Lending

WASHINGTON – Rates on fixed-rate mortgages hit record lows again this week, with the 30-year fixed-rate mortgage averaging 3.83%, according to Freddie Mac.

WASHINGTON – Freddie Mac, the troubled mortgage giant under federal conservatorship since 2008, this afternoon named Donald Layton, an ex-JP Morgan banker and the former chief executive of brokerage firm E*Trade Financial Corp., as it next CEO.

WASHINGTON – Fannie Mae said this morning it stopped hemorrhaging red ink in the first quarter and had a $2.7 billion profit.

NAPERVILLE, Ill. – DuPage CU is one of the credit unions beta testing Financial Industry Computer Systems’ next generation of its comprehensive LOS platform, Loan Producer version 6.00.

NEWARK, Del. – Student loan giant Sallie Mae introduced a fixed-rate private loan for students and families yesterday that is in direct competition with the growing number of credit unions offering the same product.

SAN DIEGO – A former police officer and his wife began trial yesterday for allegedly causing some $210,000 of damages to their $1 million house after their credit union, San Diego Metropolitan CU, foreclosed on them two years ago.

PHOENIX – A federal appeals court yesterday dismissed a case brought by a Yuma, Arizona, real estate developer who claims AEA FCU, which was taken over two years ago by NCUA, drove him into bankruptcy by cutting off his line of credit as the credit union was going under.

NORFOLK, Va. – A used car dealer who used straw borrowers to siphon almost $1.6 million in auto loans from Navy FCU was sentenced this afternoon to seven years in prison, with the judge rejecting his pleas for leniency, even to let him remain free a few weeks to attend his daughter’s high school graduation.

Loan volume is up by $2 million since January of this year at West Virginia Central CU, on the way to a goal of $8 million in growth by the end of Q3-a targeted increase of 14.5% over 2011.

CHARLESTON, S.C. – Six individuals were sentenced to prison for bank fraud last week for a scheme that obtained more than $800,000 in purported auto loans that were converted to personal use instead.

PHOENIX – Prosecutors estimate the MBLs fraud committed at Yuma’s AEA FCU by the director of member business lending William Liddle will cost the National CU Insurance Fund as much as $34 million after resolution of all of the loans.

LYNN, Mass. – A federal court agreed last week to delay the foreclosure sale for a Lynn homeowner for six weeks while he negotiates a last-minute troubled loan modification with his lender, Webster First FCU, the central Massachusetts credit union that obtained the mortgage after it acquired Saugus FCU last year.

WASHINGTON – Long-term mortgage rates declined again this week to new depths, according to Freddie Mac.

Credit Union Journal asks credit union CEOs "How is your loan volume and what are you doing to drive lending?"

WASHINGTON – The House approved a student loan bill Friday on a partisan basis that immediately invoked a veto threat by the White House.

SAN ANTONIO – Generations FCU is holding an auto sale May 5 that will feature a variety of pre-owned vehicles that include sedans, SUVs and trucks.

WASHINGTON – Long-term rates for home loans dipped again this week near new record lows, as the market waited for the Federal Reserve to act on rates, according to Freddie Mac.

WASHINGTON -- The Senate's Democratic leadership has unexpectedly delayed consideration of a bill that would allow credit unions to expand their business lending, putting off a vote on the controversial measure for what could be several months.