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.
May 16, 2013 |
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.
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.
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.
April 26, 2013 |
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.
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.
March 29, 2013 |
WASHINGTON - Incoming college freshmen could end up paying $5,000 more for the same student loans their older siblings have if Congress doesn't stop interest rates from doubling. Sound familiar? The same warnings came last year. But now the presidential election is over and mandatory budget cuts are taking place, making a deal to avert a doubling of interest rates much more elusive before a July 1 deadline. "What is definitely clear, this time around, there doesn't seem to be as much outcry," said Justin Draeger, president of the National Association of Student Financial Aid Administrators.
March 26, 2013 |
DENNY HAMLIN suffered a compression fracture in his lower spine during a last-lap crash Sunday in Fontana, Calif., while racing for the win against former teammate Joey Logano, and Joe Gibbs Racing gave no indication Monday how long its driver could be sidelined. "I just want to go home," Hamlin tweeted from a hospital in Southern California. He later posted a photo of himself giving a thumbs-up and appeared to be wearing a back brace. The team said he had what is called an L1 compression fracture; essentially, the first vertebra in the lumbar section of his spine collapsed.
March 15, 2013
An alert Delaware County teller noticed that a loan applicant resembled a suspect in a series of bank robberies. Acting on the tip, Upper Darby Township police say they identified Jermaine Coleman, 30, of the 5800 block of Warrington Avenue, Philadelphia, as a suspect in the robbery of three local banks between last Thursday and Monday. "He is considered armed and dangerous," said Michael Chitwood, the township police superintendent. Coleman handed over notes during the robbery in which he threatened to kill employees and blow up the banks, Chitwood added.
March 14, 2013 |
An alert Delaware County teller noticed the suspect in a number of bank robberies was the same man who had applied for a loan at their institution. Jermaine Coleman, 30, of the 5800 block of Warrington Ave., Philadelphia, is wanted for allegedly robbing three local banks between March 7 and March 11, police said. "He is considered armed and dangerous," said Michael Chitwood, Upper Darby's superintendent of police. Coleman handed over notes during the robbery that threatened to kill employees and blow up the banks, Chitwood added.