TRP News

Published: November 12, 2012 On November 12, 2012, Self-Help Federal Credit Union (Self-Help) and The Resurrection Project (TRP) were successful in acquiring 1,100 loans totaling $141 million of face value from the Federal Deposit Insurance Corporation (FDIC). These loans are part of the former Second Federal Savings and Loan (Second Federal) portfolio that the FDIC retained as a result of taking Second Federal into receivership during this past summer. Self-Help and TRP partnered in this venture to ensure Second Federal’s mortgage portfolio would not be auctioned to predatory lenders and prospectors, which likely would have led to more foreclosures in Southwest side Chicago neighborhoods.

Published: November 5, 2012 La Casa Student Housing was featured in the Education Life section of the New York Times this weekend. The article is available online here, and was featured in the Sunday print edition on November 4, 2012.

by Ulises Silva Published: October 15, 2012 Photographs by Lyndsi Barboza A project that took 10 years to become reality, and that looks to become a model for how communities support the higher education goals of its youth, needed a special celebration to open its doors. And on the morning of October 11, 2012, that’s just what happened.

by Maria Fereira Published: September 6, 2012 On Sunday, July 29, 2012, TRP and US Bank partnered to host a free trolley tour in the Back of the Yards neighborhood to give local residents a look at TRP’s stock of quality affordable homes now available. The trolley tour was generously underwritten by US Bank. The trolleys stopped by various houses, where community members were then given a tour and a presentation by a TRP financial counselor. TRP recently used $13.5 million in Neighborhood Stabilization Program 2 (NSP2) funds to acquire 81 units in Back of the Yards. TRP is now renovating these into affordable housing. Some will become rental units, and others will be sold at below-market values. The trolley tour was designed to show these properties to community members and potential homeowners.

by Ulises Silva Published: September 4, 2012 Photos by Lyndsi Barboza Healthy fathers are vital to healthy communities. This was the idea behind TRP’s first annual Fathers Day Health Fair on Saturday, June 17, 2012. More than 100 residents came to the three-hour event, which featured information tables, health screenings, raffles, and other activities designed to educate local fathers and mothers about the importance of maintaining good health and healthy lifestyles—and the importance of being healthy, engaged fathers in Pilsen.

by Maria Fereira Published: September 3, 2012 Photos by Lyndsi Barboza. On Friday afternoon of June 29, 2012, TRP kicked off its 13th annual Resurrection Basketball League (RBL), a yearly event to promote peace and safety in the neighborhoods by giving local kids the opportunity to participate in sports and keep them off the streets. The first game of the season coincided with the 10th anniversary memorial service of the death of police officer Bryan Strausse. A memorial service followed the game. The event began with opening remarks by Father Charles Dahm, a local priest and Board Chair of TRP. “We are here to promote peace,” he said. He also spoke with the young players about the event before offering a prayer giving thanks for peace, safety, and the good weather.

by Ulises Silva Published: September 2, 2012 It’s been a busy month for TRP CEO Raul Raymundo, who was nominated for one award and also recognized as a Hispanic Hero. Raymundo was nominated for Chicago Latino Network’s Latino Professional Award. Every year, the Chicago Latino Network holds a gala celebration to recognize the achievements of Chicagoland Latinos who have contributed to both the U.S. economy and the Latino community at large.

Published: August 20, 2012 The Resurrection Project and La Casa were featured in a Chicago Sun-Times article Marlen Garcia. The article can be read in its entirety here. Meanwhile, Crain’s Chicago Business continued to follow the developing story regarding the FDIC’s decision to sell Second Federal Savings Bank to Wintrust Financial Corporation. A letter written by Raul Raymundo, CEO of TRP, was published today in the Letters to the Editor. The letter can be read here.

Published: August 16, 2012 Dear TRP Friends and Supporters, The Resurrection Project reiterates its extreme disappointment at the Federal Deposit Insurance Corporation’s (FDIC) irresponsible decision to give away family deposits at Second Federal Savings & Loan Association to Wintrust. The statements released by the FDIC on August 14, 2012 are misleading and demonstrate the FDIC’s disregard of its statutory requirement to take reasonable steps to preserve minority banking institutions. The FDIC claims that it selected Wintrust’s bid over that of community partners The Resurrection Project, Self-Help Credit Union, and One Pacific because it was more “competitive.” Wintrust placed a lower bid of only $100,000. Our bid was over eight times that of Wintrust as we offered a bid for the deposits ($860,000) and another bid for the loans. The FDIC did not release any information indicating that it would accept deposit-only bids. I can only speculate that many more bids would have been submitted if the FDIC released that it was solely evaluating deposit-only bids. The FDIC’s estimated loss is completely subjective because Wintrust didn’t submit a bid for the loans and our community partnership submitted the only bid that they received for the loan portfolio. The FDIC is relying on a theoretical valuation to estimate that Wintrust’s bid was more “competitive.” 

Published: August 14, 2012 Dear Friends and Supporters, Today, an article in Crain’s Chicago Business voiced our discontent with the decision and lack of transparency by the Federal Deposit Insurance Corporation (FDIC) regarding their actions with Second Federal Savings Bank. We feel that the FDIC’s decision recklessly places Latino families on Chicago’s Southwest side at risk. The entire article can be read here. The FDIC essentially gave away Second Federal Savings Bank’s deposits—totaling $175.9 million—to Wintrust Financial Corporation for $100,000 despite a higher bid made by The Resurrection Project, One Pacific Community Bank, and Self Help Credit Union. Wintrust also declined to purchase Second Federal Savings’ $150 million in mortgage loans made to predominantly Latino families. These loans will now be auctioned off by the FDIC, and potentially expose thousands of Latino homeowners to a new wave of predatory lenders.

By Ulises Silva Published: August 8, 2012 On Tuesday, August 7, 2012, U.S. Senator Dick Durbin (D-IL) and U.S. Representative Luis Gutiérrez (D-IL 4th District) came to The Resurrection Project (TRP) to hold a press conference to urge undocumented youth to attend the August 15 DREAM Relief Day Workshop organized by the Illinois Coalition for Immigrant and Refugee Rights (ICIRR) at Chicago’s Navy Pier. They also cautioned undocumented youth and their families from engaging unscrupulous attorneys and notary public officials seeking to exploit them. They were joined by two undocumented Latino youth whose stories served to inform and inspire the nearly 60 undocumented youth in attendance who would benefit directly from the DREAM Relief Day Workshop. The press conference was covered by WBEZ, Univision, WGN, KBC, and Telemundo.

by Julio Guerrero Published: March 5, 2012 Chicago, Illinois—March 5, 2012— Today, The Resurrection Project—joined by students, State Representative Edward Acevedo, State Senator Tony Muñoz, Alderman Danny Solis, Billy Ocasio, university administrators, and community leaders—held a press conference launching La Casa. The Resurrection Project announced that it is now accepting inquiries and applications for La Casa Student Housing. In addition, The Resurrection Project announced a social media competition whereby students can win a scholarship with one free year of housing at La Casa. For additional information about applying to La Casa or submitting an entry to the social media campaign, please visit: www.lacasastudenthousing.org. The event was covered by ABC7, Univision, WBEZ, and several other media outlets.