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… Continue reading »
Sep
18
Rotting Houses Flipped on eBay; Bidders are Tricked Into Buying Eyesores
“NICE, CLEAN, Nicer!” shouts the eBay offer, boasting of a century-old duplex with great hardwood floors in a quiet Cleveland neighborhood. At this East 72nd Street house, “nice” means windows boarded, siding stripped, kitchen counters missing. “Quiet” means deserted, with half the neighboring homes boarded up and stripped, and one house just a pile of… Continue reading »
Sep
18
Foreclosures May Prevent Some From Voting
Foreclosures may stop some people from voting. To find a polling place, call 866-OUR-VOTE. To watch a CBS video about topic, click here.
Sep
11
Mortgage rates start to ease
If not for the government takeover of mortgage giants Fannie Mae and Freddie Mac, probably half of home mortgage lending in the Pittsburgh area might not happen, a housing official estimated Monday. Mortgage industry officials in the region expressed relief the day after the government took action, citing mortgage rates that have started to ease… Continue reading »
Sep
09
County trying to save homes
Unprecedented effort to assist troubled owners With mortgage defaults bruising cities across the nation and home losses continuing to mount in Western Pennsylvania, community leaders throughout Allegheny County kicked off a campaign yesterday to try to help homeowners in crisis. The unprecedented local effort to save homes in the greater Pittsburgh area came one day… Continue reading »
Sep
08
Congress Approves Housing Bill
From July 26th -WASHINGTON (Reuters) – The U.S. Congress approved a massive housing market rescue bill on Saturday, (July 26th) offering emergency financing to mortgage titans Fannie Mae and Freddie Mac, and setting up a $300-billion fund to help hundreds of thousands of troubled homeowners. Read the rest here.
Sep
08
US Government Takes on Big Role in Mortgage Market
WASHINGTON (AP) — Uncle Sam has just become the 800 pound gorilla in the U.S. mortgage market. The Bush administration announced Sunday it was seizing troubled mortgage giants Fannie Mae and Freddie Mac in a bid to help reverse a prolonged housing and credit crisis. But private analysts worried that it may not be enough… Continue reading »
Jul
14
Pennsylvania banking reform bills signed
The Pittsburgh Community Reinvestment Group (PCRG), a coalition of over 20 neighborhood groups representing 130,000 individuals in the City of Pittsburgh and Allegheny County announces Governor Rendell’s signing of the Mortgage Reform Bills. Recognizing the growing foreclosure problem, former Secretary of Banking, Bill Schenck, established a committee to craft a series of bills protecting consumers… Continue reading »