August 26, 2009 |
Lawyers for Philadelphia Newspapers L.L.C. and its creditors said yesterday that they were planning another session before a mediator to resolve a contentious dispute over interim financing for the bankrupt media company. Lawrence G. McMichael, a lawyer for the company that owns The Inquirer, the Philadelphia Daily News, and Philly.com, said the parties made "a reasonable amount of progress" Monday but were unable to resolve the dispute over short-term financing, known as debtor-in-possession financing.
November 14, 2009 |
Philadelphia Newspapers L.L.C.'s senior lenders have asked the U.S. Court of Appeals for the Third Circuit to expedite an appeal of a lower court's ruling barring them from using the debt they are owed to try to purchase the media firm at auction. In a filing yesterday, the lenders also asked that the bankrupt company's auction, now set for Nov. 25, be delayed until the Third Circuit can rule on the appeal. A decision on the request is expected no later than Wednesday. The senior lenders, which include Angelo, Gordon & Co., CIT Group Inc., Credit Suisse Group, and Eaton Vance Corp.
October 12, 2006 |
A new Education Department report could have dramatic implications for the Pennsylvania Higher Education Assistance Authority (PHEAA). The report, from the department's inspector general's office, calls on the National Education Loan Network, known as Nelnet, to give up $278 million in improperly claimed taxpayer subsidies. An additional $882 million could still be counted as overpayment, according to the report. Nelnet disagrees with the findings, and it's now up to the Department of Education secretary to accept or reject the report.
September 11, 1986 |
Although the loan-processing logjam has eased somewhat since the spring when interest rates dipped to a seven-year low, some lenders are still having trouble coping with the avalanche of mortgage applications. And with rates expected to head back down again this fall, the bottleneck may well reappear as thousands more home buyers and owners jump back into the mortgage market. Currently, mortgage originations are running at an annual rate of more than $400 billion, or nearly twice the $245 billion loaned in 1985.
November 17, 1994 |
It was a homebuyer's worst nightmare. Settlement day was there and everybody was at the table, ready to sign on the dotted line. But there was no check from the mortgage company. It's not all that unusual for the mortgage check to arrive a little late, but it was already late Friday afternoon, when C. J. Cardinale, a sales associate with Emlen-Wheeler Realtors in Chestnut Hill called Affinity Mortgage to find out where the money was. "'My buyer was frantic; I was on the phone screaming," Cardinale said yesterday.
May 15, 1988 |
Years ago, Philadelphia developers often had big dreams - but big trouble finding people to buy into them. Many financial institutions, including some in their own home town, were reluctant to back big projects in the city, especially Center City, some developers say. But times change. More and more, local developers no longer have to go to the banks; the banks come to them. Banks, mortgage companies and pension funds from around the world are trying to form relationships with Philadelphia developers and are eager to lend them money.
May 29, 2001 |
Bank and finance company loan officers "believe we are in a sustained downturn, and they are slamming the doors on borrowers and holding onto their money," E. Talbot Briddell said, summarizing the latest quarterly survey of 85 U.S. lenders by his Chadds Ford firm, Phoenix Management Services. "The depth and stubbornness of this downturn is causing lenders to reevaluate their outlook," at least until next year, according to Briddell, a consultant to troubled companies and banks with problem loans.
June 24, 1990 |
Home buying in the 1990s may prove as complicated as ever, but real estate lenders are trying to simplify things for borrowers, industry officials say. Convenience and ease of use will prompt changes in everything from loan forms to appraisals to home refinancing, officials told a recent meeting of the National Association of Real Estate Editors. Mortgage disclosure forms, for example, offer little enticement for borrowers to read them. These are the pages of fine print given out at loan settlements that explain how and when payments on adjustable-rate mortgages change, or detail other terms of the mortgage.
June 14, 1991 |
If you're thinking about lying, fudging or otherwise being less than truthful on a mortgage application - don't do it. The risks and penalties are much stiffer than they used to be. Lenders are scrutinizing far more carefully information concerning your income, employment, assets and home appraisal to reduce fraud and loan defaults, says the Mortgage Bankers Association of America. A tough economy and the difficulty many families have in affording homes have increased the temptation to fudge figures, especially on income.
March 7, 1993 |
Mortgage companies are finding that some loans they used to think were too risky can actually be good for business. In cases where the borrower is having trouble saving up a 5 percent down payment, lenders are allowing gifts from relatives or even grants or loans from nonprofit agencies. In cases where the borrower does not have a full credit history, lenders are checking whether rent and utility payments have been made on time - and making loans to those with good records.