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BUSINESS
August 26, 2009 | By Andrew Maykuth INQUIRER STAFF WRITER
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.
BUSINESS
November 14, 2009 | By Christopher K. Hepp INQUIRER STAFF WRITER
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.
NEWS
October 12, 2006 | By Michael Dannenberg
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.
REAL_ESTATE
September 11, 1986 | By LEW SICHELMAN, Special to the Daily News
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.
BUSINESS
November 17, 1994 | by Earni Young, Daily News Staff Writer
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.
REAL_ESTATE
May 15, 1988 | By Linda S. Wallace, Inquirer Staff Writer
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.
BUSINESS
May 29, 2001 | By Joseph N. DiStefano INQUIRER STAFF WRITER
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.
REAL_ESTATE
June 24, 1990 | By H. Jane Lehman, Special to The Inquirer
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.
BUSINESS
June 14, 1991 | by Randolph Smith, Daily News Staff Writer
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.
REAL_ESTATE
March 7, 1993 | By David I. Turner, INQUIRER STAFF WRITER
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.
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BUSINESS
June 7, 2015 | By Alan J. Heavens, Inquirer Real Estate Writer
The Consumer Financial Protection Bureau ordered mortgage lender and servicer PHH Corp., of Mount Laurel to pay more than $109 million within 30 days for accepting loan kickbacks in the form of reinsurance premiums. Bureau director Richard Cordray affirmed late Thursday an administrative law judge's ruling that PHH, one of the nation's top 10 home lenders, violated the Real Estate Settlement Procedures Act when it accepted kickbacks for mortgages that closed on or after July 21, 2008.
REAL_ESTATE
June 1, 2015 | By Alan J. Heavens, Inquirer Real Estate Writer
Today's home buyers - millennial first-timers and everyone else, it seems - are looking for houses in move-in condition. Move-in translates to houses with no expensive problems. Even though credit remains rather tight these days, home buyers are opting to take on larger mortgages rather than take on the work required by shells or fixer-uppers they can purchase more cheaply. Among older resale houses, one issue that keeps coming up is old wiring, especially the first-generation electrical system known as "knob and tube.
NEWS
May 29, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey is considering divesting public workers' pension funds from a private-equity fund that owns a payday lending firm that was fined $10 million last year by a federal agency for using illegal debt-collection tactics. The board that oversees management of the state's $80 billion pension system on Wednesday directed the Treasury Department to ask the private-equity firm, New York-based JLL Partners, to divest from Texas-based ACE Cash Express Inc. If JLL declines, the board said during a regular meeting, the state will consider selling its JLL stake.
BUSINESS
March 28, 2015 | By Jeff Gelles, Inquirer Staff Writer
Stepping gingerly into one of the finance industry's longest-running controversies, the Consumer Financial Protection Bureau said Thursday that it has begun shaping rules to govern payday loans and other small, short-term credit offered at triple-digit interest rates - products that consumer advocates have for years labeled debt traps. The agency's announcement - quickly embraced by President Obama, blasted by lenders' lobbyists, and hesitantly welcomed by advocacy groups - was long foreseen.
BUSINESS
March 5, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
WSFS Financial Corp. , one of the biggest banks still based in the Philadelphia area, on Tuesday agreed to pay $92 million for Broomall-based Alliance Bancorp Inc. , which operates eight branches in Delaware and Chester Counties. The price works out to $22 a share, a 10-year high for Alliance, which has lately traded around $17, but less than the nearly $24 that Alliance was worth at its 2004 peak. With low interest rates squeezing small lenders, Alliance has been under pressure to find a buyer since 2013, when Illinois-based PL Capital Advisors bought 9 percent of the shares and threatened to run its own candidate against one of Alliance's incumbent directors.
NEWS
February 3, 2015 | By Harold Brubaker and Amy S. Rosenberg, Inquirer Staff Writers
Just how wary lenders are of Atlantic City's credit is evident in their recent demands as the city tries to refinance $12.8 million in debt due Tuesday. Three lenders expressed interest in making the loan, but one wanted to charge 12 percent interest. Another was willing to lend at a lower rate but wanted a state guarantee, which the state rejected, Mayor Don Guardian said Saturday. Talks continued with a third prospective lender, and a decision is expected Monday, Guardian said, adding: "We are prepared to make the payment regardless.
BUSINESS
December 4, 2014 | By Linda Loyd, Inquirer Staff Writer
When Carl Lewis needed a refrigerated dessert display case for his 48th Street Grille in West Philadelphia, he applied for a $5,000 zero-interest loan from crowdfunding website Kiva.org. "I envisioned opening this restaurant. I applied to several banks for a loan, and they all turned me down," said Lewis, whose Kiva Zip loan was underwritten by 185 lenders as far away as Sweden and Australia. The money-raising initiative will now be available to more small-business owners and aspiring entrepreneurs with the launch of Kiva City Philadelphia on Tuesday.
BUSINESS
October 16, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Are investors rushing in where banks fear to tread? Amid the stock market surge of the last couple of years, buyers of smaller, private U.S. companies worth $10 million to $250 million have borrowed more money to finance deals, while investing less of their own, says Philadelphia investment banker Andy Greenberg . He tracks these deals as a partner in GF Data , a West Conshohocken firm that collects company sales prices and terms from...
REAL_ESTATE
September 28, 2014 | By Alan J. Heavens, Inquirer Real Estate Writer
I don't sleep long enough to do much dreaming, except when I'm on vacation. Which means my experience with nightmares is limited. Many friends tell me that their worst nightmare is appearing in front of an audience naked. High on the list of nightmare scenarios for many home sellers, though, is having no proof they have paid off their mortgages. It may not be the worst real estate nightmare - foreclosure, in a society that puts homeownership at the top of the list of "American dreams," is No. 1, I think, given the experience of the last eight years.
BUSINESS
July 18, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Another former lender for Wilmington Trust Co. - Delaware's dominant bank before it drowned in a sea of unpaid loans and was salvage-sold at a bargain price in 2010 - has been indicted by federal prosecutors in connection with alleged illegal lending to developers. Peter W. Hayes worked for the bank for 20 years before leaving in 2011. The indictment says Hayes lent $195 million to a developer while he was secretly invested in the developer's properties, and accuses him of using "false" and insufficient documents to justify loans that the developer didn't repay.
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