Lending

ORLANDO, Fla. - Credit unions seeking to boost lending and significantly increase ROA would be wise to do something counterintuitive - significantly slash lending staff, according to one analyst who is reporting robust numbers in credit unions that have done just that.

HARTFORD, Conn. – Eleven credit unions have agreed so far to join a new student loan program launched by credit unions in partnership with Gov. Jodi Rell, the Governor’s office said yesterday.

WASHINGTON – The Senate Judiciary Committee will take another crack during a hearing today at opening up the bankruptcy process to troubled homeowners, but the long-shot bid has an outside shot of passage in the so-called lame duck session of Congress because it is attached to legislation that would set some standards for the massive banking bailout.

WASHINGTON – The NCUA Board is expected to vote as soon as next month on a plan to offer $2 billion in low-cost funds to credit unions through its emergency loan fund, the Central Liquidity Facility, in order to facilitate the refinancing of at-risk mortgages.

McLEAN, Va. – Long-term mortgages rates declined for the second week in a row, apparently ending a period of see-sawing rates.

WARMINISTER, Penn. – Freedom CU began yesterday to a promotion of consolidation loans.

NORWICH, Conn. – Charter Oaks FCU said it is reducing mortgage rates by half-percent to help celebrate the opening of its newest branch here yesterday.

WASHINGTON – In a major departure from the organized credit union lobby, the leading figure among community development credit unions joined consumer advocates yesterday in calling for reform of bankruptcy laws to restructure millions of at-risk mortgages.

WASHINGTON – Pressure continued to mount yesterday for a credit union-centric assistance program after the Treasury Department abandoned its plans to use the $700 billion bailout funds to buy distressed mortgage assets.

WASHINGTON – Treasury Secretary Henry Paulson, who spurred Congress to approve the purchase of up to $700 billion in distressed mortgage assets last month, said yesterday Treasury has instead shifted its focus to assisting non-bank financial institutions and will not buy mortgage assets after all.

WOODLAND, Calif. – Yolo FCU announced it is partnering with Talbott Corp. and groSolar to offer special loans to for members to finance photovoltaic systems for their homes.

WASHINGTON – The federal regulator for Fannie Mae and Freddie Mac announced Friday that single family conforming loans limits for the two secondary mortgage giants will remain the same in most markets, $417,000, but will be lower in some high-priced markets where the limits were raised last year.

ORLANDO, Fla.– Credit unions in several of the most troubled mortgage markets in the country are tightening certain underwriting standards, changing policies, adding new analytics and even finding some new avenues to lend.

GROTON, Conn. – Charter Oak FCU announced last week it is offering up to $3 million in discounted mortgages to those living in the Norwich area to help stimulate the local housing market.

WASHINGTON-The government is moving closer to implementing a plan to guarantee 2 million to 3 million at-risk mortgages in return for an agreement from lenders to engage in systematic loan modifications.

McLEAN, Va. – Long-term mortgage rates rose again this week, after falling the week before, according to Freddie Mac.

SEATTLE – A group of credit unions calling themselves the Credit Union Housing Roundtable has called on NCUA to make $1 billion of low-cost loans available to help consumers refinance troubled mortgage loans.