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Lenders

NEWS
August 20, 1997 | by Jim Smith, Daily News Staff Writer
A lot of lenders, including some in the Philadelphia area, are looking very foolish. They gave nearly $18 million to Richard C. Grossman, a bogus psychologist who falsely claimed to be operating a business that provided mental-health counseling over the telephone and by computer 24 hours a day. Grossman, who abandoned an unfinished mansion in Malvern when the truth came out, claimed he needed the money mostly to buy computers and related equipment...
REAL_ESTATE
January 13, 1991 | By H. Jane Lehman, Special to The Inquirer
When Jimmie and Cynthia Bellamy filed for bankruptcy to stave off the foreclosure of their Bridgeport, Conn., house last spring, they discovered some distressing news. The reappraisal of the property, a customary procedure in a bankruptcy case, revealed that their home of five years, on which they still owed $146,000, was worth only $126,500. The Bellamys had become another victim of New England's collapse of real estate values, said Ira Charmoy, the couple's bankruptcy lawyer.
REAL_ESTATE
July 3, 1986 | By LEW SICHELMAN, Special to the Daily News
Selecting the correct mortgage is equally as important nowadays as choosing the right house. For most people, the choice is usually between a fixed-rate loan, which carries a set payment schedule, and an adjustable-rate mortgage, the terms of which rise and fall with market conditions. But that doesn't mean you have to go along with the majority. In fact, one of the beneficial side effects of the revolution in housing finance is that lenders are now willing to consider alternatives that were viewed as highly irregular only a decade ago. Lenders still might not go along with something out of the ordinary, no matter how much sense it makes.
BUSINESS
June 13, 2010 | By Joseph N. DiStefano, Inquirer Staff Writer
Guy LeBas tracks what banks do, and what borrowers do. And what they're both doing right now is acting a little scared. After two years of recession, lenders started easing up last year, making more money available, and cheaply. But since May 1, lenders have gone conservative, matching the careful mood of consumers. "If this persists, we're going to have greater risk for another round of economic problems," LeBas, baby-faced chief bond strategist for Janney Capital Markets in Philadelphia, told me Friday.
REAL_ESTATE
April 30, 1989 | By Glenn Burkins, Inquirer Staff Writer The Los Angeles Times contributed to this article
There once was a time - and not too long ago - when prospective home buyers had little choice when selecting a mortgage. The 30-year, fixed-rate type was all there was. Today things are different. With mortgage rates and home prices rising, many lenders have prepared a smorgasbord of products. The idea is to help more would-be buyers to qualify for mortgages by tailoring loans to meet a buyer's specific needs. A common trick has been to adjust the interest rate or the number of points a buyer must pay. (A point is an up-front interest charge equaling 1 percent of the loan amount.
BUSINESS
January 26, 2006 | By Reid Kanaley INQUIRER STAFF WRITER
A Philadelphia-based network of private-sector community development groups gave itself a new name yesterday, and said it would launch a program to counter predatory lending in disadvantaged areas around the nation. The 20-year-old National Community Capital Association, which has a membership of 167 financial institutions in the United States, is now the Opportunity Finance Network, its president and chief executive officer, Mark Pinsky, said. The group wants to "disrupt the really highly tuned invasion of the predatory lenders" by helping its members offer low-interest, low-fee mortgages and business loans, Pinsky said.
REAL_ESTATE
September 21, 1986 | By Kenneth R. Harney, Special to The Inquirer
Get ready for the home-equity rate wars of 1986, fanned by the rapid approach of federal tax-code revisions. The discount-price competition and splashy ad campaigns already are revving up in some of the nation's largest metropolitan markets. Savings and loan associations, banks and consumer finance companies are slashing rates and terms on "line-of-credit" loans tied to residential real estate. A few Virginia and Maryland lenders are quoting 7 percent for line-of- credit loans, 2 1/2 percentage points lower than they charge for conventional first mortgages.
REAL_ESTATE
August 8, 2010 | By Al Heavens, Inquirer Columnist
Let me ask a question: If a loan officer at any lending institution - in today's situation, it's Wells Fargo, but it could be Bank of America, CitiMortgage, or any other - knows from the starting gate that its underwriting department will not approve a loan, why does he or she waste the time and whatever remaining goodwill the lender has? In other words, why bother? Isn't a slam dunk better than continually hitting the rim? At the end of April, Montgomery County resident Melody Schwab received a solicitation call from a local agent of Wells Fargo offering some refinancing options.
BUSINESS
October 27, 2009 | By Harold Brubaker INQUIRER STAFF WRITER
Capmark Financial Group Inc.'s weekend bankruptcy filing surprised no one, but it was still a harsh reminder of the hard times ahead in the commercial real estate industry. "It's not a turning point. The problems are only starting," Dennis Yeskey, a senior adviser at AlixPartners L.L.P., a business-advisory firm in New York, said yesterday. Yeskey and other experts warned that as long as the economy keeps shedding jobs, the commercial real estate market will be plagued by declining demand and falling property prices.
BUSINESS
March 25, 2010 | By Christopher K. Hepp INQUIRER STAFF WRITER
Philadelphia Newspapers L.L.C.'s senior lenders are preparing to bid cash for the company at its upcoming auction even as they plan to challenge Monday's federal court ruling that limits their rights at the sale, according to their lead attorney. Fred S. Hodara said his clients would ask the full U.S. Court of Appeals for the Third Circuit to review the ruling issued Monday by a three-judge panel. The panel ruled, 2-1, that the company, which owns The Inquirer, the Philadelphia Daily News, and Philly.
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