Lending

Lending its billionth dollar just wasn't enough for Clackamas Federal Credit Union.

NEWARK, N.J. – A federal court Friday issued an order effectively requiring CUNA Mutual Group’s CUMIS Insurance Society to cover millions of dollars of losses suffered by New York’s Sperry Associates FCU in the massive mortgage fraud committed by U.S. Mortgage and its CU National Mortgage unit.

NORWICH, Conn. – CorePlus FCU has launched private student lending solutions through CU Student Choice to help fill the funding gaps that scholarships, grants and federal aid can leave behind.

WASHINGTON – Mortgage rates declined again this week to near-record lows, after rising for the past three weeks, according to Freddie Mac.

WASHINGTON – Fannie Mae requested an additional $4.6 billion in federal bailout funds this morning after announcing a $2.4 billion loss for the fourth quarter of 2011 and a $16.9 billion loss for the year.

WILLINGBORO, N.J. – ABCU FCU has chosen Symbionce Financial Solutions LLC to provide it with mortgage origination and servicing.

WASHINGTON – NAFCU told leaders of the Senate Banking Committee this morning that the credit union industry, which is emerging as one of the most important players in the home loan market, is opposed to any mortgage reforms that would include elimination of the federal guarantee on loans sold on the secondary market currently through Fannie Mae and Freddie Mac.

MANHATTAN BEACH, Calif. – Kinecta FCU opened a new mortgage loan center in Mission Valley, following the opening of another center in Rancho Penasquitos in December.

An increasing number of credit unions are indicating they are finding good lending opportunities with borrowers whose credit was damaged during the recession.

ST. LOUIS - A tiny CU here has entered into a loan participation agreement with a much larger credit union to help meet demand for microenterprise loans.

DETROIT – Communicating Arts CU is allowing members with spotty credit to refinance their auto loans for as low as 3.5% with the credit union’s Auto Bailout Loan.

FERNDALE, Mich. – Credit Union ONE has introduced the Debt Buster Mortgage, a hybrid loan that allows a borrower to lock into a fixed-rate mortgage that will allow them to receive up to 100% financing, including the opportunity to consolidate home equity loans and consumer loans and/or pull cash out for major purchases such as home improvements.

ST. LOUIS – St. Louis Community CU is now offering business loans for local small business owners.

WASHINGTON – Long-term mortgage rates jumped higher this week from the record lows of the previous three weeks, according to Freddie Mac.

WASHINGTON – The Federal Home Loan Bank system, which has emerged as a critical credit union backstop, has made a pitch to NCUA that could tap the credit union movement for tens of billions of dollars in new funds.

LATHRUP VILLAGE, Mich.-Michigan First CU believes a growing number of credit-challenged borrowers are becoming good credit risks as they find new employment.

FITCHBURG, Mass.-Workers' Credit Union has been named the number-one new business lender of the year in this state by the U.S. Small Business Administration.

FITCHBURG, Mass.-With no history and cash flow to measure, new businesses make for difficult lending decisions. But one CU says its policies significantly reduce the risk of lending to a start-up.