Lending

WASHINGTON – The Treasury Department yesterday agreed to provide $1 billion in 2% loans to 800 financial institutions – including fewer than 100 credit unions – certified as community development financial institutions through its CDFI program.

DALLAS – A federal bankruptcy court Monday awarded CU Liquidity Services LLC, a wholly owned CUSO of Texans CU, a $40 million verdict over a dispute concerning a multi-million member business loan the CUSO made to a troubled shopping mall in suburban Chicago.

WASHINGTON – The Federal Housing Administration is seeking congressional permission to raise the annual premium on FHA-single-family loans to 0.85%, up from the current 0.55% statutory limit, according to the President's fiscal year 2011 budget proposal.

WALL STREET – Fynanz Inc., a provider of a private student loan program for credit unions called cuStudentLoans.org, yesterday said it has raised $6.5 million in new funding from a group of venture capital funds.

GLENDALE, Calif.-The "House Full of Savings" mortgage loan promotion at Los Angeles FCU had a goal of generating $8-million in home loans-and it delivered, with $11.5 million, or 44% over the target.

LANSING, Mich. – NuUnion CU last week launched a new student loan program to help parents pay for private kindergarten, elementary and high school.

WASHINGTON – A bill that would eliminate the role of credit unions and banks in the guaranteed student loan program that easily passed the House last year has hit roadblocks in the Senate and could be doomed.

ST. PETERSBURG, Fla. – PSCU Financial Services and Financial Service Centers Cooperative yesterday rolled out a new phone-based lending system that can be implemented by any credit union nationwide, including non-shared branching credit unions.

WASHINGTON – Mortgage rates held steady this week near their lowest levels in almost three decades as the Federal Reserve said it would keep rates near record lows to help the economy recover.

MADISON, Wis. – UW CU, formerly University of Wisconsin CU, said yesterday it has signed with core processor Cology Inc. to provide it with a customized alternative student loan platform.

ALEXANDRIA, Va. – NCUA said a federal credit union may provide residential mortgage loan processing and servicing to other credit unions under its incidental powers rules.

SAN DIEGO – The former home of Colorado Springs’ city manager and her husband was taken back by San Diego County CU Monday after the couple defaulted on the loan for a million-dollar property on the Huntington Beach boardwalk.

MADISON, Wis. – CUNA Mutual Group announced it has integrated its online loan application system, known as loanliner.com, with Teres Solutions’ SAIL lending automation platform.

WASHINGTON – Lawmakers are putting together a plan that would abolish bankrupt Fannie Mae and Freddie Mac and replace them with a new system of government-backed mortgage financing, a leading member of Congress said Friday.

WASHINGTON – The benchmark 30-year mortgage rate slipped below 5% this week for the first time since mid-December, according to Freddie Mac.

RESTON, Va. – Student loan giant Sallie Mae, battered by the capital markets’ turmoil the past two years, reported a $309 million fourth quarter net yesterday, pushing it to a profit of $324 million for 2009.

JOHNSTOWN, Penn. – JSTC Employees FCU said it has signed with Credit Union Student Choice to offer the group’s private student loans.

AUSTIN, Texas – Gila Group said yesterday it is expanding its collection services for credit unions by offering consulting on reducing delinquencies and charge-offs.