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NEWS
February 28, 2014 | By Susan Snyder, Inquirer Staff Writer
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.
BUSINESS
January 28, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
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...
BUSINESS
December 24, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
NEWS
December 19, 2013 | By Paul Nussbaum, Inquirer Staff Writer
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.
NEWS
December 13, 2013 | By Susan Snyder, Inquirer Staff Writer
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.
BUSINESS
November 26, 2013 | By Erin E. Arvedlund, Inquirer Columnist
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.
NEWS
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.
BUSINESS
September 21, 2013 | By Erin E. Arvedlund, Inquirer Columnist
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.
BUSINESS
September 20, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Jerry Schiano was driving to work Monday at New Penn Financial , the Plymouth Meeting home-loan company he heads, when he heard economist Larry Summers had asked President Obama not to make Summers the next chairman of the Federal Reserve. "We'll have a good day!" Schiano exulted. Summers' withdrawal meant investors would bid down interest rates, expecting current Fed chair Ben Bernanke's cheap-money policy will last longer without Summers' restraining hand.
NEWS
August 25, 2013 | By Alfred Lubrano, Inquirer Staff Writer
Nine members of an Albanian-run gang from Northeast Philadelphia that specialized in loan-sharking and illegal gambling - backed by intimidation with a gun and a hatchet - were arrested Friday morning, federal officials said. All nine appeared in federal court Friday afternoon in front of U.S. Magistrate Judge Lynne A. Sitarski, who set an arraignment for Wednesday. The men were to be held in custody until then. The defendants, allegedly led by Northeast residents Ylli Gjeli, 48, and Fatimir Mustafaraj, 41, were indicted on racketeering, extortion, and other charges and are accused of running a criminal enterprise that federal authorities said thrived for more than a decade.
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