. It will be felt.
There will be scars and bruises.
Are you up for it?
Consider that question! Because if you’re NOT fully, 100%
committed, you better think twice before diving in – for YOUR sake AND
for the sake of those who will believe in your vision and stand by
you.
by Clarence E. Stowers | Apr 15, 2008 | Current Affairs, Leadership, Politics, Race
The absence of a clear identifiable leader has often been dubbed as the next crisis of Black America. Books have been published, discussions have been held, and news articles have been written. In Black circles, "Where is our next leader?" is like asking "What is the meaning of life?"
Allow me to get straight to the point: Even if we had ONE LEADER, everybody wouldn’t follow the same person.
The Civil Rights Movement united and galvanized us to seek change. As a race, we had one common objective: FREEDOM & EQUALITY. The issue of class existed, however, it took a back seat to the more pressing issue of equality. Once intergration happened, Blacks subconsciously divided into distinct classes with each class having it’s own distinct needs. The needs of the working class are quite different than the needs of the rich. What’s likely to happen is various leaders from each class will emerge and champion the issues of their respective class. Grass roots leaders will speak for & represent the poor and working class. Leaders from the middle-class will seek better housing, education, etc. Leaders from the uppper-class will devise strategies to break the glass ceiling…etc…
Today’s young Black professionals have attained the sort of education, connections, and experience that those before them could only have imagined. They have more potential and more opportunities than any generation before them. This new Black professional sees the business world as the nexus of American power, rather than Capitol Hill. Instead of seeking to effect change through government, this generation is marching through freshly opened doors in the corporate world or building businesses themselves. Rather than "fight the power," this new generation seeks to take the power for themselves and use that power to uplift our race.
Therefore, it is not so much that the next generation does not have any leaders. Instead, THEY ALL WANT TO LEAD. If there are to be leaders, there must be followers, and that is not what this generation is about.
Care to comment…
by Clarence E. Stowers | Apr 12, 2008 | Current Affairs, Events, Leadership, Politics, Race
T.W., a member of our blog family enlightened me about Tavis’ disparaging remarks regarding Presidential hopeful Barack Obama. Here’s her post in context.
"Tavis has made several implications that would make a person (if they
didn’t research and know for themselves) think that Barack is not
fighting for justice or for issues concerning our race. He was very upset that Barack didn’t attend his State of the Black
Union this year and made it seem as if Barack was avoiding talking
about “our” issues. I understood and understand that Barack is in a
fight for the candidacy right now and had to be in whatever state at
that time.
The latest remarks were from Dr. Cornell West saying that he was
bothered and disappointed by Barack not going to Memphis for Dr. King’s
memorial on April 4th. Their sentiments were that he was putting his
candidacy above honoring Dr. King. They stated that he remained silent
on that day yet he spoke about Dr. King and his legacy while he was in
Indiana.
On the April 8th segment of the Tom Joyner show Tavis ended his talk by
saying “If the cost to occupy the White House is to be muzzled and to
render black suffering invisible, then for me, it’s too high a cost." I understand that every black person isn’t going to vote for Barack
just as every woman isn’t going to vote for Hillary but what I don’t
understand is why Tavis thinks that he is the spokesperson for black
people on black issues, especially regarding Barack and his candidacy.
He’s received a lot of backlash from his supporters regarding his
commentaries."
Thanks T.W. – very insightful analysis of the situation.
In my opinion, I’ve decided to nominate both Tavis and Cornell to the "Hateration Federation." Both Tavis and Cornell can give the keynote address at the annual Hateration Convocation. Make sure the servers continuously fill their glasses with "Haterade" while they continue to hinder progress.
That’s right – I said it!
What’s your take?
