The Federal Reserve Board approved PNC Financial Services Group’s proposed acquisition of National City Corp., leaving the Dec. 23 vote of the two banks’ shareholders as the only hurdles to completing the transaction by the end of the year. The Department of Justice approved the sale last week after ordering Pittsburgh-based PNC to sell 61… Continue reading »
Dec
02
Smaller Mortgage Lenders See Opportunity in Turmoil
As many of the biggest U.S. banks continue to pare back their mortgage lending, some financial institutions see global financial turmoil as an opportunity to pick up market share. The eight largest mortgage lenders, as measured by total volume in the first nine months of 2008, reported declines in originations from a year earlier, according… Continue reading »
Nov
13
Bailout’s Next Phase: Consumers
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… Continue reading »
Oct
28
NCRC unveils YouTube Video about CRA
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.
Oct
16
NPR promotes NCRC’s CRA Myths and Facts
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.
Oct
14
CRA Myths and Facts
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:… Continue reading »
Oct
09
Housing Pain Gauge: Nearly 1 in 6 Owners ‘Under Water’
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 —… 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 »
Oct
02
Region’s foreclosures down 20 percent
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.
Sep
18
Home Values in PA Fall 7% in Year
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… Continue reading »