October 5, 2012
Payday lenders couldn't get a Pennsylvania Senate committee to move a bill that would let them prey on the working poor with annual loan rates of up to 369 percent. But the wolves haven't stopped circling. The Senate returns to session on Oct. 15. Philadelphia's three senators on the Banking and Insurance Committee - Michael Stack, Lawrence Farnese, and Anthony Williams - must resist pressure to push low-income families into a debt trap. Pennsylvania has a tough anti-predatory lending law, which caps the annual percentage rate for loans at 24 percent.
August 22, 2012 |
Revel casino, which is badly in the red just 4 1/2 months after opening, is asking its lenders for up to $100 million to make it through this year and 2013. The $2.4 billion Las Vegas-style gambling palace, heralded as "Atlantic City's future" by many - including Gov. Christie, who directed more than $300 million in state assistance toward getting it built - said Monday that it had entered into discussions and expected to receive $70 million in additional financial commitments. Wall Street gaming analysts say Revel needs the money to avoid defaulting on its loans.
August 21, 2012 |
Revel casino, badly in the red just 4 1/2 months after opening, is asking its lenders for up to $100 million to make it through this year and 2013. The $2.4 billion Las Vegas-style gambling palace heralded as "Atlantic City's future" by many - including Gov. Christie, who directed more than $300 million in state assistance toward getting it built - said Monday that it has entered into discussions and expects to receive $70 million in additional commitments for the new revolving credit facility.
August 16, 2012 |
Six federal regulatory agencies proposed a rule Wednesday to establish appraisal requirements for what they termed "higher-risk" mortgages. As defined by the 2010 Dodd-Frank Wall Street Reform Act, a high-risk mortgage is one secured by a consumer's home that has an interest rate above a threshold defined by a new section of the Truth in Lending Act. The proposed rule would require a creditor to use a licensed or certified appraiser who...
August 14, 2012 |
After what boss J. Anthony Hayden called a "tense" six-hour auction - on Auction.com , during thunderstorms that threatened to reset the bids - MIM Hayden Real Estate Funds of Conshohocken has agreed to pay $11 million for Walnut Hill, a 155,000-square-foot office building at 150 Warner Rd. in King of Prussia. That's just half what the building was worth when it last sold, six years ago, according to Hayden. A bargain - or a sign of collapse? Liberty Property Trust, Brandywine Real Estate Trust , and other corporate landlords have been selling suburban offices as rents fall and vacancies rise.
August 11, 2012 |
There were more than 191,000 foreclosure filings in July nationally, and while the numbers appear to be on the decline, there are millions of homeowners who continue to struggle to meet their monthly mortgage payments. Two of the nation's major lenders, CitiMortgage and Wells Fargo, will be in Center City next week, offering to meet with their customers fearful of the future. The fact that two lenders are in town to counsel their mortgage customers one-on-one is just a coincidence, however.
June 8, 2012 |
A BILL PASSED Wednesday in the state House and sent to the Senate shows just how warped the priorities of some of our lawmakers are: An amendment to the bill would prohibit payday lenders from locating too close to a horse-race track. Apparently, the bill's sponsor, Chris Ross, wants to protect the customers of one of the state's favorite-son industries — the industry that was the very reason for Harrisburg to legalize gambling — from the damaging effects of high-interest-rate predatory loans.
May 25, 2012 |
A Delaware County man was charged Thursday with joining a mortgage fraud conspiracy that resulted in losses of more than $600,000. Federal prosecutors said Michael J. Smith, 31, of Springfield, was a mortgage broker for companies in West Chester and Newtown Square, who schemed with John C. Lucidi, Jr. and Eric Maratea, among others, to buy properties at the Jersey Shore at inflated prices so buyers could receive kickbacks of tens of thousands of dollars.
May 16, 2012 |
Residential Capital L.L.C., which was a big subprime mortgage lender and still employs 1,385 in Fort Washington, filed for bankruptcy protection in New York on Monday. The move, which analysts had been expecting for months, is a reminder of the distress that festers in some corners of the financial industry following the burst of the home mortgage bubble five years ago. Ally Financial Inc., the owner of Residential Capital (ResCap), said that unloading the money-losing mortgage subsidiary and shedding certain other operations would enable it more quickly to repay the $12 billion it still owes the federal government from bailouts in 2008 and 2009.