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Mortgage Loans

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REAL_ESTATE
November 12, 1989 | By Glenn Burkins, Inquirer Staff Writer
Pennsylvania has announced that $116 million in low-interest mortgage loans will be made available to help 2,700 low- and moderate-income families buy homes in the state. The total includes $38 million that will be set aside for parents who earn less than $20,000 a year. That includes $1 million to help them pay closing costs. The 30-year fixed-rate loans will be offered at an interest rate of 7.95 percent. Prices of homes purchased under the program may not exceed $69,000 in Philadelphia and its suburbs.
REAL_ESTATE
May 16, 1986 | By Robert J. Bruss, Special to The Inquirer
As a Realtor, I am extremely frustrated trying to hold my home sales together while arguing with mortgage lenders to get the buyers' loans approved and funded. Lately, I've had to tell my buyers and sellers to plan on 60 days to get the loan. The big hangup has been slow appraisals that take from two to six weeks, depending on the lender. But the lender's processing delays add several weeks more. Just yesterday, after waiting six weeks, the lender called to say that the loan was ready to close and that my buyers must sign their loan documents within 24 hours.
BUSINESS
May 8, 2012 | Inquirer Staff Report
PHH Mortgage Corp., Mount Laurel, said it will provided end-to-end mortgage origination and loan servicing to HSBC Bank USA. As part of the deal, PHH is expected to take on about 400 HSBC employees who work at a mortgage operation in a suburb of Buffalo, N.Y. The loan-servicing component covers HSBC's portfolio of $15.5 billion of prime mortgage loans and $36.6 billion of loans that HSBC services for third-party investors. — Harold Brubaker
BUSINESS
March 28, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
Fulton Financial Corp. said it might have to buy back from an investor up to $22 million in risky home mortgages that went bad during the first three months of scheduled payments. The Lancaster company, which operates Fulton Bank in the Philadelphia suburbs and The Bank in South Jersey, said that it expected to record a $5.5 million pretax charge in the first quarter to cover an anticipated loss on the loans. Most of the problem loans, made by a Virginia subsidiary of Fulton, were so-called 80/20 mortgages, which allow borrowers with no money for a down payment to take out two loans, one for 80 percent of the purchase price, and another - usually with a higher interest rate - for the remaining 20 percent.
BUSINESS
December 14, 2000 | FROM INQUIRER WIRE SERVICES
The Federal Reserve proposed stricter rules yesterday to prevent mortgage lending policies that are seen as unfair, primarily to minorities and the elderly. The independent Fed had to tread a delicate line between stemming abuses by unscrupulous lenders and keeping legitimate channels of credit open to people with low incomes and those with poor credit histories, in what is called the subprime market. "The subprime lending market has grown substantially, and has increased the availability of credit to borrowers having less-than-perfect credit histories and other consumers who are underserved by prime lenders," a memorandum prepared by Fed Governor Edward Gramlich said.
BUSINESS
April 30, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
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.
BUSINESS
February 11, 1993 | By Andrew Cassel, INQUIRER STAFF WRITER
Philadelphia's major banks made nearly 50 percent more home-mortgage loans to lower-income families last year than they did in 1991, but officials yesterday couldn't explain why the jump occurred. Leaders of the Delaware Valley Mortgage Plan (DVMP), the 19-year-old consortium of local banks and community groups that tries to funnel loans to poor and working-class families, reported that they completed 1,295 new mortgages and 163 refinancings through the plan during 1992. That's up from a total of 978 home loans in 1991, before refinancings were tracked separately.
BUSINESS
December 20, 2008 | By Alan J. Heavens INQUIRER REAL ESTATE WRITER
With fresh evidence that voluntary mortgage modifications aren't working, a national lawyers' group is urging the government to let the courts fix bad loans. "Court supervision of loan modification is needed, and unlike so many of the responses to the foreclosure crisis so far, there will be no cost to the taxpayer," Henry Sommer of Philadelphia, president of the National Association of Consumer Bankruptcy Attorneys, said Thursday. A study last month of mortgage-servicer reports to investors by Alan White, Valparaiso University School of Law professor, showed that of 3.5 million subprime and slightly less-risky Alt-A mortgages examined, 10 percent were in foreclosure, and another 10 percent were delinquent.
NEWS
May 11, 2010
Liberty Property Trust said Tuesday that it made early repayment on $119.3 million worth of mortgage loans. The loans, with an average interest rate of 7.3 percent, were due in March 2012. The Malvern company paid a prepayment penalty of $1.2 million and wrote off $822,000 of financing costs on the transaction. The mortgage loans had been taken out on company properties valued at $217 million. Liberty Property owns and manages 700 sites in the United States and Britain that are used for offices, distribution and light manufacturing.
REAL_ESTATE
May 17, 2015 | By Jack Guttentag, For The Inquirer
Question: Lenders made bad loans during the years prior to the financial crisis because the loans could be sold as securities to unwary investors. Would most mortgage borrowers be better off if there were no secondary market in which to sell mortgages? Answer: Some might, but most would not. Largely because of secondary markets, a knowledgeable and creditworthy home buyer in the United States pays a rate only modestly higher than that charged to the U.S. government. The rate spread between home mortgages and government bonds is lower in the U.S. than anywhere else in the world, with the possible exception of the U.K. and Denmark, which also have secondary mortgage markets.
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ARTICLES BY DATE
REAL_ESTATE
January 18, 2016 | By Jack Guttentag, TRIBUNE NEWS SERVICE
The Big Short is a highly rated movie about a few sharp operators who saw the recent financial crisis coming and decided to profit from their insight by shorting the private mortgage-backed securities market. Shorting means to sell at the current inflated price but not deliver until later, when the price of buying the security will be lower. Most reviews of the movie I have read have been favorable, based on the usual criteria used by movie critics: its plausibility; whether the story line held their interest; whether it engaged their emotions in a favorable way; the quality of the acting; and so on. I am not a movie critic, however, and felt free to assess this one entirely on the basis of how well it depicted the circumstances that led to the financial crisis of 2008.
NEWS
November 5, 2015 | By Jacob Adelman, Inquirer Staff Writer
An investment fund operated by New York's Square Mile Capital Management has originated a $26.8 million mortgage loan for the Penrose Plaza shopping center in Southwest Philadelphia, the company said in a release on Tuesday. Square Mile Capital Partners is funding the center's recent acquisition and planned capital expenditures by a joint venture of Onyx Properties, Abrams Realty & Development, and Siguler Guff. The 261,000-square-foot property at 2900-3000 Island Ave. is anchored by a ShopRite supermarket.
REAL_ESTATE
May 17, 2015 | By Jack Guttentag, For The Inquirer
Question: Lenders made bad loans during the years prior to the financial crisis because the loans could be sold as securities to unwary investors. Would most mortgage borrowers be better off if there were no secondary market in which to sell mortgages? Answer: Some might, but most would not. Largely because of secondary markets, a knowledgeable and creditworthy home buyer in the United States pays a rate only modestly higher than that charged to the U.S. government. The rate spread between home mortgages and government bonds is lower in the U.S. than anywhere else in the world, with the possible exception of the U.K. and Denmark, which also have secondary mortgage markets.
NEWS
September 4, 2014 | By Barbara Boyer, Inquirer Staff Writer
A Bergen County man admitted Tuesday in U.S. District Court in Camden that he used false documents in a $15 million mortgage scam to buy condominiums in North Wildwood. Larry Fullenwider, 63, of Belleville, appeared before Judge Jerome Simandle and pleaded guilty to wire fraud, admitting that he purchased four condos by presenting fake documents to qualify for mortgage loans in a scheme to collect illegal profits. Authorities allege Fullenwider was among a ring of several people from five states, including at least three South Jersey residents, who participated in the elaborate scam.
BUSINESS
December 9, 2013 | By Jeff Gelles, Inquirer Columnist
One of the most mind-boggling aspects of the mortgage meltdown half a dozen years ago, and of the economic collapse it spawned, is evidence that it was largely a self-inflicted wound. Before Lehman Bros. collapsed in 2008 and the credit markets froze, before the stock market plunged and joblessness soared, there was this: Billions of dollars in mortgage loans were made to people who couldn't reasonably expect to repay them. And though some involved outright fraud by borrowers or lenders, others were well within the loose rules of our overly deregulated financial markets.
BUSINESS
September 16, 2013 | By Reid Kanaley, Inquirer Columnist
Learning how to earn, spend, and save money wisely ought to start in childhood. But if you missed the early lessons, websites such as these offer many ways to catch up on financial literacy. Among articles on Visa's Practicalmoneyskills.com site is one on the company's annual "Tooth Fairy survey," which Visa says "shows that American children are receiving an average of $3.70 per lost tooth this year - a dramatic increase of 23 percent over the $3.00 per tooth left in 2012. " Visa doesn't say if that's a good thing, though.
NEWS
August 14, 2013
IF THE FEDERAL government is going to overhaul the way mortgages are sold, I hope as much emphasis is put on what's a manageable amount of debt for borrowers. It haunts me when I think of some of the mortgage loans I've seen and still see. Too many people, who certainly should have known better, agreed to buy homes when their monthly mortgage payments were 50 percent to upward of 70 percent of their net pay. That's just too much. President Obama has laid out plans to rebuild the housing market.
BUSINESS
July 31, 2013 | By Harold Brubaker, Inquirer Staff Writer
WSFS Financial Corp. has agreed to buy Array Financial Group Inc., a mortgage company, and the affiliated Arrow Land Transfer Co., an abstract and title company, for an undisclosed amount, the Wilmington bank said. Array and Arrow are based in Haverford. Array, founded in 2005, made $150 million in mortgage loans last year, WSFS said. The purchase, expected to be completed Wednesday, would boost its fee income and immediately add to earnings, WSFS said, adding that all 17 Array and Arrow employees will join WSFS.
BUSINESS
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.
NEWS
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.
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