Lending

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.

WASHINGTON – President Obama called on Congress last week to act soon to prevent a scheduled end to the 3.2% rates on Stafford Loans, which are slated to double to 6.8% July 1.

ALEXANDRIA, Va. – NCUA said yesterday a credit union need not obtain an appraisal when selling a participation interest in a seasoned member business loan.

REDONDO BEACH, Calif. – South Bay CU said yesterday it signed with Sallie Mae to offer the student loan giant’s Smart Option private loan to its members.

WASHINGTON – Long-term mortgage rates held steady this week still near record lows, according to Freddie Mac.

LAKE MARY, Fla. – CFE FCU said its recent car sale at the Central Florida Fairgrounds in Orlando produced more than $2.7 million in new loans, about three times as much as previous tent sales.

NEWARK, Del. – Student loan giant Sallie Mae reported a 36% decline in first quarter earnings yesterday, to $112 million, even as it’s growing private loan business rose by 23%, to $1.2 billion.

WASHINGTON – The new Consumer Financial Protection Bureau put banks, credit unions and other lenders on notice this afternoon that it is stepping up enforcement of anti-discrimination laws.

CARMEL, Ind.--Allied Solutions has introduced a new interactive marketing platform called iSolutions it said is designed to help credit unions communicate competitive advantages to their membership and further drive increases in loan volume, portfolio yield, and fee revenue.

NORFOLK, Va. – A member of NAE FCU who enlisted in the Army after the credit union financed his pick-up truck is suing the credit union in federal court here for allegedly violating the Servicemembers Civil Relief Act by failing to reduce the terms of his loan and repossessing his vehicle.

KALAMAZOO, Mich. – Consumers CU is introducing a program offering home buyer assistance grants of up to $7,500 for qualifying first-time home buyers.