NEWS
By Pamela Wood, The Baltimore Sun | August 25, 2014
Nearly two months after People's Community Health Centers shut the doors to five low-income health clinics in Baltimore city and Anne Arundel County, a federal agency confirmed it is no longer providing critical grant money to the nonprofit group. People's had received $2.4 million a year from the Health Services Resources Administration to treat uninsured patients - its largest source of revenue. That loss comes as the organization faces a new federal tax lien nearly that doubled the amount it owes the Internal Revenue Service and mounting claims from employees seeking back pay. Yet Andrew Sindler, attorney for People's, said Monday the nonprofit hopes to pay off or settle its debts and has "some new opportunities in the works to revive the organization" under a new name and with new investors, though he declined to offer details.
NEWS
By Anwer Hasan | July 29, 2014
Student debt has grown to over $1 trillion in the United States and is continuing to climb. In fact, seven out of 10 undergraduates graduated with some form of student debt in 2012. Such enormous debt is likely to trigger another financial crisis as young adults and recent graduates struggle to pay back their loans. The federal, state and local governments have taken a number of steps to provide aid in the form of scholarships, grants, loans and repayment assistance programs. In Maryland, for example, the state's Janet L. Hoffman Loan Assistance Repayment Program provides loan repayment assistance for graduates working in high needs areas in targeted fields such as medicine, education and law. In Fiscal Year 2013, 193 awards were made through that program; loan repayments totaled more than $1.2 million, with an average award of roughly $6,400 per recipient.
NEWS
By Kat Hyland | July 14, 2014
How competent is your 18-year old? Do you trust him or her with your credit card? How about the brand new family car? Better yet, do you think he is competent enough to take out several thousands of dollars of debt with a few pen strokes? Education has long enjoyed a prominent status as the keystone in the archway to American success. What supports this idea is the concept that the barriers to higher education are surmountable, and that people who cannot afford to pay for school out of pocket can borrow money as an investment toward their future.
NEWS
By Carrie Wells, The Baltimore Sun | July 10, 2014
Maryland Transportation Authority officials are warning of an email phishing scam that asks E-ZPass holders to pay their toll debts online. The MdTA posted a sample of one of the phony emails, which claimed that the driver was "in arrears" and instructed the driver to "service your debt in the shortest possible time. " The MdTA says this is a scam email that seeks to obtain personal information and should be deleted. E-ZPass never asks for personal information in an email. Anyone receiving such an email can report it to the E-ZPass Maryland Customer Service Center at 888-321-6824.
BUSINESS
By Natalie Sherman, The Baltimore Sun | July 5, 2014
Legg Mason plans to close a deal this month to restructure $650 million in debt, a move designed to lock in favorable interest rates for the long term while taking advantage of the market's sustained appetite for corporate bonds. The money raised from the sale will be used to pay off $650 million of notes due in 2019, which the Baltimore-based money manager issued two years ago at a rate of 5.5 percent. The firm's total debt of just over $1 billion would remain unchanged. Legg's decision to restructure debt follows the path of dozens of companies, including asset managers Invesco, Janus Capital Group and Icahn Enterprises, that have pursued refinancing in expectation of rising interest rates.
NEWS
By Yvonne Wenger and The Baltimore Sun | June 2, 2014
To investigate the possibly of future water rate increases, Baltimore City Council President Bernard C. “Jack” Young on Monday will request a hearing to discuss a request by the Department of Public Works to borrow up to $2 billion. The city is obligated to improve its aging infrastructure under a 2002 agreement with the Environmental Protection Agency and Maryland Department of Environment. To help meet those obligations, the Department of Public Works requested legislation that would authorize an increase in the city's borrowing capacity.