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… Continue reading »
Oct
07
Bank of America Corp. agreed to provide $3.5 billion in loan and foreclosure relief to settle lawsuits it inherited with its takeover of Countrywide Financial Corp.
The pact stems from cases filed earlier this year by California and other states, alleging Countrywide, based in Calabasas (Los Angeles County), used misleading advertising and unfair business practices to dupe customers into taking out home loans they couldn’t afford. Bank of America acquired Countrywide, along with its outstanding legal challenges, in July. To settle… Continue reading »
Oct
02
Government launches mortgage-swap program to prevent foreclosures
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
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
31
PCRG gives mortgage help on KDKA
KDKA-TV and the Pittsburgh Community Reinvestment Group team up to offer free mortgage assistance to KDKA-TV viewers. Watch KDKA-TV on August 13th, 2008, 4-8 PM, 412-333-9315. Click for a downloadable flyer.
Jul
28
PCRG on KDKA; PA predatory lenders, Pgh. foreclosures in the news
PCRG Executive Director Steve Shivak and Client Relations Manager Randi Lowe were interviewed this weekend on a KDKA feature about foreclosures. Click here to watch. *** From today’s Post-Gazette: In the five-county region, 418 homes were lost to foreclosure in June 2008, which is 167 more than in June 2007, according to RealSTATs, a real… Continue reading »
Jul
19
NY Times: The Debt Trap
The New York Times has launched a new multimedia series called The Debt Trap, focusing on “the surge in consumer debt and the lenders who make it possible.” Read it out to learn more about the effects of over-indebtedness on families and neighborhoods.