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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

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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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2009

Gospel Music AssociationRestructures Due to EconomyPresident Resigns

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