April 11, 2014 |
HARRISBURG U.S. Rep. Allyson Y. Schwartz challenged businessman Tom Wolf to disclose details of a $4 million bank loan he obtained for his campaign during a sometimes-tense debate Wednesday among Democratic candidates for governor. "I'm the only one who has not borrowed or given money to myself," Schwartz said, turning to Wolf in a lecture hall at Widener University Law School's Harrisburg campus. "What did you use for collateral? What are the terms? . . . What does it mean to the taxpayer to have a governor paying millions back to a bank?"
April 6, 2014 |
Upon graduation, 2013 figures show, newly minted lawyers who attended public law schools owed about $76,000, and doctors who attended public medical schools owed about $208,000. Those who attended private schools owed even more. For doctors, the numbers can continue to rise during residencies, some of which last up to six years, if they don't make payments on the interest. So much debt. Yet, when they're looking for mortgages, lenders love them. That's because these young pros - many of whom land in the Philadelphia region because of its prestigious health systems and law firms - have what's called EP. Earning potential.
February 28, 2014 |
The University of Pennsylvania is launching a $240 million fundraising campaign targeted specifically for financial aid - an effort to bolster its policy of providing all grants and no loans to students in need, school officials said Friday. The new effort was announced at the board of trustees meeting Friday. To kick off the "Penn Compact 2020 Presidential Initiative," the university is seeking $1 million donations from at least five individuals that the university will match.
January 28, 2014 |
A fight over an obscure 10-year-old Philadelphia property loan is raising questions as to whether anyone can force the Commonwealth of Pennsylvania to comply with its own wide-ranging financial agreements, under current law. Telwell Inc. , a family-owned real estate company, says the state's Public School Employees' Retirement System overcharged by more than $200,000 for a 10-year loan to refinance its aging office building at 12th...
December 24, 2013 |
Developer Carl Dranoff made news last week by detailing his plan for a 47-story South Broad Street hotel-apartment-retail tower. Dranoff was also in the news the next day, in three separate stories, none that would likely please him: Gov. Corbett's administration is cutting $12 million in aid proposed through the Redevelopment Assistance Capital Program for Dranoff's apartment development in downtown Ardmore. The state said money in that program should go to public projects, like the nearby Ardmore train station.
December 19, 2013 |
Federal prosecutors served subpoenas this week on several officials and employees of the Delaware River Port Authority, including at least three board members - Camden County Freeholder Jeffrey L. Nash, South Jersey labor leader Richard Sweeney, and Philadelphia lawyer William Sasso, The Inquirer has learned. Since April, the U.S. Attorney's Office has been investigating millions of dollars of politically connected "economic-development" spending by the DRPA. Subpoenas issued Monday to several board members and other DRPA employees demanded materials and testimony related to that spending.
December 13, 2013 |
In what would be a dramatic turnaround, Haverford College is considering doing away with the "no-loan" financial-aid policy it adopted in 2007, and again require middle-class students to borrow to finance their education. If the board of managers adopts the proposal during its meeting in February, Haverford will become the latest school to retreat from a no-loans stance: Dartmouth and Williams Colleges backed off almost four years ago and Claremont McKenna just this year, each finding it could not support the program.
November 26, 2013 |
The Pew Charitable Trusts issued a report last month recommending changes to payday loans nationwide - and showcased Colorado as the way to reform payday lending. State regulators in 2010 updated laws so borrowers in Colorado now pay an average of just 4 percent of their paychecks to service the loans - down from 36 percent under conventional lump-sum payday loans. Payday loans in Colorado remain costly. With fees and interest, the average annual percentage rate is 129 percent, and that is down from 319 percent, according to the Pew report, issued Oct. 30. Under the old law, Colorado borrowers were charged 319 percent annually in interest - meaning someone who got a $500 loan paid back $1,950 after a year.
October 23, 2013
THERE'S BEEN a lot of talk lately about debt. Most of it has been about the federal-debt burden. I want to shift the discussion to individuals, particularly those with private student loans. The student-loan ombudsman for the Consumer Financial Protection Bureau has just released a report analyzing complaints the watchdog agency has received from private student-loan borrowers. Not surprisingly, the chief gripe concerned payment issues. But it's not what you might think. Many borrowers said they encountered problems trying to pay off their debt early.
September 21, 2013 |
If you think you have been scammed in a fraudulent investment, Ingrid Robinson has advice for you. Start building your case right away, and don't give up. The U.S. Attorney's Office in Philadelphia in May indicted Matthew McManus, of Glenside, and Andrew Bogdanoff, and his son, Aaron, on federal fraud charges connected with their Remington Financial Group loan brokerage. The Bogdanoffs have pleaded guilty. McManus has pleaded not guilty and is scheduled for trial Oct. 28. Robinson, 67, who resides in California, invested with Remington in 2007 and didn't realize the outfit was a fraud until she arranged for a loan.