Taylor, Bean & Whitaker Mortgage Corp. said Monday it filed for bankruptcy protection after moves this month by regulators led to a virtual shutdown of what had been one of the nation’s biggest independent mortgage bankers. Taylor Bean said in a statement that its Chapter 11 filing in U.S. Bankruptcy Court in Jacksonville, Fla., will… Continue reading »
Aug
24
Despite high demand, the future of transit looks dim
Despite public transit ridership at its highest levels since the birth of the interstate highway system, nearly 90 percent of transit agencies in the United States have been forced to raise fares or cut service in the past year, a new report says. The report, “Stranded at the Station: The Impact of the Financial Crisis… Continue reading »
Aug
21
Public meeting planned for September 17th to discuss the Intercity Passenger and Freight Rail Plan
A Public Meeting has been scheduled to review the Draft Intercity Passenger and Freight Rail Plan. The draft plan will include goals, objectives, and recommendations (short and long term) for transportation improvements related to rail in the Commonwealth. The plan will enable PennDOT to implement a more efficient and effective approach to intercity rail transportation within… Continue reading »
Aug
21
There is a One in Three Chance You’ll Soon Owe More Than Your House is Worth
Foreclosure rates in the U.S. remain near record highs. More than 13% of American homeowners with a mortgage are either behind on their payments or in foreclosure. The latest report from the Mortgage Bankers Association, released today, shows the percentage of loans that entered the foreclosure process dipped slightly to 1.36%, down from an all-time high… Continue reading »
Aug
20
GOP senators fail to override human services vetoes on state budget
Senate Republicans failed to override Gov. Ed Rendell’s vetoes of expenditures for a dozen human services programs, but not before the GOP spent several hours berating the Democratic governor over his budget actions. Twenty-nine Republicans, joined by one Democrat, Sen. Lisa Boscola of Northampton, voted yesterday to overturn the vetoes of a total of $2… Continue reading »
Aug
18
State budget crisis leaves the status and future of many human services programs undetermined
The waiting lists for Pennsylvania’s human service programs all have a beginning, but, it seems, none has an end. With Gov. Ed Rendell and legislators unable to agree on how to fill a multibillion-dollar deficit, the fortunes of many state programs are up in the air. But the plunge in state tax collections does not… Continue reading »
Aug
18
State budget impasse affects children’s programs
At least 420 fewer children will be in public early childhood programs in Allegheny County this fall, part of the fallout from the state budget impasse in Harrisburg. The Allegheny Intermediate Unit Friday notified 300 families that their children’s Head Start or Pre-K Counts classrooms will be closed because of a lack of state funding.… Continue reading »
Aug
17
Top 30 U.S. Housing Markets: Pittsburgh No. 6
They’re easy to overlook, with home prices plunging from Manhattan to Los Angeles and almost everywhere in between. But look at the smaller metros where housing bubbles never took shape, and you’ll find some of today’s strongest markets. Boulder, Colo.; Fayetteville, N.C.; Pittsburgh; Little Rock; and other slow-but-steady metros are now among the nation’s safest… Continue reading »
Aug
17
Proposal to allow distressed homeowners to rent foreclosed homes
The increasing number of abandoned and vacant foreclosed houses is lowering property values in neighborhoods. These foreclosure properties that remained unsold and unoccupied become eyesores in neighborhoods. Center for Economic and Policy Research co-director Dean Baker has proposed to allow distressed homeowners to remain in their houses by renting the foreclosed properties to them. He said… Continue reading »
Aug
17
Underwater Mortgages Reach Epidemic Levels
Underwater mortgages hurt home sales and increase delinquencies and foreclosures. People who have to pay their mortgage holder to sell their homes are less likely to be sellers. A home sold for $200,000 when it has a $250,000 mortgage is a home that the owner may not be able to afford to sell. Read the full… Continue reading »