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Home Equity

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BUSINESS
September 22, 1987 | By MARC MELTZER, Daily News Staff Writer
Consumer groups' complaints about home equity loans have attracted the attention of federal banking regulators, who are preparing to require lenders to establish interest-rate caps on the loans. A survey by the American Bankers Association shows that home equity financing continues to gain in popularity. According to the ABA, one out of three dollars in second mortgages secured by the equity in borrowers' homes is connected to a home equity revolving line of credit, which gives homeowners access to the funds when needed.
REAL_ESTATE
May 11, 1986 | By Kenneth R. Harney, Special to The Inquirer
A new congressional study suggests that America's homeowners will have a multibillion-dollar loophole available for avoiding the full brunt of federal tax revisions now being considered by the Senate and House. The study, conducted by the General Accounting Office (GAO), confirms the worst fears of Capitol Hill tax-rewriters: Beginning in 1987, home equity could turn into a critical ingredient for sheltering income from federal tax collectors. More than 26 million households - with $700 billion worth of spare home equity to tap - could have greater incentives to use their homes to avoid taxes, according to data assembled for the study.
REAL_ESTATE
January 18, 1987 | By Kenneth R. Harney, Special to The Inquirer
If you own a home and have an auto loan, installment debt and credit cards, you might be scratching your head about your disappearing consumer-interest deductions under the new tax law. Join the crowd. Banking industry experts estimate that as many as 30 million American homeowners this year will begin losing federal tax deductions on their consumer loans. Of that group, 10 million to 15 million homeowners will be able to transform non-deductible interest successfully into fully deductible expenses using the new home-equity alchemy.
BUSINESS
January 22, 1987 | By MARC MELTZER, Daily News Staff Writer
The battle among local banks for the home equity loan market intensified yesterday with PSFS's decision to slash interest rates and eliminate closing costs on its line of credit. Ever since the Tax Reform Act of 1986 became reality last fall, banks locally and nationally have concentrated on home equity loans. The new tax law phases out the deductibility of consumer interest, making home equity loans and lines of credit more attractive. Home equity products are like a second mortgage, so the interest continues to be fully deductible.
BUSINESS
January 26, 1988 | By MARC MELTZER, Daily News Staff Writer
Tax time is fast approaching, you know. And lenders know that tax season is the time to roll out the promotional advertising campaign for their home equity loans. That's because, thanks to the Tax Reform Act of 1986, interest paid on home equity loans is one of the few surviving forms of interest that is deductible on your federal income tax. It was about a year ago that lenders jumped on the home-equity bandwagon, convincing thousands of home owners that there was no better way to borrow money.
BUSINESS
March 3, 1987 | By CAROL MATHEWS and HENRY BLOCK, Special to the Daily News
Home equity loans appear to be so simple that it is difficult for many people to realize that they are, in fact, a hot new financial product. And as with any hot new product - especially one as heavily promoted and sought after as the home equity loan - it is safe to assume that, as time passes, those who take out these loans and the institutions that issue them will be faced with problems and pitfalls that are unknown now. These loans did...
BUSINESS
September 23, 1986 | By MARC MELTZER, Daily News Staff Writer
Mellon Bank began offering an interest rate of 5.9 percent for home equity loans yesterday, the lowest rate in the country. The loan is a line of credit that will permit customers to write a check against the equity in their home up to a certain credit limit. "We've pre-empted the market rate with our 5.9 percent money sale," said David Huntington, Mellon consumer lending manager. Before yesterday, rates for comparable products ranged from 9.25 to 13 percent among the biggest local lenders.
NEWS
August 7, 2001 | By Froma Harrop
Our forefathers held mortgage-burning parties to celebrate the final payment to the bank. On that happy day, a family could say with pride that it owned 100 percent of its house. The American home is supposed to be our castle, our family estate, our bulwark against a hostile world. It's the one material possession we most fear losing. But while it remains a symbol of stability, the American house has, in reality, become less of a family asset and more of a cookie jar. Say you're hungry for a $1,400 television.
BUSINESS
August 22, 2010 | By Joseph N. DiStefano, Inquirer Staff Writer
Out in Chester County, in those neighborhoods of million-dollar stone-cornered homes that rose in grain fields and wood lots in the real estate boom of the 1990s and 2000s, a lot of people do fine without regular paychecks. Or they did. People who own businesses, sell investments and other big-ticket items to corporate clients, or hold corner-office boss jobs have large incomes that can vary a lot within the year, from deal to bonus to dividend. Their income is what economists call "lumpy.
BUSINESS
June 17, 2014 | By Erin E. Arvedlund, Inquirer Columnist
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.
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REAL_ESTATE
March 20, 2016 | By Alan J. Heavens, Staff Writer
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.
NEWS
July 23, 2015 | By Jan Hefler, Inquirer Staff Writer
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.
BUSINESS
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.
BUSINESS
June 17, 2014 | By Erin E. Arvedlund, Inquirer Columnist
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.
NEWS
March 8, 2014 | By Jeremy Roebuck, Inquirer Staff Writer
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.
REAL_ESTATE
February 2, 2014 | By Christine Bahls, For The Inquirer
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.
BUSINESS
May 12, 2013 | By Mark Jewell, Associated Press
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.
BUSINESS
April 28, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
NEWS
March 11, 2013 | By Patrick Kerkstra, For The Inquirer
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.
BUSINESS
November 10, 2012 | By Jody Shenn and Heather Perlberg, Bloomberg News
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.
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