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Mortgage aid in minority neighborhoods

Description: David Boeri reports on the Bank of Boston's new mortgage program for low- and moderate-income city residents. President of Bank of Boston Ira Stepanian and Robert Mahoney announcing the new program to the media at a press conference at a Roxbury branch of the Bank of Boston. Boeri reviews the terms of the program. He notes that many houses in the area are not eligible for the program because their sale prices are too high. Interview with Roxbury resident Diana Strother, who says that many residents do not make enough money to take advantage of the program. Interview with Leon Wilson from the Bank of Boston about the terms of mortgages under the program. Boeri notes that the units in the Fort Hill condominium complex are too expensive to qualify for the Bank of Boston program. Interview with Boston resident Alvin Wilkins and realtor Eve Moss about housing prices in the area. Interview with Bruce Marks from the Hotel and Restaurant Workers Union. Marks calls the Bank of Boston program a "public relations scam" if it does not truly help low-income residents with followup steps.
1:00:03: Visual: Footage of Ira Stepanian (President, Bank of Boston) speaking to the media at a Roxbury branch of the Bank of Boston. Stepanian says that the Bank of Boston would like to help to solve some of the city's problems. Shots of media and audience members listening to Stepanian. David Boeri reports that Stepanian talked about the Bank of Boston's new mortgage program for city residents. Boeri notes that the new program is called First Step With Rate Advantage. Boeri describes the terms of the mortgages offered under the program. Boeri reports that the first year's rate is 8.65%; that the maximum purchase price cannot exceed $140,000 for a single unit; that the maximum purchase price cannot exceed $185,000 for a two-family home; that the maximum purchase price cannot exceed $225,000 for a three-family home. Boeri notes that individuals making $35,000 or less are eligible for the program; that families making $45,000 or less are eligible. V: On-screen text details the terms of the mortgages offered under the program. Footage of Robert Mahoney (Bank of Boston) addressing the audience at the Roxbury branch of the bank. Mahoney says that the program serves the needs of a certain segment of the population. Shots of African American women in the audience. Boeri notes that some Roxbury residents say that the program is out of reach for them. V: Footage of Diana Strother (Roxbury resident) saying that Roxbury residents pay the highest rents in the city; that the average income in Roxbury is $15,000. Strothers says that most Roxbury residents do not make enough to take advantage of the program. Footage of Leon Wilson (Bank of Boston) being interviewed by Boeri. Boeri notes that it is difficult to find a house for $140,000 in this neighborhood. Boeri asks about monthly mortgage payment on a $140,000 house. Wilson says that residents would pay $1,100 per month if they made a downpayment of $14,000. Boeri reports that it is hard to find houses which meet the eligibility requirements of the program. V: Shot of a condominium complex in Fort Hill with units for sale. Shot of Boeri talking to a small group of people on the front porch of one of the Fort Hill condominium buildings. Boeri notes that condominium units in a Fort Hill development are selling between $149,000 and $165,000. Boeri notes that the condominiums do not meet the eligibility requirements of the Bank of Boston program; that the condominiums are not affordable for many residents. V: Shot of homes on a residential street. Footage of Alvin Wilkins (Boston resident) being interviewed by Boeri. Boeri asks Wilkins if it is possible to find homes for $140,000 in the area. Wilkins says that homes selling at $140,000 need a lot of repair. Wilkins says that it is impossible to find a home which is ready to move in to at that price. Footage of Eve Moss (realtor) saying that the average mortgage payment for one of the Fort Hill condominiums is $1,200. Moss says that it is difficult to make those mortgage payments on a salary of $45,000 or less. Footage of Wilson saying that the Bank of Boston is trying to provide an opportunity for some people to own a home. Footage of Bruce Marks (Hotel and Restaurant Workers Union) says that the Bank of Boston is pulling a public relations scam if they are trying to bill the program as an example of a low- and moderate-income home ownership program. Marks says that he would like to see a program which is truly aimed at low- and moderate-income people. Footage of Mahoney addressing the audience at a Roxbury branch of Bank of Boston. Boeri reports that many hope the program's next step will be a bigger one.
Collection: Ten O'Clock News
Date Created: 05/10/1989

State Street Bank, local or global

Description: David Boeri reports on expansion plans by the State Street Bank. The bank's activities are focused on mutual funds, pension funds, and informational services, and it has a presence on the international scene. The bank needs approval from the State Banking Commission before opening an office in Tokyo. Critics accuse the bank of abandoning its local responsibilities. State Banking Commission Hearing. State Senator Bill Owens says that the bank does not provide credit to low- and moderate-income neighborhoods. William Edgerly, Chairman of the State Street Bank and Trust says that the bank does not provide a full range of consumer services. Interview with Edgerly, who says that the bank needs to go global in order to be an industry leader. He adds that the bank is committed to the local community. Interview with Diane Strother from the Massachusetts Affordable Housing Alliance, who says that the bank does not do enough for the community. Boeri reports that affordable-housing advocates want the bank to renew its commitment to low-income neighborhoods.
1:00:13: Visual: Shots of the exterior of the State Street Bank building on Franklin Street. David Boeri reports that the State Street Bank has been in operation in Boston since 1792; that the bank has been expanding in the 1980s. V: Footage of William Edgerly (Chairman, State Street Bank and Trust) saying that the bank needs to go global in order to be a leader in the industry. Shots of the exterior of the bank; of the entrance to the bank. Boeri reports that loans are a small part of the bank's business; that the bank's focus is on mutual funds, pension funds, and informational services. V: Shots of the floor of the New York Stock Exchange (NYSE) on October 13, 1989; of a NYSE official banging a gavel. Footage of Edgerly saying that the bank is no longer a regional bank; that the bank is now a national and international bank. Shots of the floor of the stock exchange in Tokyo; of business workers on a busy street. Shots of Japanese workers at the Tokyo stock exchange; of a screen listing stocks at the Tokyo stock exchange. Boeri reports that State Street Bank has a presence on the international scene in London, Luxemborg, and Hong Kong; that the bank is planning an office in Tokyo. Boeri reports that advocates of affordable housing have challenged the bank's plans. V: Footage of William Owens (State Senator) at a hearing of the state banking commission. Owens says that poor urban neighborhoods remain in the "backyards" of the multinational banks. Shots of attendees and audience members at the hearing of the banking commission. Boeri reports that State Street Bank needs approval from the banking commission before it opens an office in Tokyo; that the bank remains a state bank. Boeri reports that critics say that the bank has abandoned its local responsibilities. Boeri notes that critics say that the bank has shut down branch offices in Dorchester, Roxbury, and other neighborhoods. V: Shots of audience members at the hearing. Footage of Owens addressing the banking commission. Owens says that the State Street Bank is responsible for a decrease in access to banking services in minority neighborhoods. Boeri stands in front of the State Street Bank building. Boeri reports that the Community Reinvestment Act (CRA) requires banks to provide credit to their local communities. Boeri notes that a bank can have its applications denied if it does not provide credit to low- and moderate-income neighborhoods. Boeri adds that critics want the State Street Bank to take care of business in Boston before opening up a Tokyo office. V: Footage of Edgerly addressing the banking commission. Edgerly says that the State Street Bank is a wholesale bank; that the bank does not provide a full range of consumer services. Shots of audience members at the hearing. Boeri notes that State Street Bank officials say that the bank does not do home mortgages. V: Footage of Edgerly being interviewed by Boeri. Edgerly says that the State Street Bank is devoted to helping the local community become successful. Shot of Edgerly at the bank commission hearing. Boeri reports that Edgerly helped to form the Boston Housing Partnership and the Boston Compact. V: Footage of Diane Strother (Massachusetts Affordable Housing Alliance) saying that the bank does not do enough for the community. Shots of the exterior of the State Street Bank building. Boeri reports that housing advocates want the approval of the bank's Tokyo office to be linked to a renewed effort by the bank to provide banking services and loans to low-income neighborhoods.
Collection: Ten O'Clock News
Date Created: 10/13/1989