The Pearls of Service Foundation, a non-profit affiliate of Pi Tau Omega Chapter of Alpha Kappa Alpha Sorority, Incorporated, is planning its Eighth Annual Pink and White AKATeen Scholarship Ball to be held on Saturday, May 18, 2013, from 6:30pm-12:00am at the Shriner’s Silver Garden Events Center in Southfield, Michigan. The purpose of this event is to raise funds for scholarships and to be used as a platform for the AKATeens as “A Showcase of Excellence”.

These young women are students at high schools throughout the Metro Detroit area. They are required to participate in community service projects, maintain a minimum GPA of 2.5, possess high ethical and moral standards, be positive role models, encourage high achievement in high school and beyond and promote unity, friendships and community activism among high school students in the tri-county area.

The Pearls of Service Foundation and Pi Tau Omega Chapter are working together to serve the citizens of Southern Oakland County and the Metropolitan Detroit Area. Our mission is to promote education, health awareness, economics, and family stability in our communities.

“When you have seen young ladies that have joined the group from the 9th grade and you see their development until they graduate—it is really rewarding, “Terry Mann, President of the Pearls of Service Foundation. “They become young ladies and are ready to go off for their first year of college.”

Their goal is to distribute over $25,000 in scholarship awards to graduating high school seniors. These funds will be utilized at the college of their choice. Community support of the AKATeen Pink and White Ball is critical to helping us achieve our mission of encouraging deserving youth to continue their education. For tickets and information, please contact Ms. Venus Smith at 248-906-9150.

Follow Amber L. Bogins on Twitter @AmberLaShaii 

by Chris Isidore

The Detroit city government is weeks away from running out of the cash it needs to operate, according to an initial report from the emergency manager overseeing its finances.

The report from Kevyn Orr, the bankruptcy attorney appointed by the state in March, lays out a bleak financial position for the city.

"The city has effectively exhausted its ability to borrow," he writes in the report, adding that the city "is clearly insolvent."

To avoid running out of cash before the end of its fiscal year on June 30, it must "defer payments on its current obligations," including more than $100 million in pension payments that are due.

"No one should underestimate the severity of the financial crisis," Orr said in a statement. "The path Detroit has followed for more than 40 years is unsustainable and only a complete restructuring of the city's finances and operations will allow Detroit to regain its footing."

He said this report was a baseline from which to develop that restructuring plan. It does not use the term "bankruptcy," but Orr hasn't ruled that out.

Detroit is struggling under at least $15 billion in debt, due to years of borrowing to pay its bills as tax revenues plummeted. The population of the city has fallen by nearly 30 percent since 2012, and there are currently over 100,000 vacant lots and buildings. Together, this has meant a drastic drop in revenue from both income and property taxes.

Detroit is struggling to come up with annual debt payments of about $246 million, which eat up almost 20 percent of the its general fund budget. Orr says the city needs relief from the money it owes, suggesting that investors holding its debt could end up taking haircuts.

But investors won't be the only ones hit by Orr's efforts to restructure the city's finances. He is considering changes in healthcare coverage for government employees and retirees, as well as in its pension plans. He's also looking at further changes in pay rates and staffing, on top of the layoffs and 10 pecent pay cut that have already been implemented.

The city's unemployment rate has fallen in recent years with a rebound in the auto industry, but at 18.3 percent it is still nearly triple where it stood at in 2000 and more than double the national rate.

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The Michigan Chronicle's Pancakes and Politics, Forum 3 made history Thursday morning at the Birmingham's Townsend Hotel, when it convened one of the most impressive panels of Michigan politicians at such a pivotal moment in Dertroit's history.

View the discussion in it's entirety here:

by Stella J. Adams

(NNPA)—Private-equity firms, hedge funds and other Wall Street investors are seeking to develop a Real Estate Owned (REO)– to- Rent Securitization Market with the blessing of the FED and FHFA. A year ago, the Federal Reserve Board issued a policy statement on rental of REO owned by the banks they supervise and allowed the banks to rent REO properties without requiring them to demonstrate continuous efforts to market the properties. Last fall, FHFA initiated a "pilot" REO bulk sale program in urban markets across the nation. This munificence by the federal regulators will change the course of America's future and signals the abandonment of homeownership as a pathway to prosperity.

Single-family rental properties have attracted more than $10 billion from equity firms, hedge funds, REITs and institutional investors. According to Goldman Sachs Group Inc., this market may attract a total of $2.8 trillion in capital investments in the not so distant future. The government's encouragement of this new housing market is fraught with potential societal and economic risks to the long-term health of our neighborhoods and our nation.

As a fair housing professional, I am concerned that this allows the Wall Street predators to once again prey upon urban and inner-ring suburban communities across the country. These new investors in the rental housing market may not be aware that they are covered under Section 805 of the Federal Fair Housing Act and its implementing regulations.

As a homeowner, I am concerned that there may be homes on my block or in my community that are owned by Wall Street firms that have shown no accountability for maintaining the properties they have acquired. A judge recently denied Deutsche Bank AG's bid to dismiss a lawsuit by the city of Los Angeles, accusing it of letting hundreds of foreclosed properties fall into disrepair and illegally evicting low-income tenants. According to a 2011 civil enforcement action filed by the city of Los Angeles, Deutsche Bank and its subsidiaries held title to more than 2,000 properties in Los Angeles.

According to news reports private equity behemoth Blackstone has acquired more than 25,000 properties across the country, including 1,400 in Atlanta and with a $2.1 billion line of credit from Deutsche Bank, is preparing to greatly expand its holdings.

This is bad news for our communities; homeowners bring stability to neighborhoods and are more engaged in local civic affairs. Homeownership and locally based landlords contribute to the social cohesion of our communities with shared values, commitment to the common good and bound by desire for economic prosperity for all.

The nomination of Rep. Mel Watt, D-N.C., to lead FHFA is an opportunity for positive systemic change. In a properly regulated housing market, homeownership does not pose a risk to households or investors. I hope that this nomination signals a recommitment by this administration to homeownership. I believe strongly that the effective enforcement of existing laws and regulations coupled with the underwriting of safe, sustainable and affordable loans is a leveraged path to financial stability, and the social mobility that is the essence of the American Dream.

(Stella J. Adams is a housing policy expert and a member of the Board of Directors of the National Community Reinvestment Coalition in Washington, D.C.)

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