Association, Wells Fargo Look for Excellent Entrepreneurs

(NBMBAA) — The National Black MBA Association and Wells Fargo have joined together to reward business owners that demonstrate the vision, leadership, innovation and perseverance necessary to be called a 2010 NBMBAA/Wells Fargo Entrepreneur Excellence Award winner.

The companies invite the public to nominate exemplary business owners for the award.

The two winning business owners will be recognized for their outstanding achievements and receive a $5,000 grant. Chapter nominations are highly encouraged. A $1,000 incentive grant will be given to the NBMBAA chapter that submits the most qualified applications.

Award applications are reviewed by a committee from the association and Wells Fargo leadership.

The award winners will be recognized at the 2010 NBMBAA Annual Conference in Los Angeles. Presence of the winners is strongly encouraged. Travel, lodging and expenses are the sole responsibility of the winners.

 Submit all application materials, postmarked by June 1, to:

NBMBAA/Wells Fargo Entrepreneur Excellence Award, Attn: African American Business Services MAC# A0103-220, P.O. Box 7402, San Francisco, CA 94120.

Information: This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

CRA/LA South Los Angeles to Host Regional Office Event

The South Los Angeles Economic Development Round Table Luncheon and Discussion with Lula Balton, CRA board commissioner, will take place June 9, noon to 1:30 p.m., at the CRA/LA South Los Angeles Regional Office, 4401 Crenshaw Blvd., suite 201, Los Angeles.

Lunch will be provided.

RSVP by June 2.

RSVP contact: Victoria Woods, (213) 977-2647, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Mortgage Delinquencies Drag on Economic Recovery

WASHINGTON (AP) — The mortgage crisis is dragging on the economic recovery as more homeowners fall behind on their payments.

Analysts expect improvement soon, but the number of homeowners in default or at risk of foreclosure will have a lingering effect on the broader economy.

More than 10 percent of homeowners with a mortgage had missed at least one payment in the January-March period, the Mortgage Bankers Association said May 19. That’s a record high and up from 9.1 percent a year ago.

A big jump in the number of borrowers who have missed three months of mortgage payments drove the increase.

Consumer Inflation Vanishes, a Boon for Borrowers

WASHINGTON (AP) — Consumer prices fell in April for the first time in 13 months, giving the Federal Reserve more room to keep interest rates at historic lows to aid the economy. That’s good news for borrowers, but not for savers.

Record-low rates help borrowers who qualify for loans and want to take on more debt. The prime lending rate, used to set rates on some credit cards and consumer loans, is at its lowest point in decades.

But low rates hurt savers. They’re especially hard for people on fixed incomes who earn scant returns on their savings.

The 0.1 percent decrease in overall prices last month was pulled down by gas prices, which are expected to drop further this summer.

Federal Reserve Sees Slightly Better 2010 Economy

WASHINGTON (AP) — Federal Reserve officials have a slightly brighter view of the economy than they did at the start of the year.

Fed officials say in an updated forecast that they think the economy can grow between 3.2 percent and 3.7 percent this year. That’s an upward revision from a growth range of 2.8 percent to 3.5 percent in their January forecast.