Posted by admin in : Anti-Predatory Lending Initiative, News, Partners ,
In a sign that banks are stepping up their efforts to combat foreclosures, lenders intervened to help prevent 239,000 foreclosures last month, according to a report released Thursday. Hope Now, a coalition of lenders, investors in mortgage-backed securities and community advocacy groups, said that December marked the fourth consecutive month that its members had arranged [...]
Posted by admin in : Partners, Resources ,
On December 23, shareholders of PNC Financial Services Group approved the blockbuster acquisition of hobbled Cleveland-based National City Corp., a deal that would catapult Pittsburgh-based PNC to the nation’s fifth largest bank with deposits of $180 billion.
National City shareholders meeting in Cleveland also approved the takeover this morning.
The votes, coming two months after the merger [...]
Posted by admin in : News, Partners, Resources ,
PNC Financial Services’ shotgun courtship of National City Corp. is expected to be consummated on Tuesday, December 23, with a shareholder vote that stands to reconfigure the region’s financial landscape, turning what is already Pittsburgh’s dominant bank into the fifth-largest deposit holder in the country.
Approval by the two banks’ shareholders is the final major action [...]
Posted by admin 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 admin 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 admin in : Partners, Resources ,
NCRC has released the second edition of its groundbreaking research report, Income is No Shield Against Racial Differences in Lending.
The new report shows that minority consumers, regardless of income level, are most at risk of receiving high-cost home mortgage loans. High-cost loans represent the riskiest and most poorly underwritten home mortgages, millions of which have [...]
Posted by admin in : Members, News, Partners ,
An eight-month-old fund that has already loaned $1.6 million to nonprofit groups that boost urban areas will dramatically ramp up its lending, officials said yesterday.
That’s because PNC Financial Services Group has loaned $5 million to the Urban Economic Loan Fund, part of Landmarks Community Capital Corp. Landmarks plans to quickly turn that money into capital [...]
