Lending

ONTARIO, Calif. – CU Direct Corp. announced it has embedded Wolters Kluwer Financial Services’ e-learning content on automotive lending into its online training solution.

RALEIGH, N.C. – State Employees CU said it has helped more than 1,400 at-risk members keep their homes through its newly launched Mortgage Assistance Program.

CHELSEA, Mass. – Metro CU said it has joined the state’s ‘Home for the Brave’ program which is providing discounted mortgages to veterans.

SEATTLE – The Federal Home Loan Bank of Seattle reported yesterday that a huge $304.2-million other-than-temporary impairment charge on its private-label mortgage backed securities caused it to book a loss of $241.1 million for its fourth quarter.

OSWEGO, N.Y. – Compass FCU said it has been approved by NCUA to convert to a community charter serving all of Oswego County.

MILWAUKEE – Michigan-based AmeriCU Mortgage announced Sunday it has been approved by state regulators to provide mortgage origination services for credit unions in Wisconsin, where credit unions are still calculating their losses from the collapse of Central States Mortgage Co.

WARRENVILLE, Ill. – Troubled Central States Mortgage Co. filed with a state court Friday to begin liquidating assets, a move that is likely to cost ailing Members United Corporate FCU millions of dollars of losses on the warehouse line of credit the corporate had provided the mortgage CUSO.

FORT MEYERS, Fla. — Saddled with numerous foreclosed properties and vacant homes in this state, credit unions and the NCUA are turning to rent-to-own programs to generate revenue and help move the non-performing assets off their books.

DETROIT — While other factors are also contributing, two months into the Invest in America program credit unions' share of the auto lending market has risen to more than 20%.

McLEAN, Va. – Home loan rates fell again this week as the Fed announced plans to buy up distressed mortgage securities, with the benchmark 30-year mortgage dipping to 4.85%, according to Freddie Mac.

ATLANTA – The Federal Home Loan Bank of Atlanta announced it will not pay a dividend for its fourth quarter of 2008 because of large losses on its mortgage backed securities.

ONTARIO, Calif. – CUDL, which operates the nation’s largest indirect auto buying company for credit unions, announced an agreement with Kia Motors America to provide members at participating credit unions manufacturer discounts on new Kia vehicles.

NEWARK, N.J. – A federal bankruptcy court ordered Friday that CU National Mortgage/US Mortgage turn over any and all funds belonging to Picatinny FCU that the $220 million credit union claims the failed mortgage servicer has been illegally withholding from it.

WASHINGTON — The National CU Foundation and the National Federation of Community Development Credit Unions are trying to help credit unions understand the devastating effects of the mortgage crisis.

TACOMA, Wash. – Harborstone CU said yesterday it will roll out reverse mortgage services in partnership with Security Reverse Mortgage.

McLEAN, Va. – Rates on 30-year mortgages plunged this week to the lowest level since January, and are poised to fall even further after the Federal Reserve launched a new effort to prop up the flailing housing market.

DURHAM, N.C. – Self Help CU was awarded a $2.5 million grant yesterday under a new federal program that will help the community development credit union finance several initiatives aimed at alleviating the spreading foreclosure crisis in North Carolina.

NEWARK, N.J. – The federal bankruptcy court yesterday named seven credit unions managers to the unsecured creditors’ committee for CU National Mortgage/US Mortgage Corp., which apparently only did business with credit unions.

WASHINGTON – The Senate appeared ready yesterday to delay a vote on the so-called cramdown bill for several weeks after an important senator rejected a compromise backed by credit unions that would limit the measure to subprime and other non-traditional mortgages.