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… Continue reading »
Sep
16
New Data Suggests Least Well Regulated Mortgage Companies Issued Riskiest Loans
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… Continue reading »
Sep
09
County’s property records rules may be eased
Allegheny County might ease restrictions on searching online property records. At least for some people. Nearly a year after barring name searches from the county’s real estate Web site, County Council is considering a proposal to allow some community groups to use them. The measure, set for introduction at tonight’s meeting, would allow organizations doing… 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.
Aug
20
PCRG and Partners Answer the Call…700 of Them
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 teamed up with KDKA Television Wednesday, August 12, 2008 to assist 700 callers with questions surrounding mortgages. PCRG Financial and Counseling Partners teamed up to answer the phones and assist callers… Continue reading »
Aug
07
Income is no shield against racial differences in lending
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… 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.
Jul
10
Welcome to PCRG
Pittsburgh Community Reinvestment Group (PCRG) is a Pennsylvania non-profit corporation consisting of a consortium of community-based organizations that represent low- and moderate- income neighborhoods in the City of Pittsburgh. PCRG is a consortium of community leaders working for economic justice, equitable investment practices and sufficient financial resources to revitalize communities throughout Allegheny County.