Lending

HAUPPAUGE, N.Y.–GrooveCar has joined the Invest in America program that is offering special pricing and rates on GM and Chrysler automobiles.

Two-Decades of Community Car Sales At End

EL PASO, Texas–While many business continue to complain about a credit squeeze, El Paso Area Teachers FCU reported loan demand is sufficient enough to warrant the opening of its first business services department. In addition to loan products, businesses are also be offered deposit products, including savings, checking, MMAs and certificates. The department will be headed up by Manager Albert Arellano.

WASHINGTON–While its prospects may be dim, a bill in Congress to cap credit cards APRs had been dropped, with its sponsor citing credit unions’ ability to offer lower-rate loans as a counter to bank complains that such a limit will much lending unprofitable.

HAUPPAUGE, N.Y. — GrooveCar has joined the Invest in America program that is offering special pricing and rates on GM and Chrysler automobiles.

SAN DIEGO-California Coast CU knew something needed to be done to stem the flood of auto loan delinquencies.

SAN DIEGO-The MAP at California Coast CU would be impossible but for the few relatively simple reports configured by in-house programmers, according to Mitzi Zarcone, SVP-lending and collections.

SAN BERNARDINO, Calif.-Faced with mounting inventory of repossessed automobiles and receiving just pennies on the dollar at auctions, Arrowhead CU has formed a partnership with a shuttered local dealership to get more value from its repos.

PHILADELPHIA — Seismic shifts in the economy in general-and car sales in particular-are skewing CUs' auto lending portfolios even more towards used car loans, which brings with it some additional risk for credit unions to manage.

WAUWATOSA, Wis. — The morass in the mortgage market claimed another major mortgage bank for credit unions last week, Central States Mortgage Co.

NEWARK, N.J. — A federal grand jury is investigating whether the owners of CU National Mortgage illegally transferred mortgages owned by the company's CU customers to Fannie Mae, siphoning off millions of dollars in the process.

WASHINGTON – New York Sen. Charles Schumer was on the phone to CUNA and NAFCU yesterday offering to attach a provision to lift the cap on member business loans in exchange for their support on the so-called cramdown bill to allow bankruptcy courts to amend the terms of mortgages.

McLEAN, Va. – Mortgage rates continued to gyrate this week, declining by 12 basis points, after rising last week, according to Freddie Mac.

NEWARK, N.J. – The federal bankruptcy court has approved the hiring of a criminal attorney by CU National Mortgage, as a federal investigation into allegations made against the failed mortgage lender spreads.

WAIPIO, Hawaii – A group of local credit unions will participate in a financing event for three days next week at the Autoplex here.

McLEAN, Va. – Freddie Mac is asking the government for $30.8 billion in aid after posting a massive loss of more than $50 billion last year as the housing market worsened.

WAUWATOSA, Wis. – Credit unions in Wisconsin and elsewhere were tolling the costs of this week’s failure of Central States Mortgage Corp., which have reached at least $5 million and counting.

NEWARK, N.J. – A federal grand jury has been impaneled to investigate allegations that the owners of CU National Mortgage illegally transferred tens of millions of dollars of mortgages owned by the company’s credit union customers to Fannie Mae and siphoned off millions of dollars of the funds.

WAUWATOSA, Wis. – Central States Mortgage Corp., which provided mortgage services to 250 credit unions, was forced to shut its doors Monday after Members United Corporate FCU, its biggest lender, declared default and demanded payoff of more than $33 million, according to several sources.