Posted by Jennifer Swartz in : Anti-Predatory Lending Initiative, News ,
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 [...]
Posted by Jennifer Swartz in : News, Partners ,
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. Analysts [...]
Posted by Jennifer Swartz in : Advocacy, Anti-Predatory Lending Initiative, News ,
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 since [...]
Posted by Jennifer Swartz in : News ,
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 [...]
Posted by Jennifer Swartz in : Events, News, Resources ,
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.
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Posted by Jennifer Swartz in : About, News, Resources ,
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:
The [...]
Posted by Jennifer Swartz in : News, Partners ,
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 struck [...]
Posted by Jennifer Swartz in : Advocacy, Anti-Predatory Lending Initiative, News, Resources ,
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 — the [...]
Posted by Jennifer Swartz in : Advocacy, Anti-Predatory Lending Initiative, News ,
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 Program [...]
Posted by Jennifer Swartz in : Advocacy, Anti-Predatory Lending Initiative, News, Resources ,
The government kicked off a program today that aims to prevent foreclosures by letting an estimated 400,000 troubled homeowners swap their mortgages for more affordable loans.
Lenders, rather than borrowers, will decide whether to participate in the program, which requires them to take a loss on the initial loan. The $300 billion, three-year program launched today [...]
