April 30, 2007 |
If you get a home mortgage from Abington Community Bank in Jenkintown, chances are the money will come from deposits kept there by other residents of Philadelphia's northern suburbs. The 140-year-old bank has been making loans this way for decades, and then keeping the loans on its books instead of selling them. "We are looking for the relationship with the customer," said Tom Wasekanes, vice president of originations. While Abington has stayed with community-lending methods, the U.S. mortgage industry has transformed itself in a way that has opened conduits to global capital markets.
September 19, 2008 |
Michael A. McLaughlin was flabbergasted by the call in July 2007 from an old friend about the sale of Blue Bell Mortgage Group L.P. McLaughlin, a limited partner in Blue Bell and an investment manager in Haddonfield, knew nothing about a sale of his own company. He found out soon enough: Most of Blue Bell's loan officers and key staff, plus managing partner Thomas J. Campbell 3d, were being absorbed into Willow Financial Bancorp Inc. Willow even took over Blue Bell's Gilbertsville office and still uses the same phone number.
April 29, 2011
The road to retirement can be paved with good intentions - such as paying down the mortgage faster so that, by the last day on the job, your house really is all yours. With millions of homeowners struggling to make even regular mortgage payments these days, an accelerated payoff goal may seem beyond reach. Yet many financial planners still advise debt-free retirement - including freedom from mortgage payments. Why? So you'll require less income to support yourself during retirement, says certified public accountant and financial planner Jacquelyn M. Basso, of Jacquelyn M. Basso & Associates of Downingtown.
November 20, 1998 |
Obtaining a mortgage on the Internet was supposed to take the hassle out of the financing end of Rosanne and Jason Toohey's home purchase. Earlier this year, an on-line mortgage broker found the Tooheys a competitive interest rate for their condo mortgage, but the couple didn't bargain on the delays, lost documents, misinformation and unresponsive loan agents that came with the deal. The Web-based mortgage broker reimbursed some of the unexpected costs caused by the delays, but when the mortgage finally closed five days late, the two vowed never to venture back on line for mortgage money.
April 22, 1996 |
In between bombing in "The Scarlet Letter" and irking Pentagon brass with her next role as a Navy SEAL, Demi Moore has been vigorously peddling her June 28 release, "Striptease. " Now Hollywood execs on the project are worried that the actress is not helping their cause. If you saw Moore bumping and grinding recently on the Barbara Walters special, or caught her strip act last fall on "The Late Show" with David Letterman, you've heard her pitches promoting the flick. Acoording to Moore, "Striptease" is a paean to women's self-esteem: Yeah, I'm naked in a bar full of leering old men, but I'm stripping for myself.
January 28, 2015 |
When it comes to mortgages, experience apparently isn't the best teacher. Recent findings by the federal Consumer Financial Protection Bureau, which oversees mortgages and credit cards, among other things, show that almost half of U.S. borrowers don't shop for home loans. The findings were similar to those of LendingTree.com in December 2010, during the depths of the foreclosure crisis. That survey found that 40 percent of 1,317 people contacted obtained a single quote for a mortgage.
January 11, 2009 |
To get us through the early part of this new year, let's get some perspective on what could be driving real estate matters in the weeks to come. First off, it looks as if low fixed interest rates for mortgages - now around 5 percent- will be with us awhile. But Philadelphia mortgage broker Fred Glick warns that rates could begin to rise if the stock market recovers. What he means is that investors who have flocked to the relative safety of Treasury bonds will shift their money to Wall Street if it seems profitable.
June 24, 1999 |
Residents living near the sinking homes in Wissinoming say the rowhouses showed visible signs of settling long before the rapid deterioration of the past three years. Yet, families who bought the homes in that period were able to obtain mortgages. Something that should not have happened if an alert appraiser had noted the settlement and recommended further investigation before the loans were approved. According to Harry Marder, president of the American Society of Appraisers, such vigilance is not always rewarded.
May 14, 2004 |
American Business Financial Services Inc. lost $33.2 million, or $10.53 a share, in the first quarter, returning the struggling Center City lender to default status on its own loans. The company secured a temporary waiver from the lender, said Albert W. Mandia, its executive vice president and chief financial officer. While the company now expects losses through Sept. 30, "we can now see a path to profitability by the quarter ended Dec. 31," Mandia said. In late 2002, Center City promoters counted American Business Financial as a major coup, luring the lender from Bala Cynwyd with an aid and loan package from the state and city worth $19.6 million.
December 16, 2009 |
A Camden County criminal investigator's romance with a mortgage broker has cost her her job and could send her to prison for obtaining a fraudulent loan, officials said. Asha Ritchards, 31, of Sicklerville, appeared yesterday in U.S. District Court in Camden, where she tearfully pleaded guilty to one count of wire fraud and admitted she lied on loan applications for a house her then-boyfriend used as a rental property. "She fell in love with this guy. He's a smooth-talking, handsome guy," defense attorney Leonard S. Baker said.