The U.S. government’s latest plan to aid struggling homeowners could move as many as three million people into more-affordable mortgages, according to people familiar with the effort. The proposal, which has been designed by the Treasury Department and Federal Deposit Insurance Corp., is close to being finalized. Estimated to cost between $40 billion and $50… Continue reading »
Oct
28
PNC, National City deal a glimpse of what’s ahead
Government-backed merger a model for dozens more in the wings for banking Pittsburgh and Cleveland, two bitter Rust Belt rivals on the football field, have become the proving ground for the federal government’s controversial $700 billion bid to staunch a credit crisis that has spilled over from Wall Street to Grant Street and Euclid Avenue. … Continue reading »
Oct
28
2.5 Million Foreclosures Prevented Due to Efforts of Mortgage Industry
Hope Now announced Monday that almost 2.5 million foreclosures had been prevented due to efforts of those in the mortgage industry since the alliance began compiling data in July 2007. According to Hope Now, 212,000 homeowners were helped by the mortgage industry to avoid foreclosure during the month of September. It marked the first time… Continue reading »
Oct
28
NCRC unveils YouTube Video about CRA
In response to coordinated efforts in the media and elsewhere to hold CRA responsible for the current financial crisis, NCRC has produced a short video to clarify CRA¹s role and significance. You can view it on their YouTube channel here.
Oct
23
California: Foreclosure capital starting to see increase in housing sales
In Los Banos, California, one of the hardest hit in the national housing crash, there’s good news: Homes are starting to sell again. Investors and first-time home buyers are snapping up foreclosed houses here, with the number of local sales up almost fivefold from this time last year. While the volume of existing-home sales across… Continue reading »
Oct
16
NPR promotes NCRC’s CRA Myths and Facts
John Taylor¹s interview Wednesday morning with NPR regarding the Community Reinvestment Act appears on the front financial page of the NPR website. The story is titled Searching For Answers To Wall Street’s Debacle. Click here to listen to the interview. Click here to read the story.
Oct
14
CRA Myths and Facts
In a time when politicians and commentaries are saying that government policies like Community Reinvestment Act were key contributors to Wall Street’s crash, it is important to understand the facts and myths specific to the legislation. (Compliments of the National Community Reinvestment Coalition (NCRC)) Myth: The Community Reinvestment Act (CRA) caused the foreclosure crisis. Facts:… Continue reading »
Oct
09
Bank of New York promises $3M for Hill District efforts
Bank of New York Mellon officials Wednesday pledged $3 million over six years to help create jobs, train workers and provide social services for Hill District residents. In exchange, the company plans to receive tax credits equal to 80 percent of the contribution under a deal that Hill District residents, city officials and the Penguins… Continue reading »
Oct
09
Housing Pain Gauge: Nearly 1 in 6 Owners ‘Under Water’
More Defaults and Foreclosures Are Likely as Borrowers With Greater Debt Than Value in Their Homes Are Put in a Tight Spot The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults —… Continue reading »
Oct
07
HUD Allocates $4 Billion for Neighborhood Stabilization – PA Amounts Released
HUD has allocated a total of $3.92 billion in Neighborhood Stabilization Program (NPS) funds to all states and particularly hard-hit areas trying to respond to the effects of high foreclosures. The funding is provided through HUD’s Community Development Block Grant (CDBG) Program under the Housing and Economic Recovery Act of 2008. HUD’s new Neighborhood Stabilization… Continue reading »