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Who is more likely to walk away from a house and a mortgage — a person with super-prime credit scores or someone with lower scores? Research using a massive sample of 24 million individual credit files has found that homeowners with high scores when they apply for a loan are 50% more likely to “strategically [...]
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Pennsylvania’s 78-day budget impasse is the longest the state has faced in modern history, and it is having the most impact on groups that receive state money. “This is much more intense, and it’s much more prolonged” than a 1971 budget stalemate and another budget battle in 1977, said Vincent Carocci, former press secretary to [...]
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The carefully watched monthly RealtyTrac data on foreclosures was released earlier today and it paints a picture of a national foreclosure situation that is not improving and is not likely to improve until a year from now. The new data from the service shows foreclosure filings were reported on 358,471 U.S. properties during August, a [...]
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Gov. Ed Rendell cannot support the proposed $27.9 billion budget that Senate and House leaders outlined today, his chief of staff, Steve Crawford, said. The spending proposal by Senate Republican and Democratic leaders and House Democrat leaders — which is already more than two months late — fails on three key criteria, he said. It [...]
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Officials from the world’s largest economies broadly agreed to rein in bonuses for bankers and to set higher balance-sheet standards for banks, but missing details left the potential for differences in the weeks ahead. Finance officials from the Group of 20 Saturday also pledged to maintain policies designed to support economic growth, but left open [...]
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In a surprise move, state House leaders have given Pittsburgh Mayor Luke Ravenstahl a little more time to exempt Pittsburgh from a bill that would make sweeping, and potentially costly, changes to many underfunded municipal pension systems. House Democratic leaders announced yesterday that a vote on House Bill 1828 — which would allow Philadelphia to [...]
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The former bank building in McKees Rocks was packed with more than 200 people. Some had signs slung around their necks that read, “Pass a fair budget now,” while others held posters calling for help for adult education, the homeless, mothers and other needs. The Greater Pittsburgh Nonprofit Partnership hosted a news conference yesterday at [...]
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The recession is finally hitting city budgets, with overall city revenues inching down in fiscal 2009 for the first time since 2002, according to a report to be released Tuesday by the National League of Cities. Weak growth in property taxes, reflecting soft housing prices, did not counterbalance sharp declines in other sources of income, [...]
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A little more than $600 million. That’s what separates two different state budget proposals, one developed by legislative Democrats and the other by Republicans. And a compromise could still be far off. The six-member bipartisan budget conference committee yesterday held its first meeting in a month, with Democrats presenting a retooled 2009-10 budget proposal of [...]
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Holy Ground is a project of the Pittsburgh Interfaith Impact Network, a coalition of congregations seeking to better their communities. The initiative provides training for congregations to identify serious problems in their neighborhood and then to do the work required to solve those problems. Church members canvassed the neighborhood to identify problems, including the storm [...]
