September 25, 2015
D EAR ABBY: Your advice to "Poor Birth Mother in Georgia" - "Because the college-loan agreement with your daughter was verbal and wasn't put in writing, you don't have a legal means to force her to assume the loan payments" - was wrong! Verbal agreements are enforced if they can be proven to be true. Even if the daughter didn't promise to make the payments, she may be held liable for them because money provided for the benefit of another gives rise to an implied and enforceable obligation to repay it. If the statute of limitations has not run out, I think she's got a pretty good case.
September 10, 2015 |
Developer Eric Blumenfeld has closed on a $35 million construction loan to restore the decaying Divine Lorraine Hotel on North Broad Street into an apartment building with ground-floor dining. Englewood Cliffs, N.J.-based Procida Funding & Advisors is providing the private financing for the project north of City Hall, according to a statement from Washington Square Realty Capital, which helped arrange the loan. The developer is also seeking public funds for the project, including a $3.5 million state grant and $3.5 million in historic preservation tax credits, said Christopher Cordaro, vice president of Blumenfeld's EB Realty Management Corp.
July 31, 2015 |
Federal prosecutors on Wednesday accused U.S. Rep. Chaka Fattah of using his campaign coffers, charities he created, and federal grant funds he controlled to bankroll a failed 2007 Philadelphia mayoral bid, and line the pockets of family members and close political allies. The 11-term Democratic congressman, who holds a seat on the powerful Appropriations Committee, was charged in a 29-count racketeering conspiracy indictment that alleges he channeled hundreds of thousands of dollars to pay off an illegal $1 million campaign loan as well as the college debts of son Chaka "Chip" Fattah Jr. In addition, federal authorities said, Fattah, 58, accepted bribes including stacks of cash, payments toward a Poconos vacation home, and college tuition for an au pair from a lobbyist seeking his help to land an ambassadorship with the Obama White House.
July 31, 2015 |
A financial broker who is serving time in federal prison in connection with a $2 million mortgage scheme took the stand Wednesday in the conspiracy trial of ex-Eagle Irving Fryar and his mother, Allene McGhee, in the Burlington County Courthouse in Mount Holly. William Barksdale is the key witness in a high-profile case in which the state Attorney General's Office alleges Fryar and McGhee conspired to defraud six banks and a mortgage company of more than $1 million in 2009. Barksdale, of Levittown, had pleaded guilty to conspiracy to commit wire fraud for assisting Fryar, McGhee, and several other Burlington County clients with the scheme.
July 31, 2015 |
New Jersey Senate President Stephen Sweeney said Wednesday that the federal government should provide low-interest loans to states struggling to pay down their pension obligations, the latest proposal to shore up benefits for public workers. Sweeney (D., Gloucester), who wants a $50 billion loan for New Jersey with an interest rate of 1 percent to 2 percent, said the federal program would help states and local governments with underfunded pension liabilities restore their retirement systems to fiscal health.
July 23, 2015 |
DURING MY online chats with readers, I often run out of time trying to answer all of the questions. Recently there was an inquiry I wanted to take some time to address. It was about a young person's first car purchase, something that comes up in almost every family. Here's the background: A 23-year-old has $3,000 saved and has chosen a used 2014 vehicle that costs $17,000 (no model specified). On his own, he qualifies for a $15,000 loan with a 9.9 percent APR. With a parent co-signing, he qualifies for $18,000 with a 2.8 percent APR. His mother wrote, "I am willing to co-sign, as well as his dad, to get the better rate.
July 9, 2015 |
Through a season of injuries, Union rookie Eric Bird hasn't gotten on the field for a Major League Soccer game. But he said he was grateful that the team allowed him to leave for a few days to attend the Women's World Cup final in Vancouver. Bird, 22, had a special rooting interest. He is dating midfielder Morgan Brian, who at 22 was the youngest member of the World Cup team. The two met while both were attending Virginia and have been dating nearly two years. "It was an extremely proud moment of mine going there," Bird said after the Union's practice Tuesday at PPL Park.
June 20, 2015 |
Nine years ago, New York-based investment-fund promoter CanAm Enterprises used money from overseas investors seeking U.S. visas to lend money to a hospice business in a sprawling Northeast Philadelphia office and warehouse complex. Six years later, CanAm took over the property while Home Care Hospice's operator fought Medicare-fraud charges that eventually got him a 14-year prison term. Now, CanAm, which has joined with Philadelphia Industrial Development Corp. on at least two dozen loans for job-creating businesses - may be closing the book on the troubled transaction.
June 17, 2015
AS CLERGY, our lives revolve around the religious calendars. For our Jewish brothers and sisters, September's Yom Kippur is a time of quiet reflection and atonement, followed by the celebration of Rosh Hashanah, the Jewish New Year. Christians follow the familiar rhythms of the liturgical calendar, celebrating Christmas every December and Easter every spring. And nearly every spring for the last three years, clergy from across Pennsylvania sent urgent pleas to Harrisburg to stop predatory payday lenders who are seeking permission to charge usurious, triple-digit interest rates in the Keystone State.
June 13, 2015 |
Hatchet chops to the wrist, hammer blows to the fingers, and, if all else failed, menacing promises of visits from "Italian friends" in New York were among the threats deployed by a violent Albanian loan-sharking and gambling operation run out of a Mayfair bar. But as the group's leader, Ylli Gjeli, 49, was sentenced Thursday to 14 years in prison on federal racketeering conspiracy charges, he insisted that he - and not his borrowers - was the true...