Maxine Waters Gives an Update on the Bailout - Black Enterprise
Black Enterprise Magazine July/August 2018 Issue

Yesterday, while walking around the Congressional Black Caucus Foundation’s Annual Legislative Conference, I ran into Rep. Maxine Waters. At the time, no one really knew if the House had come to an agreement on the $700 billion bailout to safeguard our economy. Below is the update that Waters provided:


Rep. Maxine Waters (D-CA) on the bailout:


The latest update that I have on the negotiations of the bailout are such that we are at a standstill. Yesterday we thought that we had an agreement in principal between the Democrats, the Republicans, the President and the presidential candidates. But it turns out that the Republicans came in with a completely new proposal. One that no body had seen and was quite different from everything everybody had been talking about. So it seems to me that there was going to have to be some leadership today to get them back on track.


I think most people who are in the negotiations would like to see some help for homeowners so that these homeowners who had risk for foreclosures could get loan modifications and stay in their homes.


There is a lot of discussion and confrontation around bankruptcy. That seems to be the toughest part of this negotiation. Of course there is something in there to help minority banks and business people be apart of all of this asset management that is going to be created as a result of the government taking over and buying up some of these toxic products. I think most people believe that the government needs to do something but it is a matter of what is that something going to be.


The lending community is adamantly opposed to bankruptcy and the home being apart of bankruptcy procedures. They believe that if judges have the ability to write down the mortgage once they have loaned a person money and that person gets in trouble and they file for bankruptcy then they the lenders will lose billions of dollars. I like the idea of homeowners being able to put their home into bankruptcy proceedings. I doubt if it will happen but I support it.


It all depends on how you do it. The whole idea is that you are paying the banks. If they hold paper on a home mortgage and the government buys if from them and then writes it down, you are bailing out the banks and you’re helping the homeowners. That is the basis of the bailout.


Marcia A. Wade is the interactive reporter at BlackEnterprise.com

 

 

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, SocialWayne.com chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining BlackEnterprise.com as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and BlackEnterprise.com helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.


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