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Mortgage corporation settles for $45M

January 5, 2018 GMT

tribune staff writer

Attorney General Josh Shapiro announced a $45 million settlement with PHH Mortgage Corp., due to improperly serviced mortgage loans between 2009 and 2012, according to a press release.

Borrowers will receive restitution of $30.4 million nationwide, including up to $1.2 million for Pennsylvanians.

Borrowers who were subjected to PHH foreclosures during the three-year period may qualify for a restitution payment of at least $840.

“This settlement holds this mortgage loan provider accountable for harm done to Pennsylvania homeowners whose loans were improperly serviced,” Shapiro said in a press release. “It also requires change in PHH’s behavior to make sure this company doesn’t repeat the improper conduct that harmed homeowners across the country.”

Those who faced foreclosures that PHH initiated but did not lose their homes can also qualify for restitution payments. From the rules of the settlement, 2,266 Pennsylvanians are eligible for payments.

A settlement administrator will contact eligible homeowners.

Low-interest small business loans approved

Gov. Tom Wolf announced new low-interest loan approvals on Wednesday through the Pennsylvania Industrial Development Authority program.

The loans will go to 13 small business projects in nine counties, helping to create and retain more than 200 jobs statewide.

“These worthy investments will provide a formidable economic boost to a wide variety of small businesses across Pennsylvania,” Wolf said in a press release.

“When we provide this fiscally responsible financial support in multiple economic sectors, from farming and manufacturing to site preparation and production, we build a brighter, more successful future for Pennsylvania’s families and their communities,” he said.

Last year, the development authority approved $65 million in low-interest loans that will result in $199 million in private investment and support 3,268 created and retained full-time jobs, according to the press release.

This month, the authority approved more than $8.7 million in fixed, low-interest loans to projects in Allegheny, Beaver, Berks, Bucks, Cumberland, Dauphin, Lancaster, Mifflin and Somerset counties that will generate more than $13.1 million in matching capital investment.

City extends ‘warming center’ hours

The city has extended operations at the “warming center” at the Cione Recreation Center, 2600 Aramingo Ave.

The center, part of the city’s enhanced Code Blue services, will serve individuals in need of shelter in the Kensington-Fairhill section of Philadelphia.

The warming center’s weekend hours will be Friday evening from 10 p.m. through Monday morning at 7 a.m.

There will be hot drinks, blankets and toiletries along with mental health and drug and alcohol outreach services.

The city encourages individuals who need shelter in the daytime during the upcoming week to visit Prevention Point Philadelphia’s Drop-In Center.

ASPIRA, Pantoja Charter School get $1M grant

State Rep. Angel Cruz (D-180) announced a $1 million grant Tuesday to ASPIRA Community Enterprises to build new facilities at Pantoja Charter School, according to a press release.

The funding will go toward construction of a gymnasium, an auditorium, additional classrooms and offices, and parking at the school.

“I have no doubt that these new facilities will help our community grow healthier and stronger and will reaffirm the connection between the school and the neighborhood,” Cruz said.

“I’m glad that we were able to secure this funding that will enable ASPIRA to continue to do amazing work for our children and youth.”

Grant for medical facility, business hub in Logan

State Rep. Stephen Kinsey (D-201) announced a $1 million grant last Friday to WES Corp. from the state Redevelopment Assistance Capital Program, according to a press release.

Kinsey said WES will use the funding to develop a state-of-the-art medical facility/business service hub in the Logan section of Philadelphia.

The new building will house mental health programs including outpatient behavioral health, targeted case management and substance abuse programs serving youth. The building will also contain a medical clinic, a day care center, parking and administrative offices.

“I am honored to have worked with officials from WES Corp. in obtaining this grant,” Kinsey said in a press release. “This funding will be used to expand the corporation’s ability to provide services to those people and families dealing with addiction.

“With an on-going heroin and opioid crisis in our commonwealth, it’s crucial for people battling addiction to get the treatment they need to live normal, health lives.”

Credit union issues $6M reward for members

The Board of Directors for PSECU, Pennsylvania’s largest credit union, approved a “special reward” to its members at a meeting Nov. 28, according to a press release.

The reward, totaling $6 million, serves to celebrate a successful 2017 and show appreciation to the credit union’s members.

“At PSECU, we believe our members’ money should stay where it belongs — with them. That’s why we offer everyday value with things like free checking, surcharge-free ATMs plus rebates, low-rate financing options and much, much more,” PSECU President Greg Smith said in a press release. “To start 2018, more means a Special Reward approved by our Board of Directors.”

Distribution of the reward was based on members’ dividends earned and interest paid.

“Every loan that’s taken out with PSECU, every dollar that’s put into one of our savings shares — those are the funds that help the credit union grow. Since we are member-owned, our more than 430,000 members reap the rewards of our money-back banking opportunities,” Smith said. “A Special Reward isn’t an annual guarantee, but it is something we try to do to show appreciation to our members whenever possible.”