Archive for October 2015

Darden Alum Employs Wall Street Tactics to Help Americans in Debt

In 2010, Nemorin brought his idea to U.Va.’s i.Lab Incubator, a program that provides support and funding to aspiring entrepreneurs. With the incubator’s assistance, LendStreet launched the first version of its website in 2013.

By using successful corporate methods, LendStreet helps borrowers restructure and refinance their debt at a lower interest rate. The company then sets up a more manageable payment plan for its clients tailored to their individual circumstances.

“You realize that most people are good and for the most part, they want to pay their debt. It’s really just a gap between intent and capacity,” Nemorin said.

Visiting Haiti after the earthquake, Nemorin was humbled and by the resilience of the Haitian people and their desire to rebuild.

That intense desire to rebuild is an important part of LendStreet’s success. It uses restructuring tactics for borrowers who have demonstrated a commitment to long-term recovery and financial responsibility. Understandably, many of its clients are people who once had a good credit score, but are having trouble recovering from a devastating financial event.

“Life happens and people who are middle-income frankly often don’t have enough cash flow to keep up with little changes, much less a shock,” Nemorin said.

A recent Bankrate study supports his claim. It found that only 38 percent of Americans have enough money in their savings accounts to cover large unexpected expenses like emergency room bills or car repairs.

LendStreet offers people an alternative to bankruptcy and debt settlement, both of which carry a long-term negative impact. Having a realistic plan in place relieves stress and gives consumers a chance to look toward the future.

“We aren’t rational when we are in debt,” Nemorin said. “We tend to make bad decisions because the psychological weight of debt reduces our ability to think about the bigger picture.”

LendStreet not only helps people get out of debt, but also aims to break the cycle of bad financial decision-making. It’s in the business of getting people back on their feet responsibly, not creating repeat customers.

To further that goal, LendStreet is in the early stages of developing an educational element to its lending platform to help borrowers take control of their finances. The company plans to add a budgeting app as well as online learning modules on financial literacy. It will even incentivize clients to use the learning modules by offering rebates for each one completed.

So far, LendStreet has helped borrowers in four states restructure and refinance their debt, with plans to expand nationwide. The company’s innovative work recently made it one of nine winning groups in the Financial Solutions Lab, an initiative managed by the Center for Financial Services Innovations and founding partner JP Morgan Chase. LendStreet’s outstanding efforts also have been recognized as a part of the American Express Spotlight on Change program.

Asked for his advice to other socially conscious entrepreneurs, Nemorin suggests looking for underserved populations.

“Find real problems, suffered by real people, that are not being addressed by mainstream services,” he said.

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[Women of Power] Know Your Worth: Building Your Wealth

The 2016 Women of Power Summit is a mere 5 months away, which is just enough time to assess your finances and implement strategies to build your wealth. Don’t worry; you don’t have to go at this task alone.

On March 9-12, 2016 at the Hilton Diplomat Resort amp; Spa, Hollywood, Florida, Black Enterprise will encourage all to Know Your Worth (financial included), Own Your Truth, and Embrace Your Power at the Women of Power Summit.

[Related: Black Women and Money: Making Lemonade Out of Lemons]

Raquel Oden, head of advisor strategy amp; development of Merrill Lynch declared, “once women are knowledgeable about investing, they invest at the level men do!” It appears that knowledge is a primary differentiator for those who use what they have to build wealth and sustain what they have now.

This is not to imply that there aren’t additional odds stacked against women on the road to wealth building. There continues to be unbalanced salary gaps, untapped equity capital, and failure to negotiate that may also be contributing factors in a lack of wealth building implementation among women.

Check out these statistics to prompt you into channeling in on knowing your worth as you embark on your wealth building journey:

  • According to National Women’s Law Center, black women in particular earn 64 cents for every dollar paid to white men.
  • Harvard Psychologist Amy Cuddy states that men initiate salary negotiations four times as often as women. This failure to negotiate can cause an individual to lose more than $500,000 by the age of 60.
  • WomenDontAsk.com revealed that women run 40% of US businesses, but only receive 2.3% of the available equity capital needed for growth.
  • Women expect to earn between 3% to 32% less than men for the same job.

There is, evidently, a glaring problem. Stacey Tisdale, senior editor, personal finance at Black Enterprise, offered these few financial tips as you work toward a solution.

  1. Know your worth. Find out what others in your profession are making, consider your level of expertise and use these things as negotiating tools.
  2. Raise your expectations.  Don’t feel like you must accept the first offer you receive.
  3. Don’t be confrontational. Be direct, sure, but remember to do so with style, charm, and finesse.
  4. Practice. Rehearse what you’re going to say when negotiating and how you’re going to say it. Do this on a regular basis.
  5. Keep options open. Explore what’s happening in your job market and be sure to stay connected with your network.

Find out what may work for your personal wealth building with Financial Coaching at the 2016 Women of Power Summit, where experts will be standing by; eager to offer complimentary one-on-one financial attention to help you assess your current financial situation and how it fits with your life goals.

Begin building your wealth at the 2016 Black Enterprise Women of Power Summit legacies, March 9-12, 2016, Hilton Diplomat Resort amp; Spa, Hollywood, Florida. Register now.

Follow Black Enterprise on social media @BlackEnterprise for Women of Power news, highlights, and updates. Use hashtag #BEWPS to stay in the loop.

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Best Rated Loans For People With Bad Credit Announces Top Four Bad Credit …

Bad credit scores affect millions of people across the country, and they can have a profound effect on those peoples lives and fortunes. The bad credit score can in many cases be a legacy but is difficult to shake off, and securing a cash injection for a project, car, much needed repairs or even healthcare can be close to impossible under normal circumstances. Best RatesLoans For People With Bad Creditis a website that helps people get access to small loans instantly without the need for a credit check, and they have just published its guide to the top four companies of 2015.

The top four companies have been praised by the editorial team at the site as well as by customers, with star ratings showing the outstanding reputations of these companies posted to the homepage, together with a summary of their services, maximum loan amounts and repayment schedules. Each then links to a full and comprehensive independent review conducted by the site.

These companies specialize in providingloans for bad credit, and can offer APRs as low as 4.99%, a far cry from the predatory lenders and payday loans companies who astronomical interest has given bad credit loans a bad reputation in the past. The aim is to guide people to making the right choice of recommended providers.

A spokesperson for Best Rated Loans For People With Bad Credit explained, We understand that those with poor credit scores who need a cash injection are often some of the most desperate and vulnerable people. As a result we seek to take care of them by showing them the best options they have available. The loan companies featured on our homepage are just that, and do incredible work in getting people in need back on their feet.

About Best Rated Loans For People With Bad Credit:

Best Rated Loans For People With Bad Credit is a comparison site for online lenders and bad credit loans. The website reviews lending companies that do not make any credit checks like traditional banks, allowing those with bad credit scores to get a loan approved on small amounts.

For more information please visit:http://www.bestratedloansforpeoplewithbadcredit.com/

Media Contact
Company Name: Brand Outreach
Contact Person: Joe Bragg
Email: joe@brandoutreach.com
Phone: (415) 632 1664
City: San Francisco
State: California
Country: United States
Website: http://www.bestratedloansforpeoplewithbadcredit.com/

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Grand Rapids millennials starting to take over local home buying market …

GRAND RAPIDS, MI – West Michigan millennials want more than a hip apartment, according to a national report. They are starting to buy houses at one of the highest rates in the nation.

Persons between age 25 and 34 applied for 46 percent of the mortgages written in Grand Rapids, according to Realtor.com Chief Economist Jonathan Smoke. Thats the 6th highest rate in the nation, according to an article published in World Property Journal.

Grand Rapids inventory of affordable housing is one of the major reasons millennials are buying homes as they establish credit and their own household, the report said.

While it is difficult to estimate the effect of millennial buyers in the new home market, one can infer that since prices over the year have trended towards the more affordable, that some of the growth in the new homes market is a result of builders providing more affordable supply, said Smoke.

People who believe that millennials are disinterested in home ownership are grossly mistaken, said Smoke. This generation hit the job market during one of the largest recessions of all time and theyve had to work hard to establish credit and save for a down payment.

With the older segment just beginning to enjoy the life events that drive home ownership – marriage and children – now is the most appropriate time for them to consider home ownership, and thats what were seeing.

These markets underscore first time home buyers/millennial interest in growing, yet affordable, areas, said Smoke.

Click here to read the entire report:

Thanks to the millennial activity, West Michigans real estate market continued returning to health this summer as sales and prices soared despite record low inventories of homes for sale.

In August, 1,285 pending sales were reported, an 18.4 percent increase over August, 2014, according to the Grand Rapids Association of Realtors.

Sales prices also were up sharply. The average home sold for $186,296 in August, an 11.7 percent increase over August, 2014.

The increases come despite record low inventory levels. Houses sold in August were on the market for an average of 40 days, down from 45 days one year earlier.

Though the number of new listings on the market grew nearly 12 percent in August, the regions average months of inventory was at 2.3 months — a 12-year low, according to the GRAR report.

Home sales have been hot in West Michigan most of the year, according to GRARs monthly reports.

Through the first eight months of the year, 9,365 pending sales were reported in the region, an improvement of nearly 11 percent over the first eight months of 2014.

The average home price this year was $178,754, up 8.5 percent from last years eight-month average of $164,789.

Meanwhile, CoreLogic reported only 6.1 percent of all mortgaged homes in the Grand Rapid-Wyoming market were in negative equity, meaning their market value was below the amount owed on the properties.

CoreLogic, which studies real estate trends nationally, estimated 10,947 mortgaged properties in West Michigan were under water in the second quarter compared to 14,254 homes, or 8.2 percent, in the second quarter of 2014.

Nationally, CoreLogic estimated 8.7 percent of all mortgaged properties were in negative equity compared to 5.1 million homes, or 10.2 percent, that had negative equity in the first quarter of the year.

CoreLogic estimated 5.4 million homes, or 10.9 percent, were under water one year earlier, a decrease of 1.1 million homes, or 19.4 percent.

Jim Harger covers business for MLive/Grand Rapids Press. Email him at jharger@mlive.com or follow him on Twitter or Facebook or Google+.

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Aging in Idaho: Finish 2015 Strong

One of my favorite books on personal finance and wealth building is “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy.” hellip; Read more

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How to Avoid 5 Common Financial Mistakes

  • Make sure youre prepared for the what ifs in life. In addition to life and disability insurance, look into an umbrella policy for your home. Check with your medical malpractice carrier and see if you are protected for claims arising from social media activity.
  • Talk with your financial advisor about incorporatingeven if you are employed.
  • Have a conversation with your life partner and your children about money. Assure that you and your life partner agree on a vision for your financial destiny. Teach your children wealth-building strategies.
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Is Utilitywise PLC Is Better Pick Than Centrica PLC And SSE PLC?

Slow and steady 

Centrica and SSE wont make you a millionaire overnight, but theyll certainly help you protect and growth your wealth steadily.  

If youre looking for more wealth-building tips, Im confident that you can benefit from reading this new report from The Motley Fool. The report takes you through the seven key steps all successful investors follow, and could help you become a stock market millionaire.

Titled, How You Could Retire Seriously Rich explains how spending just 20 minutes a month could help you create a portfolio that could bring you closer to financial freedom for life.

Click here to check out the report — its completely free and comes with no further obligation. 

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Halo Capital Group Announces New and Improved Company Website

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( October 08, 2015 ) New York, NY – United States — Halo Capital Group, an established leader in bad credit small business loans, today announced the redesign of its website to provide more information about the process of applying for business loans with bad credit. Users can now navigate the page with more ease and have access to valuable information they didnt have previously.

Ethan Rocker, Director of Operations of Halo Capital Group, said he expects the website to be well received by Halo Capital Group customers and business partners.

We are very excited to announce the site redesign to our customers, both new and old. We feel confident that it will better serve their needs by saving them valuable time and effort. It is now easier to find the bad credit loans they are looking for and discover our other services as well. With this in mind, business owners will be able to focus their energies on more important tasks such as management and operations, said Rocker. We have committed many long hours towards this much-needed improvement. The execution of this plan took approximately six months, with some sleepless nights and tons of manpower. We took the advice of multiple focus groups and industry experts to craft the perfect page design, layout, and copy. Our hope is that this will translate into a superior user experience for the vast majority of our customers who are looking for lenders that offer funding for bad credit.

The revamped Halo Capital Group website now features an updated look with enhanced features, including brand new appearance and layout with eye-catching graphics and user-friendly navigation bars. Rocker said one feature he expects website users to particularly like is the addition of compelling images and additional paragraphs that will make it much easier to find the information they need.

To view the newly upgraded Halo Capital Group website, visit https://halocapitalgroup.com/small-business-loans-for-bad-credit-applicants today. If you would like to apply for a bad credit business loan from one of our lenders, complete the easy application and one of our representatives will be in touch with you that same day. You can also find Halo Capital on sites like Blogger, YouTube WordPress.

Founded in 2012, Halo Capital Group has helped many businesses with bad credit small business loans. The companys mission statement is to help small businesses grow and prosper by enabling them to receive commercial loans with the best possible rates and terms (Halo Capital Group). To learn more about Halo Capital Group, you should call 888-892-7939 or visit them online at https://halocapitalgroup.com.

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6 Wealth Principles for the Working Millennial

I grew up thinking that a college degree would be my ticket to wealth or at least entry into the upper echelons of the middle class. But after taking most of my twenties to dig myself out of $65,000 of student loan debt amassed after a BA in Political Science, a MSEd in Bilingual Education, and an EdM in Organizational Leadership, I realized that the correlation between a college education and building wealth is pretty weak.

While my credentials positioned me to earn more–my income nearly tripled from my first degree to the third–my degrees did not position me to save more, invest more, or be more discerning about credit use; only strong skills in money management could position me do that.

Here are six wealth-building strategies and principles that I used to build a strong financial foundation for myself over the last fifteen years.

Get organized and knowledgeable about your student loans. Part of being a millennial college graduate is being responsible and informed about your student loans. Take several weekends to educate yourself on the ins and outs of your student loans. Create virtual and/or real folders to organize the following information.

a)The type and number of loans that you have.Do you have subsidized and/or unsubsidized loans? Do you have federal loans, private loans, or both? Keep the name and number of your lender(s) in your phone, on an Excel file on your computer, and in hardcopy form for easy access.

b)The amount of the principal and the monthly interest that is accrued.You need to know how much money you owe and the amount that is accrued monthly to the penny so that your efforts to eliminate debt are grounded in accurate numbers instead of approximations.

c)The repayment loans and options. Have you educated yourself on loan forgiveness programs, the Pay As You Earn repayment plan, and the discounts applied to student loan payments for setting up automatic withdrawals from your checking or saving accounts? Researching these options can save you hundreds, if not thousands of dollars, on your student loan payments.

d)The life of the loan in years. How long will it take to repay your loan if you only make the minimum payment? How long do you want to carry this debt? What are the opportunity costs of prolonging the repayment process? Will extending the life of your loan delay purchasing your first home, quitting a job, starting a family or new business, or paying for a wedding?

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NAREB Says That Wealth Gap Widening as Black America Is Left Out of Real …

National Association of Real Estate Brokers (NAREB) and thought leaders sound alarm at Congressional Black Caucus Foundation (CBCF) Annual Legislative Conference and offer action plan.

Washington, DC (PRWEB) September 29, 2015

Statistics issued recently by the Home Mortgage Data Administration (HMDA) indicate that in 2014, only 5.2 percent of mortgage loans were made to Black borrowers at a time when the homeownership rate for the Black population had already fallen from nearly 50 percent in 2004 to its current low of 43 percent.

The failure of financial firms to originate home loans to Blacks, the consequent continuing fall in homeownership rate if this trend is not reversed, solutions to jumpstart affordable and sustainable mortgage lending to Black Americans, and the important wealth-building potential of increasing the Black homeownership rate, were subjects of a Forum hosted by the National Association of Real Estate Brokers (NAREB) held during the Congressional Black Caucus Foundation (CBCF) Annual Legislative Conference recently convened in Washington, DC. Forum attendees heard expert panelists present and discuss the key factors contributing to the downward homeownership rate for Black households which now stands at its lowest level in 20 years and is projected to continue to fall.

NAREB is drawing back the curtains and shining a spotlight on unequal access to mortgage credit to the Black community. Economic recovery has definitely not reached the majority of Black Americans. As a result, the real estate recovery is not real for Black America, said Ron Cooper, President NAREB the countrys oldest, minority real estate trade association formed in 1947. Coopers remarks directly responded to NAREBs Forum title, Real Estate Recovery 2015: Is it REAL for Black America?

The Forum, sponsored in part by the Federal Home Loan Bank of San Francisco (FHLBSF) brought together real estate practitioners, housing advocates, mortgage loan analysts and thought leaders to present viable options to increase homeownership for Black Americans. Congressional host, US Representative Gregory Meeks (D-NY) said his 5th District was one of the hardest hit by the housing crisis but comprehensive housing finance reform hasnt happened and it doesnt look like its going to in this Congress. Congressman Meeks spoke of the value of the government-backed housing agencies, Fannie Mae and Freddie Mac, which provide the largest number of home loans to our nations homebuyers. He stressed in his remarks that we need those agencies to do a better job of lending to Black families. But rather than improving their outreach to Black America, he warned the audience about the conservative Congress proposals to eliminate federal support for these entities.

Mark Alston, Forum moderator and chair of NAREBs Public Affairs Committee, set the tone of the two-hour session in his opening remarks saying that systemic disparities in access to the mortgage financing system have significantly dimmed the prospects for a recovery in homeownership among Black Americans. Mr. Alston noted that if current barriers to access are not removed, homeownership for Black Americans will continue to fall in spite of the overall housing recovery. The loss of wealth in Black America as a result of this situation is staggering.    

Forum panelists presented their expert perspectives, historical background and solutions to address and reverse the seemingly intractable falling homeownership trend. Unanimously, Forum panelists called upon Congress to address immediately, disparities in mortgage lending practices that are contributing to the increasing racial wealth gap and slowing economic growth for the entire nation.

Maurice Jourdain-Earl, Managing Director, ComplianceTech said Blacks still face challenges that limit their ability to secure mortgage loan applications, let alone loans. He said that redlining is still a major problem. Majority Black areas in America do not have an adequate access to credit.

Moreover, he said, when Black Americans do receive loans they are disproportionately of the higher cost variety, that is, subprime or loans backed by the Federal Housing Administration (FHA); not conventional prime loans which Fannie Mae and Freddie Mac buys. His statistics showed that from 2004 to 2013, of the 43.7 million home loans Whites received, 83.50 percent were conventional loans, of which, 9.5 percent were subprime loans, and 16.50 percent were government-backed loans. Comparatively, during the same period, of the 3.2 million home loans Black Americans received, 70.85 percent were conventional loans, 36 percent were subprime loans, and 29.15 percent were government loans. To the question is the Real Estate Recovery Real for Black Americans, Jourdain-Earl said the data says no.

Lisa Rice, executive vice president, National Fair Housing Alliance illustrated how the discriminatory effects of age-old bank redlining practices persist and are still having an adverse impact on communities of color using Cleveland, OH as a model. The areas where predatory subprime mortgage loans to Blacks were concentrated are the same areas that were hardest hit by the foreclosure crisis during the most recent economic meltdown. The Alliances research also shows that the housing stock in communities of color is being gobbled up investors and today, those neighborhoods are quickly gentrifying. She pointed out how credit scoring mechanisms produce disparate and unreliable negative outcomes for borrowers of color and discussed how all these issues contribute to the widening wealth gap in America.

Timothy L. Simons, vice president and senior compliance officer of the Federal Home Loan Bank of San Francisco, said Homeownership must be affirmed as a principal ladder for upward mobility for working families and for community stability. Simons recommended that going forward Congress mandate a mission of universal access to low cost mortgage credit for all communities.

Keith Corbett, executive vice president of the Center for Responsible Lending which offers specialized programs for nontraditional and first-time borrowers, said we know that affordable lending works. One fix Congress could make Corbett said, is not to mandate down payments from borrowers.

James H. Carr, senior fellow at the Center for American Progress summarized panelist presentations by stating that, the future wealth of America largely hinges on the extent to which people of color are able to succeed in this economy. And he noted that homeownership is the single most important source of wealth building. But he stated that the doors to homeownership are currently all but closed for Blacks and that no legislation is pending before Congress that would meaningfully improve access to mortgage credit. In fact, Carr stated that there are ways to significantly improve access to credit for people of color that could be implemented virtually overnight, but are not being implemented. Carr cited a study by the credit scoring company VantageScore that estimates that using their more updated and predictive credit scoring models could increase mortgage lending to Blacks and Latinos by as much as 30 percent each year.

NAREB President Ron Cooper called upon NAREBs members to continue their support of Fannie Mae and Freddie Mac, and charged them to lobby for policies and practices that will help create two million more Black homeowners in the next 5 years. Cooper stated that plans about NAREBs campaign launch to reach the two million homeowners goal are expected to be released later this fall.

# # # # #

The National Association of Real Estate Brokers (NAREB) was formed in 1947 out of a need to secure the right to equal housing opportunities, regardless of race, creed, or color. Since its inception, NAREB has initiated and promoted meaningful challenges and supported legislative initiatives to ensure fair housing for all Americans. http://www.nareb.com.

Contact:     Joanne Williams / 202-364-0024

        jlwilliams(at)barrington-associates(dot)com

For the original version on PRWeb visit: http://www.prweb.com/releases/2015/10/prweb12991335.htm

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