April 28, 2013
In the Region Foreclosures down in region The foreclosure rate among outstanding mortgage loans in the Philadelphia area was 2.71 percent for the month of February, a decrease of 0.10 of a percentage point compared with February 2012, according to data from property information provider CoreLogic . Foreclosure activity in Philadelphia was lower than the national foreclosure rate, which was 2.85 percent. Also in Philadelphia, CoreLogic said, the mortgage delinquency rate increased.
January 28, 2013
Where will the jobs come from? For most of us, this is the bottom-line question for any discussion of the U.S. economy. It's especially so for the nearly 30 million U.S. workers who are unemployed, underemployed, or so discouraged they aren't even looking for work. It is also a pressing worry for millions of twentysomethings who dutifully earned college degrees but still can't find jobs. And it is for countless others toiling at work they don't like, but afraid to leave to look for something more suitable.
December 8, 2012 |
John Stumpf is a survivor, a CEO who kept his job as peers fell after the 2008 financial crisis, a strategist who expanded his company while others shrank theirs, a personable banker at a time of great anger toward his industry. Stumpf is the boss of Wells Fargo NA, of San Francisco, the second-largest bank in the Philadelphia region, by deposits - and one of the few that emerged from the financial crisis with a reputation for responsible banking. Today, Wells, the nation's fourth-largest bank by assets, controls a third of the U.S. mortgage market, giving it by far the biggest share of any bank.
October 26, 2012 |
TRENTON - The Christie administration Wednesday acknowledged failure in managing $300 million in federal money to help struggling homeowners but declared that the problems had been fixed and an increasing number of homeowners were being saved from foreclosure. "Listen, it's indefensible; the program was not being run well," said Department of Community Affairs Commissioner Richard E. Constable III, who inherited the issues after he assumed his post in January. "We did a disservice to the folks that we were supposed to serve.
October 7, 2012 |
The sweepers arrived first. A half-hour before U.S. Sen. Bob Casey (D., Pa.) was to hold a news conference and take a walk in Kensington on Friday, volunteers were picking up flying papers and flattened cans from the 900 block of East Westmoreland Street, two streets from the El. TV trucks began to pack the curb, and then came Casey, in a blue, open-collar shirt and with a gaggle of aides. The 2012 campaign for the U.S. Senate was again officially in session. On the sidewalk in front of a refurbished rowhouse, with orange mums and zinnias in a flower box, Casey called on the new U.S. Consumer Financial Protection Bureau to make it easier for buyers of low-cost houses (under $75,000)
October 4, 2012 |
The New York lawsuit over mortgage-backed securities against JPMorgan Chase & Co., the biggest U.S. bank, will serve as a template for suits against other issuers, state Attorney General Eric Schneiderman said. Schneiderman alleged that the Bear Stearns business that JPMorgan bank took over in 2008 deceived mortgage-bond investors about the defective loans backing securities they bought, leading to "monumental losses," according to a complaint filed Monday in New York State Supreme Court.
September 4, 2012 |
Struggling New Jersey homeowners, facing a quickening rate of foreclosures, are supposed to have a lifeline: the HomeKeeper program, run by the state and funded with $300 million from the federal bank bailout. But 15 months after the program was launched, the state says only 10 percent of that money has been spent, to help just 750 homeowners. According to a report from a U.S. special inspector general, New Jersey has drawn the lowest percentage of federal money available to the 18 "hardest-hit" states.
September 4, 2012 |
PITTSBURGH - When Donald Yost tried to refinance his mortgage about 30 miles north of Pittsburgh in January, he met a roadblock. It wasn't his credit score - he had a solid rating. Or the appraisal he'd paid almost $500 for - that was good, too. Instead, it was the lease he has that allows a company to drill for gas about a mile under his property, similar to leases many of his neighbors have. Yost said that in the middle of the application process, ESB Bank told him the gas lease was too prohibitive.
August 10, 2012
The delinquency rate for mortgage loans on one- to four-unit residential properties increased to a seasonally adjusted rate of 7.58 percent of all loans outstanding as of the end of the second quarter, the Mortgage Bankers Association said Thursday. That was an increase of 0.18 percent from the first quarter, but a decrease of 0.86 percent from a year ago, the bankers' delinquency survey showed. The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.