In the News
Bill to Legalize For-Profit Debt Service Firms in Mass Causes Concerns
Midas, the National Consumer Law Center, and others express concern about a bill before the Senate to end the prohibition against for-profit debt management companies in the state. The issue was covered by the New England Center for Investigative Reporting, the Boston Globe, and in radio spots on WBUR and WGBH. This was followed by a Boston Globe editorial in support of our position on 7/24/14.
Launch of MassSaves Campaign in Central Mass
Monson Savings Bank and MassSaves.org announce the launch of the local campaign to increase financial skills in Monson, Wilbraham, Hampton, and Ware area. Channel 22/WLLP covered the event.
Beware Debt Settlement Bill
An op-ed by Margaret Miley of Midas and Stuart Rossman of the National Consumer Law Center on a bill that would legalize for-profit debt settlement companies in the Bay State, appeared in the Metrowest Daily News, The Milford Daily News, and the Daily News Transcript (Dedham) on 1/6/14.
Assets & Opportunity Scorecard for Massachusetts Released
The Corporation for Enterprise Development and Midas released the CFED’s Scorecard for Massachusetts on 1/30/14. Boston’s Channel 5 reported that "Three in Five Mass Residents On Edge of Financial Disaster."
Announcements of Midas's Financial Confidence and Coaching Program
Reuters.com and other sites post announcements on the concerns about protecting Mass consumers from rescue schemes.
Midas joins Mass Undersecretary of Consumer Affairs, Barbara Anthony, and WBUR's Meghna Chakrabarti on Radio Boston to discuss "Are Most Mass Residents Financially Literate?"
Midas and CFED release the Assets & Opportunity Scorecard, and Boston Business Journal reports "Mass. Ranks at the Bottom for Minority Homeownership"
Moving from Debt to Assets, a film
Midas member, Greater Boston Interfaith Organization, is featured in El Mundo, as is the video that a participant produced about her experience.
Western Mass Financial Stability Highlighted
United Way and Midas partner to look at local strategies in financial stability. The Springfield Republican picks up the financial literacy angle (PDF).
Breaking patterns that derail their lives
Midas member, Crittendon Women's Union was highlighted in the Boston Globe for their innovative CFO program, a match-to-benchmarks asset-building strategy. Read the full article here.
Assets and Opportunity Scorecard released by Midas in Massachusetts
Bay State Banner reports on racial disparities in wealth. Download the PDF here.
The Massachusetts Asset Development Commission's final recommendations
Featuring Co-Chair, Sen. Jamie Eldridge, highlighted in a Boston Globe editorial. Read the full article here.
A recommendation on asset-limits of the Massachusetts Asset Development Commission
Featured in the Boston Globe. Read the full article here.
Developers with a mission: Lawrence Community Works gives low-income residents a chance for home ownership
Midas member Lawrence Community Works is featured in the Lawrence Eagle Tribune for combining housing production with their Family Asset Building IDA Program. Read the full article here.
Cultivating Artistic Enterprise
Midas member, Mass Museum of Contemporary Art's Assets for Artists IDA program is featured in the Berkshire Trade and Commerce publication, and also in the Berkshire Eagle - The Business of Art. Download the PDF here.
When the Wolf Is at the Door
Midas member One Family Scholars is featured in a Boston Globe editorial about using an asset building approach to helping tenants avoid a housing crisis. One Family is a Community Partner in the Funding Futures IDA Program. Read the full article here.
Creative Assistance in the Berkshires
Midas member, Mass Museum of Contemporary Art, is featured in the Boston Globe for their innovative Assets for Artists Program. Midas is providing access to community organizations to DHCD funding, technical assistance, and back-office IDA account management. The full article has been archived here,
Closing the Curtain on Poverty
As a result of the Midas Assets and Opportunities Conference, an editorial was published in the Boston Globe discussing the State funded IDA Program, the JVS/Midas project, and a push for the Massachusetts Asset Development Commission. Read the full article here.
Representative Eldridge Helps Secure More Money to Fight Poverty across Massachusetts
With the help of Representative Jamie Eldridge (D-Acton), the statewide Individual Development Account Program saw an increase in this year's state budget. (Acton Weekly, 5/4/07) Download the PDF here.
Homeowner's budget makes sense: Good money habits help mom buy home in down market
With the help of Midas member Organization for a New Equality, a hard-working Roxbury mom is able to secure a home of her own. Download the PDF here.
Help in achieving economic security
The Asset Development Commission gets a boost: Midas' partner institutions write op-ed in the Boston Globe 1/22/07. Read the full article here.
A home for the holidays - Lynn family realizes dream
With the help of MIDAS members Compass Working Capital and Lynn Housing Authority & Neighborhood Development, a Lynn family has a home for the holidays. Download the PDF here.
State budget includes funds for Individual Development Accounts
Statewide IDA Pilot Program passes Legislature and is approved by the Governor. Read the full article here.
Helping refugees succeed with cash, know-how
Midas member International Institute of Boston highlights their IDA program called “Savings for Success” in the Boston Globe. Read the full article here.
United Way to give grants to those who save
United Way of Massachusetts Bay announces federal grant in partnership with MIDAS. Funding from US Department of Health and Human Services will expand IDAs in Eastern Massachusetts. Read the full article here.
Economic Stimulus, Mass Legislature
The Asset Development Commission, proposed by Midas, is amended on to the Economic Stimulus bill in both the House and Senate. Download the PDF here.
A bonus for saving
Boston Globe supports Midas’ proposed statewide IDA program. Boston Globe editorial features individual participants, member programs, and encouragement for the legislature. Read the full article here.
New Loan Fund, Boston Business Journal
New loan product offered for Midas graduates. Announced by State Treasurer Tim Cahill and Citizens Bank in November of 2005. Download the PDF here.
Midas member, Lawrence Community Works, is featured in the Lawrence Eagle-Tribune, following announcement of new loan product. Read the full article here.
Network Organizing - a strategy for building community engagement
Midas member, Lawrence Community Works, describes their view of network organizing and asset development in an article in Shelterforce Magazine. Download the PDF here.
ONE developed Project Wealth to increase assets for working families
Midas member, Organization for a New Equality, is featured in Boston Peoples Voice. Download the PDF here.
Providing a measure of control: Success starts with saving, and then some
Midas member, Allston Brighton Community Development Corporation, is featured in the Boston Globe. Download the PDF here.
For the most up-to-date asset news:
Gonsalves: Don't swim with loan sharks
"As consumer debt has risen to historic highs, so have for-profit "debt settlement" companies — loan sharks who offer to consolidate their clients' debt and negotiate a lump sum settlement with creditors." Full text PDF here, archive link here.
A bill of goods on debt management
"Gateway Cities were particularly hard hit by fraudulent mortgage lending in the years leading up to the 2008 housing market collapse. Born from the ashes of this crisis, there's a new predatory financial service hitting our communities: for-profit “debt management” or “debt settlement” companies. A bill before the state legislature could lead to their proliferation." Full text PDF here, archive link here.
Editorial: Teach Finance
From the Metro West Daily News, "it is long past time Massachusetts incorporated financial literacy into the public school curriculum. We do no service to our children by sending them out into the world knowing all about geometry and history, but nothing about how to balance a checkbook." Download the PDF here.
Lawmakers: Make personal finance a school requirement
The bill to require financial education in public schools, that Midas supports, gets covered by the Lowell Sun, discussed on local National Public Radio affiliate, WBUR, and posted on the WBUR website. Download the PDF here.
The Current U.S. Tax System is tilted toward the haves
The Washington Post editorial team is taking on the federal tax code today, highlighting CFED's latest research on the federal asset building budget. Download the PDF here.
Census Finds record gap between rich and poor
This article looks at the statistics of the newly released Census, and finds that the gap between the rich and poor is becoming even wider in the United States. Read the full story here.
No-interest loans offered to jobless homeowner
This article highlights the new US Department of Housing and Urban Development Emergency Homeowner Loan Program that was presented in Roxbury. Read the full story here.
College Grads: $24,000 in Debt
CNN money has published an article detailing how college students are taking on more and more debt, while receiving fewer jobs to pack back loans upon graduation. Download the PDF here.
What to do if you can't pay student loan bills?
Are you a recent college graduate or even have graduated for years and are worrying about student loans to pay for? Here is a slide show article provided by Boston based non-profit American Students Assistance on tips for how to handle student loan debt. Read the full story here.
Peddling Relief, Firms Put Debtors in Deeper Hole
One of the most destructive financial scams that people can fall prey to is for Profit Debt Collectors. In a New York Times article "Peddling Relief, Firms Put Debtors in Deeper Hole", Debt settlement companies are profiled. Download the PDF here. See the video here.
Biggest Defaulters on Mortgages Are the Rich
This article explains how the wealthy have lost their homes at a higher rate than the rest of the US population.
Download the PDF here.
Mass Wins 102 Million in Subprime Loan Case
Attorney General Martha Coakley has won a $102 million settlement from Wall Street's Morgan Stanley & Co., money that will help more than 1,000 Massachusetts homeowners who are in foreclosure or saddle with unwieldy subprime mortgages. Read the full story here.
A Matter of Trust: Connecting Consumer Protections and Financial Reform
Elizabeth Warren, Chair of the TARP Congressional Oversight Panel and Harvard Law Professor, was the featured speaker at this event. Professor Warren outlined what she sees as the necessary components of an effective consumer financial protection regulation reform and then discussed these and related issues with journalist David Corn of Mother Jones. See video here.
Check out the author of the new book "Broke, USA. How the Working Poor Became Big Business," Gary Rivlin, in an interview conducted with the New America Foundation. See coverage here.