Posted by Jennifer Swartz in : Resources ,
Treasury Secretary Henry Paulson officially abandoned his original plan to buy troubled assets from financial institutions. While the government will continue to invest in those firms, he said, it would also now focus on the nation’s struggling consumers. In detailing the next phase of Treasury’s $700 billion Troubled Asset Relief Program, Mr. Paulson indicated the [...]
Posted by Jennifer Swartz in : Resources ,
In response to coordinated efforts in the media and elsewhere to hold CRA responsible for the current financial crisis, NCRC has produced a short video to clarify CRA¹s role and significance. You can view it on their YouTube channel here.
a2a_linkname="NCRC unveils YouTube Video about CRA";
a2a_linkurl="http://www.pcrg.org/2008/10/ncrc-unveils-youtube-video-about-cra/";
a2a_show_title=1; [...]
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.
a2a_linkname="NPR promotes [...]
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 : 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, 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 [...]
Posted by Jennifer Swartz in : Resources ,
Residential foreclosures in the Pittsburgh region have dropped two consecutive months compared with a year ago, according to a report issued Wednesday.
Foreclosures filings fell to 396 homes in August, a drop of 20.3 percent, compared with 497 in August 2007, said RealStats, a South Side-based real estate information company. For complete story, click here.
[...]
Posted by Jennifer Swartz in : News, Research, Resources ,
A combination of weak housing sales, tighter lending and a slowing economy is putting a drag on residential home values throughout Pennsylvania. Home prices in 15 of the state’s 16 metropolitan areas are in a downward trend, according to a new report from the Keystone Research Center in Harrisburg. Inflation-adjusted home prices in Pennsylvania fell [...]
Posted by Jennifer Swartz in : News, Resources ,
Wall Street weakness might hit home for residents
As Wall Street wobbled, a key lending rate doubled overnight Tuesday, raising concerns that a historic onslaught of foreclosures could worsen. If the rate, known as the London interbank offered rate, or Libor, maintains its level, mortgage payments for thousands of local homeowners will rise sharply. With high [...]
Posted by Jennifer Swartz in : Research, Resources ,
On September 11, 2008, the National Community Reinvesment Coalition (NCRC) said that new data released by the Federal Reserve Board suggests that risky lending practices and a lax regulatory environment contributed to an unsafe and unsound marketplace and a decrease in credit availability in 2007. The data indicates that credit has been significantly reduced, as [...]
