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Banking Industry Icon Byron K. Reed to Discuss Credit and the Housing Market at event hosted by Brotherhood Crusade and EXPO Center
Sentinel Wire Service
Wells Fargo Senior Vice President and Community Development Manager Byron K. Reed will share his vast knowledge with and answer questions for South Los Angeles residents as a function of National Credit Month on Tuesday, October 19, from 12:15 - 2:00 PM at the EXPO Center Ahmanson Senior Center located at 3990 Menlo Avenue, Los Angeles, California 90037. Lunch will be served and admission is free for all South Los Angeles residents. However, RSVP is required.
Byron K. Reed is a Senior Vice President and the Director of Wells Fargo's Los Angeles Metro Region Community Development and Foundation Group. Byron joined Wells Fargo from Bank of America's Consumer Real Estate Neighborhood Lending Group. Prior to Bank of America, Byron held Community Development positions at both JPMorgan Chase and BankOne.
Byron has over 25 years of banking experience in various areas including Trust Services, Consumer, Small Business, and Commercial Lending, Government Relations, Community Development, Global/Corporate Philanthropy and most recently in Consumer Real Estate. Byron has served on numerous Boards of Directors which include service on the Operation HOPE - Midwest Regional Board of Directors, LYCEM - Texas, Junior Achievement-Chicago, National Housing Conference Board of Governors, Fannie Mae Housing Impact Committee, LULAC National Housing Commission Advisory Board, Founding President of the 100 Black Men of Greater Dallas, Inc., the 100 Black Men of Chicago, and the Urban Financial Services Coalition Advisory Board. Byron traveled extensively and lived abroad while growing up due to his Father's military service, and has a BA in Political Science/Public Administration and a minor in Business Finance from the University of Oklahoma. While a resident of Dallas, Texas, Byron served on many State of Texas boards and commissions and his last appointments were to the Texas Juvenile Probation Commission, and to the Texas Affordable Housing Task Force. Newly relocated to Los Angeles, Byron is equally active in the community and community activities.
In the past two years, the housing market has lost an estimated $4.9 trillion dollars, as 59 million homes have declined in value. Nearly 1 in 4 homeowners - 10.7 million households nationwide - are underwater on their mortgages; which means they owe more than their home is now worth. Moreover, nationwide, nearly 6 million households have been taken back by the bank in just the past three years - pushing down home values. In fact, the housing market is so bad in California, that a bank demolished 16 nearly completed homes - because it was cheaper to knock them down, than to finish them.
Obviously, credit plays an important role in the ebbs and tides of the housing market. Accordingly, Mr. Reed will also focus a portion of his presentation on issues of credit.
Brotherhood Crusade partners with Wells Fargo, the City of Los Angeles Department of Recreation and Parks, and the EXPO Center to host Taking Financial Control, a free community-wide financial education program designed to teach the basics of personal finance and help South Los Angeles residents develop habits and attitudes about money that will influence them for the rest of their lives. The program is based on the philosophy that learning about money is as important as earning it-and that effective money management results from a disciplined behavior. Additionally, the program helps to put individuals on a path to take control of their financial life by getting out of debt, developing their net worth, and accumulating wealth. It also encourages savings, instills prudent money management, introduces investment vehicles, and promotes good work ethics.
There are three components of the Taking Financial Control program: Young Adult (ages 14-25); Adult (all ages); and Mature Adult (focuses on issues that affect seniors). Each component provides introductory, intermediate and advanced financial education. In addition to Mr. Reed's presentation, Angel Zapata, National Vice President, Wells Fargo Foundation and his staff will join forces with Brotherhood Crusade's Financial Education Team to make a series of presentations throughout the month at Horace Mann Junior High School, Foshay Learning Center and the 1932 Club Junior Executive Program at the EXPO Center.
"By improving financial literacy, we help the entire community establish positive habits and attitudes about money that ultimately lead to an understanding of its power" said Charisse Bremond, President and CEO of Brotherhood Crusade. "Our Taking Financial Control initiative serves as one example of our 42 year old commitment to improve quality of life within our community."
The Brotherhood Crusade is a 501(c)(3) nonprofit institution founded in 1968 to provide necessary resources, program services and a voice of advocacy to traditionally underserved communities. Our mission is to remove and/or help individuals overcome the barriers that deter their pursuit of success and facilitate opportunities for a better quality of life, by promoting health and wellness, enhancing educational opportunities, cultivating economic growth and building community agencies and institutions.
For more information or to RSVP, please contact Maybelline SaintJulien at (323) 846-1649.