http://www.pcrg.org Reinvesting in Pittsburgh's neighborhoods Thu, 13 Nov 2008 19:24:29 +0000 http://backend.userland.com/rss092 en 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 ... http://www.pcrg.org/2008/11/bailouts-next-phase-consumers/ The U.S. government's latest plan to aid struggling homeowners could move as many as three million people into more-affordable mortgages, according to people familiar with the effort.  The proposal, which has been designed by the Treasury Department and Federal Deposit Insurance Corp., is close to being finalized. Estimated to cost ... http://www.pcrg.org/2008/10/relief-nears-for-3-million-strapped-homeowners/ Government-backed merger a model for dozens more in the wings for banking Pittsburgh and Cleveland, two bitter Rust Belt rivals on the football field, have become the proving ground for the federal government's controversial $700 billion bid to staunch a credit crisis that has spilled over from Wall Street to Grant ... http://www.pcrg.org/2008/10/pnc-national-city-deal-a-glimpse-of-whats-ahead-government-backed-merger-a-model-for-dozens-more-in-the-wings-for-banking/ Hope Now announced Monday that almost 2.5 million foreclosures had been prevented due to efforts of those in the mortgage industry since the alliance began compiling data in July 2007. According to Hope Now, 212,000 homeowners were helped by the mortgage industry to avoid foreclosure during the month of September. It ... http://www.pcrg.org/2008/10/25-million-foreclosures-prevented-due-to-efforts-of-mortgage-industry/ 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. http://www.pcrg.org/2008/10/ncrc-unveils-youtube-video-about-cra/ In Los Banos, California, one of the hardest hit in the national housing crash, there's good news: Homes are starting to sell again.  Investors and first-time home buyers are snapping up foreclosed houses here, with the number of local sales up almost fivefold from this time last year. While the ... http://www.pcrg.org/2008/10/california-foreclosure-capital-starting-to-see-increase-in-housing-sales/ 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. http://www.pcrg.org/2008/10/npr-promotes-ncrcs-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 ... http://www.pcrg.org/2008/10/cra-myths-and-facts/ Bank of New York Mellon officials Wednesday pledged $3 million over six years to help create jobs, train workers and provide social services for Hill District residents. In exchange, the company plans to receive tax credits equal to 80 percent of the contribution under a deal that Hill District residents, city ... http://www.pcrg.org/2008/10/bank-of-new-york-promises-3m-for-hill-district-efforts/ 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 ... http://www.pcrg.org/2008/10/housing-pain-gauge-nearly-1-in-6-owners-under-water/