May 9, 2015 |
One of the bank bosses accused of lying to investors and regulators says it was a long-standing practice at the former Wilmington Trust Corp. to claim that millions of dollars in "turd loans" to developers were being paid - even when they were not. It wasn't the only bank that collapsed amid the late 2000s financial crisis. Lehman Bros., Wachovia, National City and others were also overwhelmed by bad loans. But Wilmington Trust, the biggest bank still based in the Philadelphia area when regulators forced its discount sale to M&T Bank Corp.
May 6, 2015 |
National Real Estate Development has closed on a $141 million construction loan with insurer Ullico for an 18-story residential and retail tower at 1100 Market St., part of the company's $500 million East Market project. The loan will allow the start of construction on the $117.5 million building, which will include 322 apartments, along with a MOM's Organic Market and other shops and restaurants, the company said in a statement. The new tower, along with the redevelopment of the adjacent Family Court Building at 34 S. 11th St., make up the first phase of the East Market project, bounded by 11th and 12th Streets, from Market to Clover.
April 17, 2015 |
The Delaware River Port Authority board on Wednesday approved an $800,000 loan guarantee to help keep the Battleship New Jersey operating as a tourist attraction on the Camden waterfront. The DRPA board originally guaranteed a $1 million loan in 2003 to the Home Port Alliance, which operates the battleship, and has renewed the guarantee every three years since. The amount was whittled down to $900,000 in 2012 and to $800,000 this year. The loan guarantee, approved Wednesday for a 10-year period, is in addition to grants of $11 million made by the DRPA to the Home Port Alliance between 2000 and 2005.
April 13, 2015 |
Did you borrow for college and end up the victim of a sky-high-interest student loan? A new group, Debt Collective, says it's time to go on a "debt strike. " That is, stop paying. An outgrowth of Occupy Wall Street, Debt Collective is a year-old activist organization rallying financially strapped students of the now-defunct Corinthian Colleges. The strikers are mostly young adults, including some single parents, who borrowed from Corinthian's lending arm at up to 14 percent annually.
April 6, 2015 |
John and Melissa Lattanzio realized last year that they were priced out of the red-hot real estate market in Fishtown, so they began looking for a house in nearby Olde Kensington. "The options seemed to be a house that would need a lot of updating, or a quickly and generically rehabbed house," said Melissa Lattanzio. "We had lived in Fishtown for eight years and knew the neighborhood. But the construction and investors were driving up prices. Sellers wanted all cash in many cases.
April 2, 2015 |
The Christie administration extended the term of a $40 million loan to Atlantic City that was due Tuesday, a move that was expected because the city's highly-publicized financial woes have locked it out of the capital markets. Atlantic City now has until the end of June to repay the money borrowed in December to help the city pay its bills following a steep decline in property-tax revenues caused by casinos' successful appeals for lower assessments. Kevin Lavin, Atlantic City's emergency manager appointed by Gov. Chistie in January, said last week that by June he expected to have detailed proposals on how to close Atlantic City's projected $101 million budget gap for this year.
March 28, 2015 |
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.
March 20, 2015 |
Midfielder Danny Cruz, who played in 70 games the previous three seasons for the Union, has been loaned to a team in Norway. Cruz, 25, will play for FK Bodo/Glimnt of Tippeligaen, the top division in Norway. The loan is for the 2015 season. "He needs to be getting 90 minutes, and we thought at this moment in his career it was more likely to happen in Norway," coach Jim Curtin said Wednesday. "This will be a great experience for him. He will see a new league, get different challenges that come with that, and hopefully when he comes back he will be better than ever.
March 17, 2015 |
Exhausted after his shift as a waiter, Richard P. Miller, then a 21-year-old college senior, jumped into his rickety Volkswagen bug and headed back to his school. He didn't make it. "I fell asleep at the wheel and hit a bridge abutment going about 40 m.p.h.," said Miller, now 62, president and chief executive of Virtua Health Inc., the three-hospital health system based in Marlton. Helicoptered to a shock-trauma unit in Maryland, "I actually ended up on a ventilator and I ended up on dialysis and wasn't given much chance," he said.
March 14, 2015 |
SolarCity Corp., the nation's largest rooftop photovoltaic developer, is hoping a new day is dawning for solar in Southeastern Pennsylvania. The San Mateo, Calif., company announced Thursday a bundle of new financing options aimed at customers in the Peco Energy Co. service territory. SolarCity and its competitors typically install their systems on customers' roofs for no money down. The campaign is aimed at reversing the shrinkage in the Pennsylvania solar market, which went into hibernation after 2011, when federal and state incentives dwindled.