Showing posts with label African American. Show all posts
Showing posts with label African American. Show all posts

Monday, March 8, 2010

Minority Realtors converge on Capital as AIG settles $6.1 million discrimination suit

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Typical in such settlements, without acknowledging any wrongdoing, the now defunct AIG Federal Savings Bank and Wilmington Finance, Inc. settled with the U.S. Justice Department to pay $6.1 million to resolve allegations the wholesale lenders illegally allowed wholesale mortgage brokers to charge higher direct broker fees to 2,500 black borrowers.

by Broderick Perkins
© 2010 DeadlineNews.Com

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Deadline Newsroom - Just as realty professionals descended on the nation's capital to heighten awareness about the housing crisis' disparate impact on minority communities, their cause was underscored by the Justice Department's largest ever settlement to compensate victims of lending discrimination.

The 2010 Multicultural Real Estate & Policy Conference "The Color of the Housing Recovery," convened in Washington, D.C. March 4-5 to introduce "Five-Point Plan: Creating A Sustainable Path to Minority Homeownership," an appeal to lawmakers to take actions that stabilize the market, expand consumer protections, preserve liquidity and especially stop the spiral of losses in minority communities.

The day members of the National Association of Hispanic Real Estate Professionals (NAHREP); the Asian Real Estate Association of America (AREAA); and the African American-led National Association of Real Estate Brokers (NAREB) arrived in Washington, a landmark federal court settlement in New York City was setting the tone for the conference.

Typical in such settlements, without acknowledging any wrongdoing, the now defunct AIG Federal Savings Bank and Wilmington Finance, Inc. settled with the U.S. Justice Department to pay $6.1 million to resolve allegations the wholesale lenders illegally allowed wholesale mortgage brokers to charge higher direct broker fees to 2,500 black borrowers.

Get the full story here: Minority Realtors converge on Capital as AIG settles $6.1 million discrimination suit

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© 2010 DeadlineNews.Com



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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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Wednesday, February 11, 2009

Black History Month: 'Roots' in realty history

Black History Month news that really hits home: Real estate offered economic freedom from slavery's bondage, sharecropping and tenant farming for ancestors of some of today's prominent African Americans.

by Broderick Perkins
© 2008 DeadlineNews.Com
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Deadline Newsroom - A little more than 100 years ago, the South's first black millionaire, Robert Reed Church Sr., tapped real estate holdings to purchase the first city bond issued by Memphis, TN to help the struggling town regain its city charter from bankruptcy.

In the early 1900s, before the Harlem Renaissance lit up New York with a cultural revolution, a barber-turned-property investor Philip Payton prevented the mass eviction of black tenants and helped pave the way for Harlem's growth.

No less important in the annals of African Americans in real estate, a lesser known Mississippi farm worker, Constantine Winfrey, bet white land owner John Watson he could pick 10 bales (at 500 pounds each) of cotton in one year if the land owner would give him 80 acres of land for the effort. A property title recorded the land exchange between the two in 1881. In 1906, the local "colored school" was slated for demolition, but Winfrey arranged to save it by moving it to his property.

The real estate-empowered efforts by Robert Reed Church and Philip Payton to save large communities are well documented in the historic archives of the cities they helped survive and thrive, but, until recently, few knew of Constantine Winfrey's smaller real estate-driven effort to save a school.

Even his great-great-granddaughter was unaware.

She's Oprah Winfrey.

History often overlooks the achievements of African Americans in American history. African American history often overlooks the leading role real estate plays in larger stories as well as numerous personal success stories, especially those carved from the oppressive era of slavery and post-slavery Reconstruction.

That's changing, thanks to "African American Lives", an ongoing Public Broadcast Service (PBS) series now available on DVD.

Researched and developed by Henry Louis Gates, Jr. a W.E.B. Du Bois professor of the Humanities and chair of African and African American Studies at Harvard University, the research wasn't designed specifically to unearth real estate stories from Black America's past. Yet Gate's research does reveal a rich vein of real estate empowerment that runs through the ancestral pasts of some of today's most accomplished African Americans.

"Landownership represented economic freedom from slavery's bondage and the servitude of sharecropping or tenant farming," according to Gate's research.

Gates, putting a spin on the Alex Hayley "ROOTS" saga, used genealogy, oral history and family stories, but because the paper trail of black history eventually ends, he also employed deoxyribonucleic acid (DNA) analysis to trace lineages through American history and back to Africa.

"So, my model for this series is "ROOTS," but ROOTS done with a cotton swab and a chemical analysis. These stories are as rich as the stories of Booker T. Washington or Frederick Douglass or W.E.B. Du Bois or Marcus Garvey. This is another way of telling history, and a way that everyone can respond to," Gates reported in his findings.

The research has been conducted for the ancestral pasts of television pioneer/philanthropist Oprah Winfrey; composer, entrepreneur, musician Quincy Jones; comedian, actor, activist Whoopi Goldberg; comedian, actor, activist Chris Tucker; CEO and pastor of The Potter's House, Bishop T.D. Jakes; NASA astronaut and Cornell science and technology professor, Dr. Mae Jemison; chief of pediatric neurosurgery at Johns Hopkins, Dr. Ben Carson; Harvard sociologist and professor, Dr. Sara Lawrence-Lightfoot and others.

Among a host of exciting finds, Gates' research reveals bootstrap success often got a tug from real estate.

In addition to Winfrey parlaying real estate ownership into saving grace for a community institution, Chris Tucker's great-great grandfather Theodore Arthur Bryant Sr. used land ownership to save a small community.

At below-market prices in Flat Rock, GA, Bryant sold off parcels of his recently acquired 45 acres to give the town's black residents a n alternative to joining the Great Migration north following the collapse of Reconstruction.

Never benefiting from Union Gen. William T. Sherman's "forty acres and a mule" promise to freed slaves, Whoopi Goldberg's great-great-grandparents William and Elsie Washington were among the few blacks who actually acquired property in northern Florida through the Southern Homestead Act of 1866, a federal land redistribution scheme that made it difficult for blacks to acquire and hold land.

Less than 10 percent of blacks in Florida who petitioned for land under the act actually received a stake. Goldberg's ancestors received more than 104 acres in Alachua County, but only after qualifying for the title by completing mandated improvements -- building a dwelling, enclosing the land, and planting a successful crop -- all within five years of obtaining the parcel.

Mark K. Hicks, a currently practicing real estate and mortgage broker who has his own family real estate history to tell, says land and property ownership is tied to empowerment, because, well, money talks.

"I really believe in this because I really think that this is a way that we can create wealth for generations to come," said Hicks, owner-broker of The Seabrooke Group in San Jose, CA.

Hicks' father, Malcolm L. Hicks, was one of the first black "Realtists" a designation given to members of the National Association of Real Estate Brokers, a real estate trade group comprised largely of blacks and other minority real estate professionals.

Hicks' father joined Dempsey Travis of Travis Realty Company in Chicago and author of "Real Estate Is The Gold In Your Future" (Urban Research Press, 1988) and Ernest Collins, 1965 founder of the Seaway National Bank (now Seaway Bank and Trust Co.), to help integrate Chicago's Southside by offering real estate and lending services to counter discriminatory lending and housing practices common in the area from the 1940s through much of the 1960s.

"His message was always 'Home ownership is the way to build wealth to take advantage of the American system'," said Hicks.

• Read more about African-Americans in real estate history.

• "First black president in 'The House' " reveals just how deep real estate is routed in black history.

• "White House Open House" offers a peak inside the First African-American Family's home.


© 2008 DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group -- DeadlineNews.Com, a real estate news and consulting service and Web site and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!



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Monday, November 10, 2008

First black president in The House


President-elect Barack Obama created rousing and historic images during the home-coming portion of his rite-of-passage, when the nation's first African-American president walked into the White House, a home built largely by black slaves.

by Broderick Perkins
© 2008 DeadlineNews.Com
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Deadline Newsroom - President-elect Barack Obama created rousing and historic images during the home-coming portion of his rite-of-passage, when the nation's first African-American president walked into the White House, a home built largely by black slaves.

The essence of his repeated catch-phrase, "This is our moment!" had a hint of irony as the president-elect passed down hallowed halls of freedom raised with the help of ebony hands callused by bondage.

Construction began on the White House and surrounding government buildings in 1792 on land ceded by two slave states, Virginia and Maryland. The location influenced the choice of laborers hired to construct the President's Home, according to the African-American timeline on the official White House Historical Society's Web site.

In an early-American spin on modern-day outsourcing, commissioners charged with building the White House and other capital buildings, originally planned to import craftsmen from Europe, but response was dismal.

"They turned to African Americans -- slave and free –- to provide the bulk of labor that built the White House, the United States Capitol, and other early government buildings," according to the historical society.

Unfortunately, many individual accomplishments of the black builders were lost to history. A historical society image of a "Carpenter's Roll for the President's House," reveals a wage roll that lists five slaves only as "Tom," "Peter," "Ben," "Harry" and "Daniel," three of them slaves owned by White House architect James Hoban.

The role of slaves was, however, critical to the completion of the presidents' home. Their efforts are literally etched in the foundation and fabric of the structure.

At the time, Washington, D.C. was undeveloped and too remote to ship in finished building materials, including lumber, bricks, hardware, and nails. Instead, black quarrymen, sawyers, brickmakers, and carpenters fashioned raw materials into building products.

On-the-job training came from the development's master stonemason, Collen Williamson, who trained slaves at a government stone quarry at Aquia, VA. There slaves quarried and cut rough stone that was later dressed and laid by Scottish stonecutters as part of the walls of the White House.

"Free and slave blacks burnt bricks used to line the stone walls in temporary ricks on the President’s House grounds. Often working seven days a week, during the high construction summer months, alongside white workers and artisans (many of them Europeans who had not obtained citizenship), black laborers proved vital to the work force that created both the White House and U.S. Capitol," according to the historical society.

Once the White House was constructed, slaves continued to work in the house as servants for presidents until the 1850s and the administration of James Buchanan who preferred British and European servants.

In the 1860s, during Abraham Lincoln's administration, blacks returned to the White House, but not as slaves working as servants. One freed slave was Elizabeth Keckley, who purchased her freedom and served as First Lady Mary Todd Lincoln's seamstress and, ultimately, confidante.

When President-elect Obama is in The House after inauguration in January, he'll preside over a 132-room mansion where First Lady Michelle, as is tradition, gets to perform some do-overs and First Kids Malia and Sasha can likewise draw on the walls. First Kids get to decorate their rooms anyway they please, while First Mom and Pop must follow strict preservation guidelines in limited areas.

What's in the Obamas' new home?

Wikipedia.com reports, the White House, sits on an 18-acre compound and:

• The White House goes up four stories -- the Ground Floor, State Floor, Second Floor, and Third Floor and down two to a bi-level basement.

• The centrally located Executive Residence, where the First Family lives and hosts ceremonies and official entertainment events. It includes the Entrance Hall, Grand Staircase and East Room, the White House Solarium, Game Room, and a sitting room currently serving as President George W. Bush's workout room.

• The West Wing is the location of the Oval Office (the president's office), White House Situation Room, James S. Brady Press Briefing Room, Cabinet Room, and Roosevelt Room.

• The East Wing includes the Office of the First Lady and the White House Social Secretary Office; the executive offices of the President and Vice President. An underground bunker built during World War II, is the Presidential Emergency Operations Center.

According to the White House's own wiki, the 55,000-square-foot mansion includes 35 bathrooms, 412 doors, 147 windows, 28 fireplaces, 8 staircases, and 3 elevators.

Five full-time chefs work a galley that can serve dinner to as many as 140 guests and hors d'oeuvres to more than 1,000.

Landscaping includes a host of gardens, parks and outdoor event areas, including the South Lawn, used for the Easter Egg Roll and the Rose Garden, site of the annual turkey pardoning. Flora includes tulips, hyacinths and chrysanthemums in the East Garden and magnolia trees, Katherine crab apple trees and, of course, a variety of roses in the Rose Garden.

For recreation, there's a tennis court, jogging track, swimming pool, movie theater, and bowling lane.

Rumor has it, hoops-playing Obama, may put himself at the top of the key with a basketball court addition and some major technological upgrades to continue his digital dance with history.

• Obama Can't Promise Quick Homebuyer Relief

• See also: African Americans in real estate history.

© 2008 DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist of 30 years, is publisher and executive editor of San Jose, CA-based DeadlineNews Group -- DeadlineNews.Com, a real estate news and consulting service and Web site and the new Deadline Newsroom, DeadlineNews.Com's news back shop. In both cases, it's news that really hits home!

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