May 13, 2014 |
If you need a loan, your 401(k) might seem like the perfect emergency fund. But financial planners advise exhausting all other sources before taking money out of your retirement fund. The pros and cons of 401(k) loans boil down to one fact - it's easy. "It's actually too easy," says Kathleen Connelly, executive vice president of client services at retirement-plan and record-keeping firm Ascensus in Dresher. Pros: You make interest payments to your own account when you repay the loan.
May 9, 2014 |
COLWYN At the least, Paula M. Brown says, the records that she has uncovered since taking over as manager of Colwyn Borough are unsettling. They may even be criminal. One councilwoman in the tiny Delaware County borough signed checks from the borough coffers to her husband. Another was paid after resigning from the council. A third says she lent the borough $15,000 out of her own pocket to cover its payroll, and is now seeking repayment. And a onetime ranking police officer took home nearly $100,000 in pay in a single year - for what was supposed to be a part-time job. Brown said she has turned those records and others over to the Delaware County District Attorney's Office, which has acknowledged it is investigating possible financial mismanagement by borough officials.
April 25, 2014
I ASKED MY grandmother to co-sign on a car when I graduated from college. Instead of a signature, what I got back was a big-time lecture from Big Mama on the dangers of co-signing. Decades later, I can feel the heat of her fury that I would ask to put her finances in jeopardy. I was reminded of her scolding - and her wisdom - while reading the latest report on student loans from the Consumer Financial Protection Bureau. The report highlights complaints from borrowers that their private student loans, which don't have the same protections as federal loans, were being declared in default because their co-signers had died or filed for bankruptcy.
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.