Lending

WASHINGTON – The FDIC said yesterday it is scrapping a program that would have auctioned off mortgage-backed and other troubled mortgage loans held by banks and plans instead to sell hard-to-price assets seized from failed lenders using guaranteed debt financing.

MADISON, Wis. – UW CU has introduced a payday loan product which will give members in good standing access to a short-term loan without the traditional loan application process.

INDIANAPOLIS — Eli Lilly FCU added a new group to its field of membership as part of an effort to launch the new student lending CUSO called Student CU Connect.

SALT LAKE CITY — With the economy shedding jobs at an alarming pace, Mountain America CU proudly noted its business services department helped create more than 700 jobs in Utah last year.

ST. PAUL, Minn. – Securian Financial said it is introducing a new debt protection program,

McLEAN, Va. – Long-term rates moved higher this week along with a rise in consumer confidence, according to Freddie Mac.

SAN BERNARDINO, Calif. – Auto repossessions have been piling up so high at Arrowhead Central CU that the credit union has opened its own used car lot to sell the used vehicles.

MT. LAUREL, N.J. – Hedge fund Pennant Capital Management has wratcheted-up its proxy contest for seats on the board of mortgage bank PHH Corp., with two candidates it hopes will unseat both the company’s chairman and its CEO.

CALABASAS, Calif. – A vulture firm founded by former Countrywide Financial President Stanford Kurland filed Friday to raise as much as $750 million in an initial public offering.

LOS ANGELES – Just in time for June wedding bells, Water and Power Community CU is introducing a wedding registry savings account, called MatriMoney, that will help newlyweds start saving for their futures together.

LANSING, Mich. — Credit union auto loan portfolios may benefit — in the long run — from the shuttering of car dealerships by Chrysler and GM.

ST. PAUL, Minn. — St. Paul FCU believes that while solid loan rates play a role in attracting members, creating lending solutions that meet individuals' needs keeps members doing business with the credit union.

FOM Issues May Come Into Play

PALO ALTO, Calif. – Addison Avenue FCU introduced what it calls a virtual Family Center to provide members and their children with educational information about managing money, student loan and scholarship offerings and recommendations regarding which accounts will help young members reap the rewards of saving early and often.

McLEAN, Va. – Long-term mortgage rates fell again this week, to near record lows, according to Freddie Mac.

WASHINGTON – A proposal to scrap credit union and bank participation in the guaranteed student loan program drew a rebuke yesterday from credit unions, already fighting to protect revenues from credit and debit cards and mortgages.

WASHINGTON – The inclusion of an unrelated gun amendment did not deter members of the House yesterday from voting final passage of the credit card reform bill and sending it on to the president for his signature by the end of the week.

BATON ROUGE, La. – Pelican State CU said yesterday it has implemented Wolters Kluwer Financial Services’ AppOne online lending solution.

WASHINGTON – The Senate passed a credit card reform bill yesterday aimed at reigning in abusive credit card practices, but an unrelated amendment on guns jeopardizes the measure as it goes back to the House for a vote, expected today.

OREM, Utah – Family First FCU said yesterday it is launching a payday loan product to assist members who need cash, have poor credit, or no credit.