March 20, 2016 |
I didn't think it could happen so soon, but I've again reached a point where I have more information than columns in which to put them. First off, almost 46 percent of all homeowners expect their home equity to increase this year. About 85 percent of those homeowners say their equity will increase by 10 percent, LoanDepot L.L.C. reported, even though more than 100 U.S. housing experts forecast that home values will reach an average annual growth rate of 3.65 percent through the end of 2016.
July 23, 2015 |
Former Eagles wide receiver Irving Fryar and his mother went on trial Tuesday on charges they conspired to defraud six banks in South Jersey and Philadelphia as part of a $1 million mortgage scheme. If they are convicted of the conspiracy and theft-by-deception charges lodged against them, they could face five to 10 years in prison and up to $150,000 in fines, according to the state attorney general, whose office is handling the contentious case in Mount Holly. Fryar, 52, of Springfield, Burlington County, arrived at the courthouse dressed in a bold pin-striped suit and a tan hat. His 74-year-old mother, Allene McGhee, a retired school bus driver from Willingboro, wore a blue-and-white polka-dot dress.
June 6, 2015
Extra cash. Steady income no matter how long you live. No need to repay. Both explicitly and implicitly, reverse-mortgage pitches often make the equity-tapping loans sound like a risk-free answer for borrowers facing a shortfall in retirement income. But they have a failure rate of about 10 percent, far beyond those of conventional mortgages. That's one reason the Consumer Financial Protection Bureau moved Thursday to advance its campaign aimed at ensuring that homeowners understand their risks, as well as their benefits.
June 17, 2014 |
Home equity is a decent option to help finance a college education. "Traditionally, you can tap equity in your home to fund college," said Karen Robbins, with UBS's Philadelphia complex of 90 financial advisers. She also has clients with $250,000 to $500,000 of investable assets using it as collateral for lines of credit. For the rest of us, home-equity loans offer a fixed interest rate, averaging 6.79 percent for a $30,000 loan. Home-equity lines of credit (HELOCs) have a variable interest rate averaging about 4.57 percent, according to Bankrate.com.
March 8, 2014 |
A Bucks County man was sentenced to five years in federal prison Thursday for using a supposed mortgage-rescue program to drain nearly $15 million in home equity from homeowners facing foreclosure. In addition to the prison sentence, U.S. District Judge Mary A. McLaughlin ordered Edward G. McCusker, co-owner of New Hope-based Axxium Mortgage Inc., to pay $400,000 for his role in the mortgage-fraud scheme. At a separate hearing Thursday, the judge sentenced McCusker's wife, Jacqueline, to one year of home confinement.
February 2, 2014 |
Before the recession hit, siphoning income from 60 percent of U.S. households, some equity-rich homeowners had a financially flawed perspective: "status and bling," Realtor Laura Stukel calls it. When these folks remodeled, they wanted amazing features that neighbors would notice. For example: an $84,000 home theater, replete with fiber optics creating a "starry sky" on the ceiling. Dennis D. Gehman, whose Harleysville remodeling business installed the theater in a Worcester home before the recession, said it cost more than half the clients' annual income.
May 12, 2013 |
Workers appear to have little faith that the economic recovery and the stock market's climb have left them better prepared for retirement. Confidence in the ability to afford a comfortable retirement remains at the same record low level recorded in 2011, and is slightly lower than last year, according to the Employee Benefit Research Institute, which has conducted the study the last 23 years. Nearly half of workers surveyed in January had little or no confidence that they would have a financially comfortable retirement, EBRI said.
April 28, 2013 |
Share values for Beneficial Mutual Bancorp Inc., the largest bank still based in Philadelphia, fell 5 percent to $9.46 Thursday after Beneficial told investors that the Justice Department had begun investigating it under the Equal Credit Opportunity Act and the Fair Housing Act. Beneficial closed at $8.97 on Friday. The equal-credit law, according to the Federal Trade Commission, "prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.
March 11, 2013 |
The neighbors did what they could to dress up the gaping wound on their block. They painted the steps black and the porch a bold bluish-green. In the fall, they put a pot of mums out front. But cosmetic touches do only so much for an abandoned shell of a house with sheet metal for windows and a slab of plywood for a door. This wreck in the working-class 4400 block of North Orianna Street in the city's Feltonville section is just one of about 100,000 tax-delinquent properties in Philadelphia, a $5,780 drop in a half-billion-dollar bucket of defaulted payments to the city and School District.
November 10, 2012 |
rePresident Obama's re-election fueled some early investor concern that homeowner refinancing was set to increase after debt yields tumbled, and amid speculation that his administration would pursue aggressive measures to boost housing's recovery. Real-estate investment trusts that buy mortgage debt tumbled the most in a year on Wednesday with the expectation that more homeowners would be able to prepay mortgages. The policies of Obama and the Federal Reserve have expanded opportunities for homeowners to qualify for new loans while sending borrowing costs to record lows.