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NEWS
May 29, 2013
WITH APOLOGIES TO Dr. Seuss, I'd like to add some lines to his wonderful book Oh, the Places You'll Go! , which is a popular graduation gift for college students. Seuss begins: Congratulations! Today is your day. You're off to Great Places! You're off and away! You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose. You're on your own. And you know what you know. But you'd better know what you owe because your debt is high.
NEWS
May 24, 2013 | By Philip Elliott, Associated Press
WASHINGTON - Dismissing a veto threat from President Obama, lawmakers in the House passed legislation that links student loan rates to the ups and downs of the financial markets in a vote largely along party lines. The Republican-backed bill would allow students to dodge a scheduled rate hike for students with new subsidized Stafford loans next month, but rates could rise in coming years. Democrats largely opposed the measure - which they branded the "Making College More Expensive Act" - while the Republican chairman of the Education Committee labeled the legislation a starting point for negotiations with the Senate and White House.
NEWS
May 17, 2013
D EAR ABBY: A woman here at work constantly asks to borrow money. The first time she did it, she caught me off guard and I gave her $20. The second time she sent me an email asking for a loan, I replied that I only had a few dollars. I'm not the only person she asks. To be fair, she did return the $20 I loaned her, but isn't this akin to a hostile work environment? We all avoid her, but we also have to work with her every day. Times are tough for everyone, and it's irritating that she thinks she's the only one with money problems.
NEWS
May 17, 2013
A Glassboro man who owned and rented more than 300 homes in low-income Philadelphia neighborhoods was sentenced to 72 months in prison for a loan fraud scheme that attempted to swindle $10 million from East River Bank, Republic First Bank, and Polonia Bank. Court documents give this account: Robert Coyle Sr., 68, borrowed money from the banks to refinance or rehabilitate properties, but pocketed some of the money. He backed the loans with first positions on mortgages on many of the houses, plus the assignment of rents, according to federal prosecutors in Philadelphia.
NEWS
May 16, 2013 | By Jessica Parks, Inquirer Staff Writer
Montgomery County stands to lose nearly $25 million in a Norristown redevelopment project gone sour, Commissioners Chairman Josh Shapiro said Tuesday. Under the previous administration, the county invested significant public grants and loan guarantees to redevelop the Logan Square shopping center. One office building was constructed, but it remains only half-occupied. The retail portion of the site is underutilized and run-down. "It's hard to see how it was ever viable. It's certainly not viable now," Shapiro said at a news conference.
BUSINESS
May 9, 2013
In the Region Sunoco Logistics buys refinery   Sunoco Logistics Partners L.P. , the energy pipelines and terminal operator, has acquired the former Sunoco refinery in Marcus Hook for $60 million and plans to develop it into a "world class" hub for shipping natural gas liquids from the Marcellus and Utica Shale formations. The site has deepwater berths, rail access, pipeline connections, and five caverns for storing materials like propane and butane. The sale was essentially an in-house transaction.
NEWS
May 7, 2013
DEAR HARRY: Several years ago, I co-signed a loan for my son through Sallie Mae, the student-loan corporation. Shortly afterward, he stopped all contact with us and stopped paying on the loan. Naturally, they came after me for payment. Fortunately, I was able to resolve this problem by entering into a co-borrower release agreement with Sallie Mae in February 2009. Since then, I have been contacted from time to time by collection agencies claiming to represent Sallie Mae. They insist that I still owe the full remaining principal on the loan.
NEWS
April 26, 2013 | By Matthew Daly, Associated Press
WASHINGTON - The Obama administration was warned as early as 2010 that electric-car maker Fisker Automotive Inc. was not meeting milestones set up for a half-billion-dollar government loan, nearly a year before U.S. officials froze the financing after questions were raised about the company's statements, newly released documents show. Vice President Biden announced in late 2009 that Fisker would reopen a shuttered former General Motors factory in Wilmington to produce plug-in, electric-hybrid vehicles.
NEWS
April 11, 2013
A Williamstown man was accused of defrauding mortgage lenders and the government by acting as a straw buyer in a multimillion-dollar mortgage fraud conspiracy involving $20 million in loans and 100 houses, most of them in Philadelphia, the U.S. Attorney's office in Philadelphia said Tuesday. According to federal documents, Mark Murphy, 47, allowed his identity to be used, along with false information about him, including false pay records, to qualify and receive a $324,000 loan on a West Philadelphia property.
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