April 12, 2014 |
U.S. Rep. Allyson Y. Schwartz on Thursday said that all of her campaign contributions are reported so anybody can ask questions about who may be trying to influence her, but gubernatorial rival Tom Wolf's $4 million loan from M&T Bank is a different matter. There is no requirement for a candidate to report details of personal loans. Schwartz said the public should know because such a large obligation could constrain him as governor. "What's his relationship with that bank? Who is he indebted to?"
April 12, 2014 |
Businessman Tom Wolf, the front-runner in the Democratic race for governor of Pennsylvania, on Thursday released details of a $4.45 million personal bank loan he got to help finance his campaign after a rival questioned its propriety. Wolf and his wife, Frances, guaranteed the loan from M&T Bank with their personal assets, including millions of shares of stock in the Wolf Organization, the family-controlled building supply company. U.S. Rep. Allyson Y. Schwartz demanded during a Wednesday night candidates' debate that Wolf disclose the terms of the loan.
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.