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NEWS
October 22, 2015 | By Jeremy Roebuck, Inquirer Staff Writer
Words such as silly and facade were deployed Tuesday by prosecutors and their witnesses as they continued to sketch the business portfolio of Chaka "Chip" Fattah Jr. But for Matthew Amato - Fattah's onetime business partner and former roommate at Drexel University - one word was enough to sum up his experience working closely with the son of a longtime Democratic congressman: ridiculous. "It was all from our minds - made up," Amato testified Tuesday, the third day of Fattah's federal bank- and tax-fraud trial.
NEWS
October 2, 2015
IF YOU LEAVE college with student loans, there's a good chance you'll end up feeling that your education wasn't worth the liabilities you'll have to carry. Gallup recently teamed up with Purdue University and the Lumina Foundation to conduct a national poll of more than 30,000 college graduates. The study, called the Gallup-Purdue Index, or GPI, found some not-so-surprising results along with a few depressing revelations. Among participants who graduated between 2006 and 2015, 63 percent borrowed to help pay for college.
NEWS
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.
NEWS
September 10, 2015 | By Jacob Adelman, Inquirer Staff Writer
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.
NEWS
July 31, 2015 | By Jan Hefler, Inquirer Staff Writer
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.
NEWS
July 31, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
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.
NEWS
July 31, 2015 | By Jeremy Roebuck, Mark Fazlollah, and Chris Brennan, Inquirer Staff Writers
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.
NEWS
July 23, 2015 | MICHELLE SINGLETARY, For the Daily News
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.
SPORTS
July 9, 2015 | By Marc Narducci, Inquirer Staff Writer
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.
BUSINESS
June 20, 2015 | By Jacob Adelman, Inquirer Staff Writer
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.
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