Alrededor de la Oficina
Around The Office
Laurie Mantor is now the Branch Supervisor
sor
at our Southwest Office, which is preparing forr
an expansion in early Summer 2008. Patricia
Farfán has moved to the Westcott Office, to
become a loan officer and credit advisor. The
staff sends our best wishes to Paula Graham, our
ur
former Mortgage Loan Officer who has moved
d
on to pursue other opportunities. Maribel González
ál
remains at the Westcott Office, as the Branch Supervisor. The
member service department has been busy with various trainings
this season, to better serve members and keep up with the latest
regulations.
Trainings
Maritza Rua attended presentations on the economy and
risk, which focused, not surprisingly, on the mortgage market and
“credit crunch.” Our credit union is a community development
credit union (CDCU), and we do make loans to people who do not
yet qualify for prime loans – responsibly. We lend to real people,
who have had past credit issues and don’t yet qualify for prime
rates, but the difference is that we work closely with members
and do not make loans that people cannot afford. The foreclosure
rate for mortgages made by regular banks has increased by 165%
since June, according to the National Federation of Community
Development Credit Unions. By contrast, the foreclosure rate
for mortgages made by the Federation’s 226 members (which
includes our credit union) has increased by only 1.6%.
Greg Knipe trained on Home Equity Conversion Mortgages,
to become certified to counsel people interested in these “reverse
mortgages.” This is just one aspect of our HUD-approved housing
counseling program, Home Base. We counsel people who
are looking to buy a home and after the purchase as well:
refinancing, planning for improvements, and foreclosure
prevention. Susan Hamilton attended a mortgage training
at the Center for Responsible Lending in March. To reach a
Home Base counselor, call (315) 471-1116 ext. 697.
Laurie Mantor es ahora nuestra supervisora de Southwest
O ce, nuestra oficina esta siendo ahora preparada para ser
Offi
agrandada durante el verano 2008. Patricia Farfán se ha mudado
para la oficina de Westcott, en la cual va a realizar el trabajo
de prestamos y trabajar con los créditos. Por otra parte Maribel
González continua trabajando en la Westcott como supervisora
dde nuestras tellers. El departamento de nuestras tellers ha estado
oocupado con varios repasos en estos dias para de esta forma poderles
bbrindarles un mejor servicio.
Escuchanos en la radio!
Cada mes expertos financieros de la Cooperative Federal son
invitados en ciertas ocasiones nosotros proveemos información y
educación en diferentes topicos financieros. En el mes de marzo
Maritza habló acerca de los taxes, si usted no pudo asistir, usted
puede leer nuestro articulo en este periódico
El 12 de abril, allí presentaremos ayuda para comprar un carro.
En mayo 17, nosotros Hablaremos acerca de como financiar una
casa y como repararla. Localiza la estación de radio 103.9 o 95.3 los
sábados comienzan a las 3:00 pm.
Ayuda Con Taxes – Sin Costo
Contribuyentes de bajos y moderados ingresos, incluyendo
veteranos, pueden recibir ayuda gratuita por medio del programa
VITA (Asistencia Tributaria Voluntaria al Contribuyente).
Usted puede obtener sus taxes sin costo alguno en 800 N.
Salina Street en Syracuse, estos so llevan a cabo por la universidad
Le Moyne. El personal de nuestra cooperativa les ayuda en el
asesoramiento financial y también en otros servicios. La preparación
de los mismos seria en los siguientes horarios:
Jueves: 4 – 7 pm
Sábados: 1 – 4 pm
Sábados
Los m
mismos se llevaran a cabo durante todo el mes de abril
co
con una sección especial de 4-7 el martes 15 de abril.
Traduccido por Nancy Legra
Christina Sauve
Cooperative Federal
723 Westcott Street
Syracuse, New York 13210
315-471-1116
The credit union will be closed
May 1 for International Workers’ Day
and May 26 for Memorial Day
PRESORTED
STANDARD
U.S.POSTAGE PAID
SYRACUSE, NY
PERMIT NO. 4238
In This Issue...
» Economic Stimulus FAQ
» Free Tax Prep Services
» Solving the Mortgage Crisis
» Common Cents Ballot
» Annual Meeting Recap
» ID Theft Training Recap
Credit Union Hours: Eastside Office - Weekdays, 10 AM to 6 PM, Saturdays, 10 AM to 1 PM
Southwest Office - Monday through Thursday, 10 AM to 3 PM, Friday, 10 AM to 6 PM
VISA, lost or stolen: (800)453-4270
Commonwealth 90
Page 6
C O M M O N W E A LT H
Solving the Mortgage Crisis
Over the past four months, the subprime mortgage loan crisis
has toppled many dominoes. Dozens of non-traditional mortgage
lenders, firms with no connection to banks, have gone out of
business. Analysts estimate that between one million and two
million homeowners face an acute risk of foreclosure during the
next year. The specter of widespread foreclosures isn’t just an
issue for individual homeowners. Cities ranging from Detroit to
Baltimore to Modesto, California anticipate big bites into their
property-tax bases, leading to cuts in municipal services.
Toss in negative impacts on consumer confidence, Wall
Street and the overall U.S. economy, and it’s not surprising
that various commentators have discussed how to deal with the
mortgage crisis. We don’t have the space here to deal with all
that commentary, but this article will present four prescriptions
for alleviating the mortgage situation.
First, any package of potential solutions has to focus on
mortgage brokers’ role. Yes, not every broker, a go-between
bringing together lenders and borrowers, is dishonest. Yet,
at the height of the real estate boom, far too many brokers
ran amok, altering paystubs to create an illusion of higher
income, encouraging loan applicants to overstate income,
acting unethically to get a mortgage issued and generate a
commission.
More than 20 states have no regulations governing mortgage
brokers’ conduct. There is an urgent need for a first step: state
legislatures enacting laws to fill this void.
Next, regulators should address inflated property appraisals.
In go-go real estate markets, appraisers sometimes faced two
undesirable choices: pegging properties at unrealistic numbers
or doing accurate appraisals and losing future opportunities
for work. This is not a problem resolved on the federal level;
a comprehensive solution begins with state and local officials
cooperating. Failure to act insures that bogus appraisals will be
at the epicenter of the next mortgage loan crisis.
Third, an information mismatch permeated many mortgage
transactions, with borrowers signing contracts and not fully
understanding the terms. Some borrowers didn’t appreciate the
dynamics of a “teaser” loan—a low initial monthly payment
and then sharp increases in the mortgage’s second year. Other
applicants signed up for mortgage payments that exceeded total
household income.
On one hand, no one should sign a contract without
comprehending its provisions. On the other, various borrowers
dealt with deceptive advertising, silver-tongued sales
representatives and a pervasive message informing consumers
that every family can have the house they want.
Telling people about their options isn’t impossible or difficult.
Around the country, various community organizations, including
our own credit union, have offered workshops on the mortgage
¡Ojo!
Pagos
gos de
Estimulo
Economico
Más de 130 millones de hogares en los Estados Unidos recibirán cartas
del Servicio de Impuestos Internos (IRS) recordándoles que presenten
una declaración de impuestos de 2007 para recibir un pago del estímulo
económico de 2008.
Los envíos postales del IRS empezarán la primera semana de marzo y
continuarán durante todo el mes. La notificación, titulada Notificación del
Pago del Estímulo Económico (Economic Stimulus Payment Notice, en
inglés), alerta a las personas de que podrían ser elegibles por vez única para
un pago del estímulo económico de hasta $600 ($1,200 para personas casadas
presentando declaración conjunta) empezando en mayo. También hay un
pago de $300 por cada niño calificado menor de 17 años de edad.
Los pagos de estímulo económico no tendrán ningún efecto sobre la
elegibilidad para beneficios federales.
Pregunta: ¿Qué debo hacer para recibir un pago de estímulo
económico?
Respuesta: Todo lo que tiene que hacer es presentar su declaración de
impuestos federales para 2007. Aun si no tiene la obligación de presentar
declaración de impuestos usted debe presentar una declaración de 2007 para
recibir un pago de estímulo económico este año. Los trabajadores con bajos
ingresos, personas que reciben beneficios del Seguro Social, ciertos jubilados
ferroviarios y quienes reciben ciertos beneficios del Departamento de Asuntos
de Veteranos, que por lo general no presentan declaraciones podrían recibir
un pago de estímulo económico si presentan declaración.
P: ¿Si yo vivo en Puerto Rico recibiré un pago de estímulo
económico?
R: En muchos casos, la respuesta es sí. Pero, reglas especiales dentro
de la ley son aplicables a las posesiones (territorios) de EE.UU. Por lo
general, las autoridades contributivas en cada posesión emitirán pagos de
estímulo económico a los residentes elegibles. La ley provee directrices
según las cuales el Departamento del Tesoro hará pagos a cada posesión
con este propósito. Las personas en estas áreas que tengan preguntas acerca
de los pagos de estímulo económico deberán comunicarse con la autoridad
contributiva local.
Exclusiones
No recibirá un pago de estímulo económico en 2008, si cualquiera de los
siguientes puntos le es aplicable.
» Usted no presenta una declaración de impuestos de 2007.
» Su obligación tributaria por ingreso neto es cero y su ingreso calificativo
es menos de $3,000.
» Usted puede ser reclamado como dependiente en la declaración de otra
persona.
» Usted no tiene un número de Seguro Social válido.
» Usted es un extranjero no residente.
» Usted presenta el Formulario 1040NR, Formulario 1040NR-EZ,
Formulario 1040PR o el Formulario 1040SS para 2007.
Más información y detalles están disponibles en www.irs.gov/espanol.
Continued on page 5
Spring '08
Cooperative Federal · Eastside Office (& Mailing Address) · 723 Westcott Street · Syracuse, NY 13210
Southwest Office · Southwest Community Center · 401 South Ave · Syracuse, NY 13204 · Telephone 471-1116 · www.cooperativefederal.org
Your Economic
Stimulus Payment
At the end of February, President
Bush signed the Economic Stimulus
Act of 2008 – a piece of legislation he
described as a “booster shot” for the
American economy. This legislation
promises payment of at least $300
to all qualifying Americans. Here are
some frequently ask questions about the
Economic Stimulus Payment, including
how to get it ... and how to use it!
What is a “qualifying American?”
You qualify for the stimulus payment if
you have a valid Social Security number,
and you received $3,000 or more in
qualifying income in 2007. Only very
high-earning individuals are excluded
from this.
Qualifying income includes wages,
net self-employment income, social
security, certain retirement benefits, and
pensions or disability benefits received
from the department of veteran affairs.
Supplemental Security Income does not
qualify.
What do I need to do? To receive
your stimulus payment you MUST file
your 2007 taxes. You can get free help
with your taxes at the community centers
listed below.
You must file your taxes with a
valid Social Security Number to receive
the payment. Taxpayers filing under
an Individual Taxpayer Identification
Number,
an Adoption Taxpayer
Identification Number, or any other
identification number issued by the IRS
are not entitled to this payment.
Is there extra paperwork to
complete? No, all you have to do is
file your 2007 tax return. If you aren’t
required to file normally, you can do a
special shortened 1040A. Details are at
www.irs.gov. The fastest way to get both
your regular refund and
the stimulus payment
is by direct deposit into
your savings or checking
account.
Help Wanted
3 hours per week
How much will
Repairs, organizing, odd jobs, and errands
I receive? The basic
little to no cleaning - experience required
payment ranges from
$300 to $600 for singles,
Send references and rates to:
or $600 to $1200 for
[email protected], or
joint filers. Taxpayers
by mail ATTN: Human Resources
with children are entitled
to an extra $300 for each
How should I use my stimulus
qualifying child under the age of 17. payment? Both Democrats and
The child must have a Social Security Republicans in Congress are suggesting
Number and be eligible under the Child that taxpayers spend their payment to
Tax Credit. High-income individuals or help bolster the economy. Instead, try to
couples will receive reduced payments, think of ways to make the most of your
and very high-income people may not payment! Use it to pay off credit card
receive a payment.
bills, make an advanced payment on your
car loan, or make improvements to your
When will I receive my payment?
home to increase its energy efficiency.
If you filed your taxes early, you can
Or, think about your future and start
expect your stimulus payment as soon as
saving for a home or for retirement. You
May but it is possible that your payment
can even triple that money by opening a
might not arrive until much later in
matched savings account at Cooperative
the summer. If you took out a Refund
Federal (call Christina at ext. 250 for
Anticipation Loan, you will get your
details). If you really want to spend it,
stimulus payment by check in the mail,
buy local and boost the local economy,
and it may take longer.
not big business!
What else do I need to know?
To find out more from the IRS, log
There have already been reports of scams onto www.irs.gov or call 1-800-829involving the stimulus payment. The IRS 1040.
Charles Sliter
reminds taxpayers that the agency will
never ask for personal information over
the phone or via email.
If the Credit Union is ever forced to
close due to an emergency (fire, weather,
etc.) information will be posted on
our website, www.cooperativefederal.
org, and sent out to local radio and
television stations. You can also call
1-877-CULOCATE for information
and updates during an emergency.
En Caso De
Emergencia
Si la Cooperativa se ve obligado a cerrar
debido a una emergencia (fuego, clima,
etc) dicha información será posteado en
nuestro sitio web en la dirección siguiente:
www.cooperativefederal.org, la misma será
trasmitida por nuestro radio local y por las
estaciones de televisión. Ustedes pueden
también llamar a 1-877-CULOCATE para
información en caso de emergencia.
Shopping for a
mortgage?
Cooperative Federal is
now an FHA Lender
Where to find Free Tax Prep Services:
Get free Tax Assistance through the VITA program.
Call the location nearest you for an appointment!
Fransiscan Outreach Center
800-804 N Salina St, Syracuse
Thurs 4 PM - 7 PM
Sat 1 PM - 4 PM
Tuesday 4/15 4 PM - 7 PM
Walk-ins welcome!
Don’t get frustrated...
Get consolidated!
Combine your bills into one monthly payment,
lower your payment amount or even improve
your credit
Call the Loan Dept. at ext 697
Beauchamp Library
2111 S Salina St, Syracuse
(315) 446-3326
Child Care Solutions
6724 Thompson Rd
North Syracuse
(315) 470-3325
Mundy Branch Library
120 S Geddes St Syracuse
Sat 9 AM - 1 PM
(315) 435-3797
P.E.A.C.E. Inc. East
202 S Beech St, Syracuse
P.E.A.C.E. Inc. South
136 W Castle St, Syracuse
P.E.A.C.E. Inc. West
200 Wyoming St, Syracuse
P.E.A.C.E. Inc. CSFRC
12 Clinton St, Tully
Call (315) 470-3325 for PEACE locations
Saint Alban’s Church
1308 Meadowbrook Dr, Syracuse
(315) 446-3326
Sidney Johnson Vocation Center
573 E Genesee St, Syracuse
(315) 470-3325
Page 2
Find out how on Page 2
Upcoming financial workshops
4/16 - Car Buying
4/20 - Comprando una Casa
4/23 - Building Credit
4/28 - Buying a Home
5/13 - Building Credit
6/3 - Buiding Credit
Each purchase made with
Cooperative Federal s VISA
Check Card generates small
change to be shared with
local nonprofit groups. Credit
union members vote to tell us
how to distribute funds to local
nonprofits that are nominated
by our members. The more you
use our VISA Check Card for
purchases, the more we donate.
All worksho
6:00-8:00 pPs are
M
Your Money, Your Life Financial Capability Course
6 session course beginning
Wednesday, April 16
Exclusively for members of the
Credit Union!
Call Nick at 476-1451 or
visit cooperativefederal.org!
Mortgages continued...
process, on cleaning up a credit history in
order to qualify for a traditional mortgage.
Such a loan has lower interest rates than a
subprime mortgage. In the best of all worlds,
consumer education begins in school-which our credit union also provides, but
which is not yet mandated by many states
including New York. If it doesn’t happen in
school, workshops should be held in union
halls and other community sites.
Fourth, Congress needs to fully consider
a massive bailout package in which the
government would buy up roughly one
million mortgage loans and establish lower
payments for borrowers. This isn’t the
penny-ante program pushed forward by
the U.S. Treasury Department at the end of
January, 2008. It’s a proposal with big-time
risks and potential benefits.
Are there valid objections to enacting
such a package? Sure. By buying troubled
loans, the government will incur substantial
financial risks. Dealing with a large
number of borrowers will pose a logistical
nightmare. Developing criteria for choosing
which loans to buy up will take many, many
hours. Worst of all, a government bailout
brings back memories of the 1980s savingsand-loan scandal when taxpayers picked up
a massive tab. Meanwhile, financiers and
investors largely escaped without negative
consequences.
Unfortunately, this isn’t a situation with
a menu of good choices. Not acting leads to
dire consequences: hundreds of thousands
of foreclosures, decreased property
values for solvent homeowners living in
neighborhoods dotted by vacant houses,
further damage to already frail urban
communities. At the same time, community
advocates don’t have to support the first
buy-up proposal advanced in Washington.
In the next issue of Commonwealth, we’ll
talk about ways to properly structure such
a proposal.
Carl Mellor
Common Cents 2008 Vote
Cada compra hecha con la
Tarjeta VISA de Cooperative Federal
genera Pequeñas Ganancias
o Common Cents para ser
compartidos con grupos locales
sin fines de lucro. Los socios de
la Cooperativa de Crédito con su
voto nos dirán como distribuir los
fondos a los grupos mencionados a
continuación. Mientras mas tu uses
nuestra Tarjeta VISA para compras
mas nosotros podemos donar.
A member may vote for up to 3 separate organizations.
El socio podrá votar hasta tres opciones.
⌦ Artrage
⌦ Atlantic States Legal Foundation
⌦ Beyond Boundaries
⌦ CNY Cajibio Sister Community /
Colombia Support Network
⌦ CNY Public Power Coalition
⌦ Community Wide Dialogue to
End Racism
⌦ Elm Crest Children s Center
⌦ The Learning Place Inc.
⌦ Matilda Joslyn Gage Foundation
⌦ Mercy Works
⌦ The New School
⌦ Northeast Hawley Development
Association
⌦ Nothside Collaboratory
MUST BE RECEIVED AT CREDIT UNION
OFFICE BY M AY 31, 2008
⌦ Partnership for Onondaga Creek
⌦ Peace Action of CNY
⌦ Southwest Community Center
⌦ Spanish Action League
⌦ Syracuse United Neighbors
⌦ Syracuse Alliance for a New
Economy
⌦ Syracuse Center for Peace and
Social Justice
⌦ Syracuse Peace Council
⌦ Westcott Community Center
⌦ Westside Learning Center
⌦ Wilson Park Community Center
Visit www.cooperativefederal.org
to learn more about the nominated
groups.
1. __________________________________
2. __________________________________
3. __________________________________
Commonwealth 90
Financial Tip #3: Stimulate yourself!
In Case Of
Emergency
Name: ___________________________________
Signature: _________________________________
Page 5
Spring '08
Cooperative Federal’s
25th Annual Meeting
procedures, and conducting other
activities designed to test and evaluate
our operations. The Committee also
hired CPA auditors, who reported that
our financial statements were accurate
and compliant. The auditors suggested
some policy improvements that the
Supervisory Committee will act on in
2008.
support this work, we were able to put to
work 120% of our members’ deposits!
Every penny of that stays local, in the
form of loans to other members.
On Sunday, March 2nd, nearly
With the reports completed and
60 Cooperative Federal members,
no
unfinished business to attend to,
volunteers, and staff gathered at
nominations
and elections took place.
the Westcott Community Center to
We are pleased to welcome three new
participate in our 2008 Annual Meeting
members to the Board of Directors:
and Dinner. Member-owners discussed
Carmen Acevedo,
the achievements and
Heather Engelman,
challenges
Cooperative
because we make fair loans and keep our and Linda Hall.
Federal experienced during
Crockett,
2007, our 25th Anniversary members’ money local, the credit union has Liz
Valerie
Escoffery,
Year and a time of both
stayed strong in the face of the foreclosure Peter Scheibe, and
change and reflection.
Larry Young were
Board Member David crisis and looming economic recession
reelected to serve
Andrews facilitated the
another term. Ron
meeting. After reviewing
Treasurer/CEO
Ron
Ehrenreich
Ehrenreich
and
Frank
Forward were
and approving the minutes from our
delivered
the
Treasurer’s
Report.
He
reelected
for
the
Credit
Committee,
last annual meeting, Larry Young
explained
how
our
fi
nancial
statements
and
Meagan
Weatherby
and Sheila
presented the Board of Directors’
Report. He explained that during for 2007 reflected our community Rees were elected to serve as Credit
2007 the Board’s primary focus was development mission, as well as early Committee Alternates.
A brief presentation on new
on expanding our service throughout stages of growth, by reviewing a series
the city and addressing critical space of ratios that measure our fiscal fitness business highlighted the major changes
needs, while simultaneously ensuring and sustainability. We continued to out- Cooperative Federal experienced
that the credit union continued to be perform similarly sized credit unions during 2007. Ron Ehrenreich explained
financially secure and provide high- in total loan deployment, with nearly that, because we make fair loans and
quality, personal member service. 80% of our total assets in the form of keep our members’ money local,
Thanks to our supremely dedicated loans to our members. The Treasurer’s the credit union has stayed strong in
staff, our community partners, as well Report included a discussion with the face of the foreclosure crisis and
as financial assistance from grants, several members who asked insightful looming economic recession. Meagan
Cooperative Federal has met these questions about Cooperative Federal’s Weatherby, Sustainability & Outreach
unique delinquency policy, our long- Coordinator, explained the purpose and
goals.
Next, Liz Crockett reported on term growth plans, the development meaning of the credit union’s new logo
behalf of the Supervisory Committee. of new loan products, and other key and moniker, “Cooperative Federal.”
Christina Sauve introduced our new
Throughout 2007 the Committee issues.
Christina Sauve, our Community partners at the Northside Collaboratory
continued to steward Cooperative
Development
Coordinator, and Credit
Federal’s fiscal soundness by auditing
Committee
Member
Frank Forward
loan files, working with staff to
took
the
stage
next
to present the
review bookkeeping and compliance
Community Impacts Report.
In 2007, Cooperative Federal
originated over $3.6 million
in loans, provided financial
Use your tax
education classes to more
refund or stimulus
than 600 individuals, provided
payment to start
housing counseling to over 200
families, and helped support
saving
93 local jobs through one-onone advising to 64 small and
Call Christina at ext 250
micro businesses. Because we
use grants and mission-driven,
Income restrictions apply
LENDER
nonmember deposits to help
“
”
Triple Your Savings
Buy a Home!
EQUAL HOUSING
Over 60 members, volunteers and staff
attended this years annual meeting
Page 3
Spring '08
and
Franciscan
Collaborative
Ministries, and described our exciting
expansion plans that have already
begun taking place.
The meeting concluded with
Appreciations to outgoing board
member Stacy Crandell, outgoing
Supervisory Committee Chairperson
Mark Feldman, and second-year
AmeriCorps*VISTA members Nick
Cavanaugh and Richard Vallejo. A
special Plaque of Appreciation was
presented to Frank Lynch
in honor of his mother,
Nancy Jean Lynch, a longtime credit union volunteer
who passed away in 2007.
Volunteers have sustained
our credit union since
its inception, and we are
thankful for their priceless
contributions.
The meeting adjourned to a tasty
buffet catered by The Italian Chef,
and—as always!—desserts prepared by
Linda Barbour of Tunura’s Homemade
Specialties. Thanks to the efforts of
Sondra Roth and the generosity of
dozens of local businesses, every
attendee left with a special door prize.
To read a copy of Cooperative
Federal’s 2007 Annual Report, visit
www.cooperativefederal.org and click
on Latest News
Meagan Weatherby
Members dig in to a delicious meal
catered by The Italian Chef and
desserts by Linda Barbour of
Tunura’s Homemade Specialities
With a Little Help From Our Friends
Thanks to all those friends who donated
door prizes for the credit union’s annual
meeting. Prizes were provided by:
Barry Gordon, Table Tools
Dutch Hill Maple, Dave Williams
Gypsy Girl Designs, Barb Floch
Tunura’s Homemade Specialities, Linda
Barbour
Maziuk & Co.
Open Hand Theater
Ron Ehrenreich & Sondra Roth
The Art of Massage, Ed Griffin
Thornden Park Association
Syracuse Cultural Workers
Syracuse Real Food Coop
Syracuse Chiefs Baseball
Syracuse Stage
Westcott Community Center
Syracuse Symphony
Gerry Russo
Sugar Pearl Espresso Bar &
Lounge, Phyllis Vadala
Hairanoia, Michael DeSalvo
Cooperative Federal
Pheasant Ridge Winery
On January 16th 2008, Cooperative
Federal led a coalition of Central New
York credit unions to host a community
forum on preventing and recovering
from the fastest growing crime in the
United States: Identity Theft. A diverse
panel of credit counselors, financial
experts, activists and educators taught
over 60 people about how to safeguard
personal financial information, how to
determine if identity theft has occurred,
and what steps to take if an individual’s
identity has been stolen.
The event was a great success.
The vast majority of the audience
gave the event top ratings, and 100%
of respondents said they would
recommend the training to others.
Participants particularly valued the
easy-to-implement tips shared by
panelists. Keynote Speaker Jill HurstWahl, president of the South Side
Entrepreneurs Association and a former
victim of identity theft, directed all of
the participants to take a look at their
wallets and determine if we need to
keep so much of our private information
with us.
To learn more about protecting
yourself and your family from
identity theft, visit http://www.
cooperativefederal.org/en/
preventIDtheft.
Central New York Credit Unions
hosted this event to help embody the
credit union adage of “people over
profit.” The credit union movement
is dedicated to bringing fair,
affordable financial services that build
communities, improve quality of life
for people of modest means, and create
equal opportunities for all.
Lisa Davis
Car Loans
Dreaming of sun,
waves and sand?
your
Get $100 off
ent if
ym
pa
first loan
you pre-qualify
Start saving now with a
Summer Stash account
Pre-qualify before you shop and
know what you can afford!
Call Member Services
Call Patricia at ext 212
ext 699 (English) - ext 700 (Español)
Commonwealth 90
Identity Theft
Awareness
Page 4
Your Economic
Stimulus Payment
At the end of February, President
Bush signed the Economic Stimulus
Act of 2008 – a piece of legislation he
described as a “booster shot” for the
American economy. This legislation
promises payment of at least $300
to all qualifying Americans. Here are
some frequently ask questions about the
Economic Stimulus Payment, including
how to get it ... and how to use it!
What is a “qualifying American?”
You qualify for the stimulus payment if
you have a valid Social Security number,
and you received $3,000 or more in
qualifying income in 2007. Only very
high-earning individuals are excluded
from this.
Qualifying income includes wages,
net self-employment income, social
security, certain retirement benefits, and
pensions or disability benefits received
from the department of veteran affairs.
Supplemental Security Income does not
qualify.
What do I need to do? To receive
your stimulus payment you MUST file
your 2007 taxes. You can get free help
with your taxes at the community centers
listed below.
You must file your taxes with a
valid Social Security Number to receive
the payment. Taxpayers filing under
an Individual Taxpayer Identification
Number,
an Adoption Taxpayer
Identification Number, or any other
identification number issued by the IRS
are not entitled to this payment.
Is there extra paperwork to
complete? No, all you have to do is
file your 2007 tax return. If you aren’t
required to file normally, you can do a
special shortened 1040A. Details are at
www.irs.gov. The fastest way to get both
your regular refund and
the stimulus payment
is by direct deposit into
your savings or checking
account.
Help Wanted
3 hours per week
How much will
Repairs, organizing, odd jobs, and errands
I receive? The basic
little to no cleaning - experience required
payment ranges from
$300 to $600 for singles,
Send references and rates to:
or $600 to $1200 for
[email protected], or
joint filers. Taxpayers
by mail ATTN: Human Resources
with children are entitled
to an extra $300 for each
How should I use my stimulus
qualifying child under the age of 17. payment? Both Democrats and
The child must have a Social Security Republicans in Congress are suggesting
Number and be eligible under the Child that taxpayers spend their payment to
Tax Credit. High-income individuals or help bolster the economy. Instead, try to
couples will receive reduced payments, think of ways to make the most of your
and very high-income people may not payment! Use it to pay off credit card
receive a payment.
bills, make an advanced payment on your
car loan, or make improvements to your
When will I receive my payment?
home to increase its energy efficiency.
If you filed your taxes early, you can
Or, think about your future and start
expect your stimulus payment as soon as
saving for a home or for retirement. You
May but it is possible that your payment
can even triple that money by opening a
might not arrive until much later in
matched savings account at Cooperative
the summer. If you took out a Refund
Federal (call Christina at ext. 250 for
Anticipation Loan, you will get your
details). If you really want to spend it,
stimulus payment by check in the mail,
buy local and boost the local economy,
and it may take longer.
not big business!
What else do I need to know?
To find out more from the IRS, log
There have already been reports of scams onto www.irs.gov or call 1-800-829involving the stimulus payment. The IRS 1040.
Charles Sliter
reminds taxpayers that the agency will
never ask for personal information over
the phone or via email.
If the Credit Union is ever forced to
close due to an emergency (fire, weather,
etc.) information will be posted on
our website, www.cooperativefederal.
org, and sent out to local radio and
television stations. You can also call
1-877-CULOCATE for information
and updates during an emergency.
En Caso De
Emergencia
Si la Cooperativa se ve obligado a cerrar
debido a una emergencia (fuego, clima,
etc) dicha información será posteado en
nuestro sitio web en la dirección siguiente:
www.cooperativefederal.org, la misma será
trasmitida por nuestro radio local y por las
estaciones de televisión. Ustedes pueden
también llamar a 1-877-CULOCATE para
información en caso de emergencia.
Shopping for a
mortgage?
Cooperative Federal is
now an FHA Lender
Where to find Free Tax Prep Services:
Get free Tax Assistance through the VITA program.
Call the location nearest you for an appointment!
Fransiscan Outreach Center
800-804 N Salina St, Syracuse
Thurs 4 PM - 7 PM
Sat 1 PM - 4 PM
Tuesday 4/15 4 PM - 7 PM
Walk-ins welcome!
Don’t get frustrated...
Get consolidated!
Combine your bills into one monthly payment,
lower your payment amount or even improve
your credit
Call the Loan Dept. at ext 697
Beauchamp Library
2111 S Salina St, Syracuse
(315) 446-3326
Child Care Solutions
6724 Thompson Rd
North Syracuse
(315) 470-3325
Mundy Branch Library
120 S Geddes St Syracuse
Sat 9 AM - 1 PM
(315) 435-3797
P.E.A.C.E. Inc. East
202 S Beech St, Syracuse
P.E.A.C.E. Inc. South
136 W Castle St, Syracuse
P.E.A.C.E. Inc. West
200 Wyoming St, Syracuse
P.E.A.C.E. Inc. CSFRC
12 Clinton St, Tully
Call (315) 470-3325 for PEACE locations
Saint Alban’s Church
1308 Meadowbrook Dr, Syracuse
(315) 446-3326
Sidney Johnson Vocation Center
573 E Genesee St, Syracuse
(315) 470-3325
Page 2
Find out how on Page 2
Upcoming financial workshops
4/16 - Car Buying
4/20 - Comprando una Casa
4/23 - Building Credit
4/28 - Buying a Home
5/13 - Building Credit
6/3 - Buiding Credit
Each purchase made with
Cooperative Federal s VISA
Check Card generates small
change to be shared with
local nonprofit groups. Credit
union members vote to tell us
how to distribute funds to local
nonprofits that are nominated
by our members. The more you
use our VISA Check Card for
purchases, the more we donate.
All worksho
6:00-8:00 pPs are
M
Your Money, Your Life Financial Capability Course
6 session course beginning
Wednesday, April 16
Exclusively for members of the
Credit Union!
Call Nick at 476-1451 or
visit cooperativefederal.org!
Mortgages continued...
process, on cleaning up a credit history in
order to qualify for a traditional mortgage.
Such a loan has lower interest rates than a
subprime mortgage. In the best of all worlds,
consumer education begins in school-which our credit union also provides, but
which is not yet mandated by many states
including New York. If it doesn’t happen in
school, workshops should be held in union
halls and other community sites.
Fourth, Congress needs to fully consider
a massive bailout package in which the
government would buy up roughly one
million mortgage loans and establish lower
payments for borrowers. This isn’t the
penny-ante program pushed forward by
the U.S. Treasury Department at the end of
January, 2008. It’s a proposal with big-time
risks and potential benefits.
Are there valid objections to enacting
such a package? Sure. By buying troubled
loans, the government will incur substantial
financial risks. Dealing with a large
number of borrowers will pose a logistical
nightmare. Developing criteria for choosing
which loans to buy up will take many, many
hours. Worst of all, a government bailout
brings back memories of the 1980s savingsand-loan scandal when taxpayers picked up
a massive tab. Meanwhile, financiers and
investors largely escaped without negative
consequences.
Unfortunately, this isn’t a situation with
a menu of good choices. Not acting leads to
dire consequences: hundreds of thousands
of foreclosures, decreased property
values for solvent homeowners living in
neighborhoods dotted by vacant houses,
further damage to already frail urban
communities. At the same time, community
advocates don’t have to support the first
buy-up proposal advanced in Washington.
In the next issue of Commonwealth, we’ll
talk about ways to properly structure such
a proposal.
Carl Mellor
Common Cents 2008 Vote
Cada compra hecha con la
Tarjeta VISA de Cooperative Federal
genera Pequeñas Ganancias
o Common Cents para ser
compartidos con grupos locales
sin fines de lucro. Los socios de
la Cooperativa de Crédito con su
voto nos dirán como distribuir los
fondos a los grupos mencionados a
continuación. Mientras mas tu uses
nuestra Tarjeta VISA para compras
mas nosotros podemos donar.
A member may vote for up to 3 separate organizations.
El socio podrá votar hasta tres opciones.
⌦ Artrage
⌦ Atlantic States Legal Foundation
⌦ Beyond Boundaries
⌦ CNY Cajibio Sister Community /
Colombia Support Network
⌦ CNY Public Power Coalition
⌦ Community Wide Dialogue to
End Racism
⌦ Elm Crest Children s Center
⌦ The Learning Place Inc.
⌦ Matilda Joslyn Gage Foundation
⌦ Mercy Works
⌦ The New School
⌦ Northeast Hawley Development
Association
⌦ Nothside Collaboratory
MUST BE RECEIVED AT CREDIT UNION
OFFICE BY M AY 31, 2008
⌦ Partnership for Onondaga Creek
⌦ Peace Action of CNY
⌦ Southwest Community Center
⌦ Spanish Action League
⌦ Syracuse United Neighbors
⌦ Syracuse Alliance for a New
Economy
⌦ Syracuse Center for Peace and
Social Justice
⌦ Syracuse Peace Council
⌦ Westcott Community Center
⌦ Westside Learning Center
⌦ Wilson Park Community Center
Visit www.cooperativefederal.org
to learn more about the nominated
groups.
1. __________________________________
2. __________________________________
3. __________________________________
Commonwealth 90
Financial Tip #3: Stimulate yourself!
In Case Of
Emergency
Name: ___________________________________
Signature: _________________________________
Page 5
Spring '08
Alrededor de la Oficina
Around The Office
Laurie Mantor is now the Branch Supervisor
sor
at our Southwest Office, which is preparing forr
an expansion in early Summer 2008. Patricia
Farfán has moved to the Westcott Office, to
become a loan officer and credit advisor. The
staff sends our best wishes to Paula Graham, our
ur
former Mortgage Loan Officer who has moved
d
on to pursue other opportunities. Maribel González
ál
remains at the Westcott Office, as the Branch Supervisor. The
member service department has been busy with various trainings
this season, to better serve members and keep up with the latest
regulations.
Trainings
Maritza Rua attended presentations on the economy and
risk, which focused, not surprisingly, on the mortgage market and
“credit crunch.” Our credit union is a community development
credit union (CDCU), and we do make loans to people who do not
yet qualify for prime loans – responsibly. We lend to real people,
who have had past credit issues and don’t yet qualify for prime
rates, but the difference is that we work closely with members
and do not make loans that people cannot afford. The foreclosure
rate for mortgages made by regular banks has increased by 165%
since June, according to the National Federation of Community
Development Credit Unions. By contrast, the foreclosure rate
for mortgages made by the Federation’s 226 members (which
includes our credit union) has increased by only 1.6%.
Greg Knipe trained on Home Equity Conversion Mortgages,
to become certified to counsel people interested in these “reverse
mortgages.” This is just one aspect of our HUD-approved housing
counseling program, Home Base. We counsel people who
are looking to buy a home and after the purchase as well:
refinancing, planning for improvements, and foreclosure
prevention. Susan Hamilton attended a mortgage training
at the Center for Responsible Lending in March. To reach a
Home Base counselor, call (315) 471-1116 ext. 697.
Laurie Mantor es ahora nuestra supervisora de Southwest
O ce, nuestra oficina esta siendo ahora preparada para ser
Offi
agrandada durante el verano 2008. Patricia Farfán se ha mudado
para la oficina de Westcott, en la cual va a realizar el trabajo
de prestamos y trabajar con los créditos. Por otra parte Maribel
González continua trabajando en la Westcott como supervisora
dde nuestras tellers. El departamento de nuestras tellers ha estado
oocupado con varios repasos en estos dias para de esta forma poderles
bbrindarles un mejor servicio.
Escuchanos en la radio!
Cada mes expertos financieros de la Cooperative Federal son
invitados en ciertas ocasiones nosotros proveemos información y
educación en diferentes topicos financieros. En el mes de marzo
Maritza habló acerca de los taxes, si usted no pudo asistir, usted
puede leer nuestro articulo en este periódico
El 12 de abril, allí presentaremos ayuda para comprar un carro.
En mayo 17, nosotros Hablaremos acerca de como financiar una
casa y como repararla. Localiza la estación de radio 103.9 o 95.3 los
sábados comienzan a las 3:00 pm.
Ayuda Con Taxes – Sin Costo
Contribuyentes de bajos y moderados ingresos, incluyendo
veteranos, pueden recibir ayuda gratuita por medio del programa
VITA (Asistencia Tributaria Voluntaria al Contribuyente).
Usted puede obtener sus taxes sin costo alguno en 800 N.
Salina Street en Syracuse, estos so llevan a cabo por la universidad
Le Moyne. El personal de nuestra cooperativa les ayuda en el
asesoramiento financial y también en otros servicios. La preparación
de los mismos seria en los siguientes horarios:
Jueves: 4 – 7 pm
Sábados: 1 – 4 pm
Sábados
Los m
mismos se llevaran a cabo durante todo el mes de abril
co
con una sección especial de 4-7 el martes 15 de abril.
Traduccido por Nancy Legra
Christina Sauve
Cooperative Federal
723 Westcott Street
Syracuse, New York 13210
315-471-1116
The credit union will be closed
May 1 for International Workers’ Day
and May 26 for Memorial Day
PRESORTED
STANDARD
U.S.POSTAGE PAID
SYRACUSE, NY
PERMIT NO. 4238
In This Issue...
» Economic Stimulus FAQ
» Free Tax Prep Services
» Solving the Mortgage Crisis
» Common Cents Ballot
» Annual Meeting Recap
» ID Theft Training Recap
Credit Union Hours: Eastside Office - Weekdays, 10 AM to 6 PM, Saturdays, 10 AM to 1 PM
Southwest Office - Monday through Thursday, 10 AM to 3 PM, Friday, 10 AM to 6 PM
VISA, lost or stolen: (800)453-4270
Commonwealth 90
Page 6
C O M M O N W E A LT H
Solving the Mortgage Crisis
Over the past four months, the subprime mortgage loan crisis
has toppled many dominoes. Dozens of non-traditional mortgage
lenders, firms with no connection to banks, have gone out of
business. Analysts estimate that between one million and two
million homeowners face an acute risk of foreclosure during the
next year. The specter of widespread foreclosures isn’t just an
issue for individual homeowners. Cities ranging from Detroit to
Baltimore to Modesto, California anticipate big bites into their
property-tax bases, leading to cuts in municipal services.
Toss in negative impacts on consumer confidence, Wall
Street and the overall U.S. economy, and it’s not surprising
that various commentators have discussed how to deal with the
mortgage crisis. We don’t have the space here to deal with all
that commentary, but this article will present four prescriptions
for alleviating the mortgage situation.
First, any package of potential solutions has to focus on
mortgage brokers’ role. Yes, not every broker, a go-between
bringing together lenders and borrowers, is dishonest. Yet,
at the height of the real estate boom, far too many brokers
ran amok, altering paystubs to create an illusion of higher
income, encouraging loan applicants to overstate income,
acting unethically to get a mortgage issued and generate a
commission.
More than 20 states have no regulations governing mortgage
brokers’ conduct. There is an urgent need for a first step: state
legislatures enacting laws to fill this void.
Next, regulators should address inflated property appraisals.
In go-go real estate markets, appraisers sometimes faced two
undesirable choices: pegging properties at unrealistic numbers
or doing accurate appraisals and losing future opportunities
for work. This is not a problem resolved on the federal level;
a comprehensive solution begins with state and local officials
cooperating. Failure to act insures that bogus appraisals will be
at the epicenter of the next mortgage loan crisis.
Third, an information mismatch permeated many mortgage
transactions, with borrowers signing contracts and not fully
understanding the terms. Some borrowers didn’t appreciate the
dynamics of a “teaser” loan—a low initial monthly payment
and then sharp increases in the mortgage’s second year. Other
applicants signed up for mortgage payments that exceeded total
household income.
On one hand, no one should sign a contract without
comprehending its provisions. On the other, various borrowers
dealt with deceptive advertising, silver-tongued sales
representatives and a pervasive message informing consumers
that every family can have the house they want.
Telling people about their options isn’t impossible or difficult.
Around the country, various community organizations, including
our own credit union, have offered workshops on the mortgage
¡Ojo!
Pagos
gos de
Estimulo
Economico
Más de 130 millones de hogares en los Estados Unidos recibirán cartas
del Servicio de Impuestos Internos (IRS) recordándoles que presenten
una declaración de impuestos de 2007 para recibir un pago del estímulo
económico de 2008.
Los envíos postales del IRS empezarán la primera semana de marzo y
continuarán durante todo el mes. La notificación, titulada Notificación del
Pago del Estímulo Económico (Economic Stimulus Payment Notice, en
inglés), alerta a las personas de que podrían ser elegibles por vez única para
un pago del estímulo económico de hasta $600 ($1,200 para personas casadas
presentando declaración conjunta) empezando en mayo. También hay un
pago de $300 por cada niño calificado menor de 17 años de edad.
Los pagos de estímulo económico no tendrán ningún efecto sobre la
elegibilidad para beneficios federales.
Pregunta: ¿Qué debo hacer para recibir un pago de estímulo
económico?
Respuesta: Todo lo que tiene que hacer es presentar su declaración de
impuestos federales para 2007. Aun si no tiene la obligación de presentar
declaración de impuestos usted debe presentar una declaración de 2007 para
recibir un pago de estímulo económico este año. Los trabajadores con bajos
ingresos, personas que reciben beneficios del Seguro Social, ciertos jubilados
ferroviarios y quienes reciben ciertos beneficios del Departamento de Asuntos
de Veteranos, que por lo general no presentan declaraciones podrían recibir
un pago de estímulo económico si presentan declaración.
P: ¿Si yo vivo en Puerto Rico recibiré un pago de estímulo
económico?
R: En muchos casos, la respuesta es sí. Pero, reglas especiales dentro
de la ley son aplicables a las posesiones (territorios) de EE.UU. Por lo
general, las autoridades contributivas en cada posesión emitirán pagos de
estímulo económico a los residentes elegibles. La ley provee directrices
según las cuales el Departamento del Tesoro hará pagos a cada posesión
con este propósito. Las personas en estas áreas que tengan preguntas acerca
de los pagos de estímulo económico deberán comunicarse con la autoridad
contributiva local.
Exclusiones
No recibirá un pago de estímulo económico en 2008, si cualquiera de los
siguientes puntos le es aplicable.
» Usted no presenta una declaración de impuestos de 2007.
» Su obligación tributaria por ingreso neto es cero y su ingreso calificativo
es menos de $3,000.
» Usted puede ser reclamado como dependiente en la declaración de otra
persona.
» Usted no tiene un número de Seguro Social válido.
» Usted es un extranjero no residente.
» Usted presenta el Formulario 1040NR, Formulario 1040NR-EZ,
Formulario 1040PR o el Formulario 1040SS para 2007.
Más información y detalles están disponibles en www.irs.gov/espanol.
Continued on page 5
Spring '08
Cooperative Federal · Eastside Office (& Mailing Address) · 723 Westcott Street · Syracuse, NY 13210
Southwest Office · Southwest Community Center · 401 South Ave · Syracuse, NY 13204 · Telephone 471-1116 · www.cooperativefederal.org