Gospel Today September 7, 2009
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Transcript of Gospel Today September 7, 2009
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Will Church Leaders Join the Fight Against
Foreclosure?
As the foreclosure crisiscontinues to spiral out of
control, each week in Atlanta,
the steps of the city courthouse
are populated with
homeowners who have
defaulted on their mortgage
payments. Some are victims of
predatory lending, others have
lost their jobs and haven’t
found a way to save their
homes. These citizens watch in
helpless horror as buyers stand
ready to bid on their homes and
capitalize on their misfortunes.
Last Tuesday, Rev. Jesse
Jackson, founder and president
of Rainbow PUSH,
successfully led a meeting of
concerned members of the
Atlanta community along with
clergy from across the nation.
The meeting focused on the
need for activism in the wake
of the foreclosure catastrophe.
Although many in the media
are just now focusing on this
burgeoning problem, Jackson
had warned of an impending
“economic tsunami” back in
2007. Back then, during his
annual Wall Street Initiative, he
led a few dozen marchers to
New York’s Wall Street district.
Rev. Jesse Jackson and Marc Morial at Wall
Street Protest in New York (Jan. 2009)
On December, 11, 2007, the New
York Post reported, “Most business
people strode past picket-wielding
demonstrators, nonplussed by the
accusations of “predatory lending” and
“white-collar crime” being lobbed from
the podium inside the metal barricades
one block south of the New York Stock
Exchange. As one speaker called on
“Wall Street to help out the main
street," a suited passerby shook his head
and muttered, “Yeah, well, don’t buy
something you can’t afford.”
These days, a more respectful
approach is being taken. In fact, Wells
Fargo, the top mortgage lender in the
country, responded to Rev. Jackson’s
invitation and sent local to national
representatives to Tuesday’s meeting—
although only one representative was
from Mr. Stumpf’s office (Wells
Fargo’s President).
The group agreed and conceded that
a solution needed to be found, but that
such a solution would require the
collaboration of both the lenders, the
community and government. The Wells
Fargo representative from Mr. Stumpf’s
office pledged that he would insure that
the president’s office would respond
and meet with community
representatives in a timely manner.
One point of contention was the
suggestion that lenders should respond
to the massive downturn in the
economy by reducing the loan amounts.
Wells Fargo insisted that to share the
burden would only weaken the
economy even more.
Several members of the audience had
experienced long lags in the lender’s
decision in various cases. Wells Fargo
admitted that out of over 500,000 cases,
they were able to actively deal with less
than 50%.
Jackson called for lenders to
restructure loans, immediately put a halt
to foreclosures, and stop auctioning the
foreclosed homes.
Addtionally, Jackson is requesting
that churches rally to fight the
foreclosure crisis. For more
information: www.rainbowpush.org. gt
Sep 7,2009
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Rev. Jackson called for lenders to restructure
loans, immediately put a halt to foreclosures,
and stop auctioning the foreclosed homes.
The Gospel Music Association(GMA) will undergo organizationalchanges to respond to the currenteconomic recession, and theshifting gospel music industry,according to Ed Leonard, presidentof Daywind Music Group and thenew chairman of the GMA Board ofDirectors.
“The GMA, like many otherorganizations and businesses, hastaken hits during this prolongeddownturn in our economy,”Leonard said. “It has forced theGMA Board to evaluate ourassociation’s current businessmodel and to acknowledge that inorder to meet current obligationsand needs of our members, and toensure GMA’s vitality in the future;we needed to make some significantchanges.”
As the volunteer governing bodyof the GMA, the Board of Directorsapproved a plan to return theassociation to a more volunteer-driven operation with a scaled downstaff that will facilitate andcoordinate GMA events andprograms. The first step came in
May when GMA eliminated severalpaid staff positions.
The next step occurred last weekwhen John Styll stepped down fromhis position as president and CEOof GMA which will allow the Boardto substitute a managerial levelprofessional to oversee staff at theGMA office. The position has notyet been filled.
“There is no way to adequatelysummarize John’s contributions toGMA, not only in his professionalcapacity for the last six years, but inthe many more years he has servedon the GMA Board of Directors,and on which he will continue toserve as a permanent lifetimemember. His action of leaving hisposition for the benefit of theassociation tells the story better thanmy words could,” said Leonard.
“We’ve been tightening our beltsfor some time in this economy,”said Styll, “and now we’re at a pointwhere I think it’s wise to take myown salary off the books. I remain apermanent board member of theGMA and look forward tocontinuing our work.” gt
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Gospel Music AssociationRestructures Due to EconomyPresident Resigns
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