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
Description: Meg Vaillancourt reports that the Federal Reserve Bank has released a study finding that banks in Boston are guilty of redlining. Vaillancourt notes that three times as many mortgages are approved in Boston's white neighborhoods as in African American neighborhoods. Vaillancourt reviews the findings of the study. Vaillancourt interviews African Americans on the street. They talk about their experiences in applying for mortgages. Vaillancourt reports that African Americans earn less than whites on average. She adds that these economic factors do not explain the gap in mortgage lending practices. Vaillancourt interviews Joseph Kennedy (US Congressman). Kennedy condemns redlining practices. He adds that banks should not practice discrimination, noting that many banks receive federal funds. Vaillancourt reports that Boston banks have agreed to change their lending practices. She adds that meetings between community activists and banks are scheduled for next month. Vaillancourt's report is accompanied by footage of employees and customers in banks and shots of residential homes.
1:00:14: Visual: Shots of residential homes in suburban areas. Meg Vaillancourt reports that home prices are on the rise. Vaillancourt notes that race can also be obstacle to home ownership. V: Footage of an African American man being interviewed at Downtown Crossing in Boston. The man says that he is turned down every time he applies for a mortgage. Footage of an African American woman being interviewed at Downtown Crossing. The woman says that she has had to submit a great deal of paperwork when applying for a mortgage; that she has been examined more carefully than her income would merit. Footage of Joseph Kennedy (US Congressman) saying that redlining is practiced across the nation; that many officials try to deny it. Vaillancourt reports that the Federal Reserve Bank has released a study which finds that three times as many mortgages are approved in Boston's white neighborhoods as in Boston's African American neighborhoods. V: Shot of an African American woman looking out of the window of an apartment building. On-screen visuals and text detail the findings of the study. Footage of an African American man being interviewed at Downtown Crossing. The man says that banks seem to believe that African Americans do not have money. Footage of another man being interviewed. The man says that there should be no discrimination in lending practices. Shots of homes in a residential neighborhood; of two white women and a child standing in front of one of the homes. Vaillancourt reports that some blamed economic factors instead of race for redlining practices. Vaillancourt quotes statistics which show that African Americans earn less than whites on average; that homes in African American neighborhoods cost less; that there is less development in African American neighborhoods. V: Shots of residential homes in a variety of neighborhoods. Vaillancourt notes that economic factors do not explain the gap in mortgage lending practices. Vaillancourt quotes the study as finding that a 24% difference in mortgages between white and African American neighborhoods is found even when economic factors are taken into account. Vaillancourt reports that the study found that economic factors do not explain the gap in lending practices. V: On-screen text and visuals detail the study findings. Footage of Kennedy saying that poor people are receiving credit; that people of color are being denied access to credit. Vaillancourt reports that the banking industry is in crisis after the savings and loan scandal; that many banks have been forced to close. Vaillancourt notes that taxpayers are bailing out some banks; that banks are having a hard time collecting on bad loans. V: Shots of employees and customers in the lobby of a bank; of a client filling out a loan application; of bank employees sitting at their desks while helping customers. Shot of an African American bank employee helping a white customer with a loan application. Footage of Kennedy saying that banks have access to federal funds; that banks receiving federal funds should not practice discrimination. Shot of two triple-decker houses in a residential neighborhood. One of the houses is dilapidated. Vaillancourt reports that Boston banks have agreed to change their lending practices; that meetings between community activists and banks are scheduled for next month. V: Footage of the first African American man at Downtown Crossing. The man says that he has been forced to look elsewhere for loans; that the banks' lending practices will not stop him.
Collection: Ten O'Clock News
Date Created: 08/31/1989
Description: Hope Kelly reports that the Boston Bank of Commerce is sponsoring the Home Ownership Loan Pool, to encourage homeownership loans for residents in minority neighborhoods. The neighborhoods of Roxbury, Dorchester, and Mattapan have received little investment money in the past. Kelly's report includes footage from a press conference with Ronald Homer (President, Boston Bank of Commerce) and community leaders. Bruce Bolling (Boston City Council) speaks out in support of the new program. Homer talks about the Home Ownership Loan Pool. Homer says that concessionary-rate lending does not serve the long-term interests of the community. Kelly reviews the details of Homer's proposal. Kelly notes that housing is scarce in Roxbury while vacant lots are plentiful. Kelly interviews Gus Newport (Dudley Street Neighborhood Initiative). Newport says that disinvestment has been a problem in the greater Roxbury neighborhood. Kelly, Newport and Gertrude Fidalgo (community worker) take a walk in the Dudley Street neighborhood. Fidalgo says that development of vacant lots will create safer conditions in the area. Kelly notes that new housing developments are planned for the area. Kelly's report includes footage of workers at the Dudley Street Neighborhood Initiative building.
1:00:09: Visual: Shots of vacant lots in the Roxbury neighborhood of Boston. Hope Kelly reports that vacant lots in Roxbury are only 1.5 miles from downtown Boston. V: Footage of Gus Newport (Executive Director, Dudley Street Initiative) being interviewed near a vacant lot by Kelly. Kelly notes that these lots would have been developed years ago if they were in a different part of the city. Newport agrees with Kelly. Newport says that no bank financing was available to developers interested in the Roxbury neighborhood. Footage of Bruce Bolling (Boston City Council) speaking at a press conference. Bolling says that there has been "a process of disinvestment" in the Roxbury community for over thirty years. Bolling says that the members of the community must determine the direction of the community's growth. Shots of the attendees of the press conference, including Juanita Wade (Boston School Committee), Charles Yancey (Boston City Council), Gail Snowden (Bank of Boston), Don Muhammad (Roxbury community leader) and Newport. Shot of Mel King (community activist) listening at the entrance to the room. Kelly reports that the neighborhoods of Roxbury, Dorchester, and Mattapan have not received much investment money in the past; that a new bank program will provide financing in those neighborhoods. V: Footage from the press conference. Bolling sits at a table with Ronald Homer (President, Boston Bank of Commerce) and two others. African American community leaders stand behind them. Homer talks about a proposal which encourages banks to commit a portion of their loan portfolios to serve the greater Roxbury area. Kelly reports that the Boston Bank of Commerce is the only bank in Massachusetts that is owned and operated by African Americans. Kelly reports that the Boston Bank of Commerce is sponsoring the Home Ownership Loan Pool. Kelly reports that the loan pool encourages banks to set aside $250 million in loans for minority neighborhoods; that $25 million of the loans are to be set aside for first-time home buyers at below-market mortgage rates. Kelly reports that $100 million of the loans are to be set aside for the renovation or purchase of existing housing stock; that $500,000 be set aside for a home ownership and financing resource center. V: Shot of the exterior of the Boston Bank of Commerce. On-screem text and visuals detail the specifics of the Home Ownership Loan Pool. Footage of Homer at the press conference. Homer says that the Boston Bank of Commerce has taken a stand in the past against concessionary-rate lending. Homer says that concessionary-rate lending is not a useful way to serve the community in the long-term. Shots of attendees at the press conference including Newport, Juanita Wade (Boston School Committee) and Charles Yancey (Boston City Council). Kelly reports that Homer and others believe that concessionary-rate lending may be a good short-term solution. Kelly reports that Newport agrees with Homer. Kelly notes that Newport is the former mayor of Berkeley, California. V: Shot of the exterior of the Dudley Street Neighborhood Initiative building. Shot of Newport standing inside the building. Shots of staff members doing office work at the Dudley Street Neighborhood Initiative. Kelly reports that the Dudley Street Neighborhood Initiative was founded in 1984; that the Initiative has eminent domain power and zoning authority over 1.5 square miles of Roxbury land. Kelly notes that housing is scarce in Roxbury; that vacant lots are plentiful in the area. V: Shot of a map of Roxbury in the Dudley Street Neighborhood Initiative office. Footage of Newport and Kelly standing in front of a map of Roxbury. Newport points out the vacant lots in the area. Newport says that the Roxbury area has the most vacant land of any neighborhood in the city. Shots of Kelly, Newport and Gertrude Fidalgo (community worker) on a snowy street in Roxbury. They pass by a vacant lot. Kelly reports that 364 units of housing are planned for Roxbury; that most of those units will be affordable. V: Footage of Newport saying that disinvestment has been a major problem in the area. Kelly says that the banks are responsible for the initial disinvestment in the neighborhood. V: Footage of Newport saying that it is hard to believe that these conditions exist so close to downtown Boston. Footage of Fidalgo saying that she would not want to walk through this area because there are no streetlights or houses. Fidalgo says that more housing will create safer conditions in the neighborhood. Shots of a vacant lot and the surrounding area.
Collection: Ten O'Clock News
Date Created: 12/28/1989
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