Suburban-hotel mayhem whipsaws entrepreneurRestricted Content

November 19, 2011
Greg Andrews
Two of Sanjay Patel's hotels landed in bankruptcy in November. Four others filed for Chapter 11 protection last year.

Default notices, home seizures climb in Indiana, nation

November 10, 2011
 IBJ Staff and Bloomberg News
Indiana outpaced the rest of the nation last month in the number of default notices sent to delinquent homeowners and the amount of homes seized as U.S. foreclosure filings rose to a seven-month high.

West-side Godby building in foreclosure

November 7, 2011
Scott Olson
A building at 4701 Rockville Road, owned by local businessman Thomas Godby, is the target of a $2 million foreclosure suit filed by Old National Bank. The building's tenants include Tony Stewart Racing Enterprises and Sara Fisher Racing LLC.

First Internet Bancorp reports lower quarterly profit

November 2, 2011
The company earned $765,000 for the period ended Sept. 30, compared with $1 million in the year-ago period. First Internet attributed the decline to the timing of gains from closed but not-yet-sold mortgages to the secondary market.

Program lets Hoosier volunteers get mortgage help

September 23, 2011
Kathleen McLaughlin
Indiana has $221 million to give to unemployed people who are struggling to cover their mortgage payments. Recipients have to take part in job-training, go back to school, or agree to volunteer through HoosierCorps.

Mortgage-default filings surge in Indiana, nation

September 15, 2011
Bloomberg News
Default notices sent to delinquent U.S. homeowners surged 33 percent in August from the previous month, a sign that lenders are speeding up the foreclosure process. Indiana saw an increase of 46 percent, a bigger rise than every state except California.

Mortgage firm plans local expansion, 140 jobs

August 30, 2011
 IBJ Staff
Royal United Mortgage LLC, an Indianapolis-based mortgage firm, announced plans Tuesday to expand its local operations, adding up to 140 employees by 2013.

Receiver appointed in $16.8M foreclosure suit

August 29, 2011
Scott Olson
Lender Merrill Lynch Mortgage Trust is foreclosing on several Indianapolis commercial properties, including two retail centers, owned by Greenwood developer Presnell Cos.

Greenwood developer target of foreclosure suit

August 24, 2011
Two Indianapolis-area retail centers are listed in a $16.8 million lawsuit that includes a total of six properties owned by the Presnell Companies of Greenwood.

HICKS: Investors downgrade Standard & Poor's political ployRestricted Content

August 13, 2011
Mike Hicks
There are many reasons to believe the second half of the year will bring a faster-growing economy.

Stonegate Mortgage to relocate growing firm to Indianapolis

June 17, 2011
 IBJ Staff
Stonegate Mortgage Corp. will move its growing operation to Indianapolis in the next few months after a deal to expand in Fishers fell through.

Effort to save minority car dealer lands Bill Mays in ditchRestricted Content

June 11, 2011
Greg Andrews
PNC Bank last month sued Mays, one of the city’s most prominent black businessmen, charging he defaulted on a $3.5 million loan he received in 2008 that has an unpaid balance of $2 million.
More office with 64 employees closing in Carmel

June 6, 2011 Inc., the Charlotte, N.C., parent of, said its Carmel office will shut down by Aug. 16, costing 64 employees their jobs.

Foreclosed Ramada hotel up for auction

June 2, 2011
The hotel on the east side of Indianapolis near Interstate 465 and Pendleton Pike will go up for online auction on Tuesday with a minimum starting bid of $300,000.

Northwest-side medical building facing foreclosure

May 12, 2011
The operator of the building at 8424 Naab Road near St. Vincent Hospital is accused of owing an Illinois investment firm $4 million.

Another setback for The Uptown as judge appoints a receiver

May 11, 2011
Cory Schouten
A Marion County judge has appointed a receiver to take control of three properties involved in a long-delayed redevelopment proposal for College Avenue between 49th and 50th streets.

East-side apartment complex facing foreclosure

May 5, 2011
One West Bank in California says it is owed nearly $3.3 million, and is seeking to foreclose on Red Mill Apartments near East 38th Street and North Franklin Road.

Local developer seeks bankruptcy protection

April 29, 2011
Scott Olson
Platinum Properties LLC, an Indianapolis upscale residential real estate developer, sought Chapter 11 protection on Monday, listing several huge debts to prominent local businesses and business people.

Foreclosure filings fall in state, nation

April 14, 2011
 IBJ Staff and Bloomberg News
Foreclosure filings in Indiana dropped 36 percent in the first quarter from the year-ago period, and 27 percent nationally. An industry report, however, attributes the decline to paperwork delays related to a documentation scandal.

Suit accuses Bank of America of fraud, racketeering

March 31, 2011
Scott Olson
The complaint, filed in Marion Superior Court, follows a similar suit that was dismissed in federal court. Bank of America and its Countrywide unit are accused of using perjured affidavits to foreclose on homes.

Housing group gets $6.3 million from Lilly Endowment

March 21, 2011
Sean Morrison
Lilly Endowment Inc. is continuing its decades-long support of the Indianapolis Neighborhood Housing Partnership, awarding the not-for-profit a $6.3 million grant to help low- and middle-income families become homeowners.

Northeast-side office building falls into foreclosure

March 18, 2011
The 83,653-square-foot office building at 6666 E. 75th St. near Binford Boulevard and Interstate 465, is known as Heritage Park II. It is only 55-percent occupied.

Another northwest-side apartment complex faces foreclosure

March 16, 2011
Lender Fannie Mae filed to foreclose on Inverness Apartment Homes, whose Vancouver-based owner allegedly owes $4 million on a note that was due in February.

Northeast-side office building target of foreclosure

March 8, 2011
Scott Olson
Owners of the nearly 40,000-square-foot office complex near East 71st Street and Binford Boulevard have defaulted on a $3 million bank note, according to court documents.

Key House Republican praises Obama housing plan

March 1, 2011
Associated Press
The Obama administration's plan to gradually dissolve ailing housing giants Fannie Mae and Freddie Mac and to shrink the government's role in the mortgage market drew praise from House Republicans on Tuesday.
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  1. I'm a CPA who works with a wide range of companies (through my firm K.B.Parrish & Co.); however, we work with quite a few car dealerships, so I'm fairly interested in Fatwin (mentioned in the article). Does anyone have much information on that, or a link to such information? Thanks.

  2. Historically high long-term unemployment, unprecedented labor market slack and the loss of human capital should not be accepted as "the economy at work [and] what is supposed to happen" and is certainly not raising wages in Indiana. See Chicago Fed Reserve: Also, here's our research on Work Sharing and our support testimony at yesterday's hearing:

  3. I am always curious why teachers don't believe in accountability. It's the only profession in the world that things they are better than everyone else. It's really a shame.

  4. It's not often in Indiana that people from both major political parties and from both labor and business groups come together to endorse a proposal. I really think this is going to help create a more flexible labor force, which is what businesses claim to need, while also reducing outright layoffs, and mitigating the impact of salary/wage reductions, both of which have been highlighted as important issues affecting Hoosier workers. Like many other public policies, I'm sure that this one will, over time, be tweaked and changed as needed to meet Indiana's needs. But when you have such broad agreement, why not give this a try?

  5. I could not agree more with Ben's statement. Every time I look at my unemployment insurance rate, "irritated" hardly describes my sentiment. We are talking about a surplus of funds, and possibly refunding that, why, so we can say we did it and get a notch in our political belt? This is real money, to real companies, large and small. The impact is felt across the board; in the spending of the company, the hiring (or lack thereof due to higher insurance costs), as well as in the personal spending of the owners of a smaller company.