Pittsburgh Community Reinvestment Group (PCRG)

House Democrats tonight rejected a tentative $27.9 billion budget deal that had been reached with the Senate, which could cause additional lengthy delays in resolving the state’s 2009-10 budget situation. The Democrats, who control the House by a 104-99 margin, rejected two key revenue-raising elements in the 2-week-old budget proposal. They rejected a proposed 20… Continue reading »

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… Continue reading »

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… Continue reading »

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… Continue reading »

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… Continue reading »

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… Continue reading »