Lending

RANCHO CUCAMONGA, Calif.-As the credit crisis has left many Americans-even those with strong credit scores-out in the cold, consumers are increasingly turning to credit unions, pushing CU auto lending share higher than it's been for years, even in the midst of slumping auto sales.

LENEXA, Kan. – U.S. Central FCU reported yesterday its securities portfolio took a beating over the past month, declining in value by another $700 million, increasing the corporate credit union’s unrealized losses to $3.8 billion at September 30.

LAS VEGAS-The rest of the mortgage market finally appears to see the value in the long-time credit union model: writing loans that are best for the borrower, not best for the profit of the lender.

LAS VEGAS-Cutting through the seemingly endless tide of bad news in the financial world: some CUs are having success in booking mortgages. In some cases, credit unions are taking advantage of the turmoil that has engulfed their erstwhile competitors, such as WaMu and IndyMac.

GRANITE CITY, Ill. - With its debt-wary members facing down high travel costs during what would otherwise have been a big vacation season, one credit union found a way to whet its members' appetite for hitting the road this past summer.

McLEAN, Va. – Freddie Mac followed Fannie Mae Friday and announced it is eliminating a so-called adverse market charge it planned to assess on mortgages acquired in distressed housing markets.

TALLAHASSEE, Fla. - With examiners on record that member business lending will be scrutinized (CU Journal, April 18), leaders of CUSOs that specialize in MBLs said they are finding regulators' focus is on loan participations, loan monitoring, and simply poor underwriting practices.

BOULDER, Colo. - It's the Holy Grail for many credit unions: converting members gained through indirect loans into full-fledged, engaged members.

PORTLAND, Ore. - Credit unions' growing presence in commercial lending and additional opportunities in such loans aren't projected to dry up anytime soon, according to the leaders of several CUSOs that specialize in member business loans (MBL).

ROCKVILLE, Md. - A new twist in auto lending and competition among employees was exactly the shot in the arm that one credit union needed to boost its loan portfolio by more than $10 million.

McLEAN, Va. – Mortgage rates remained unchanged this week after surging last week, amid continuing turbulence in the financial markets, according to Freddie Mac.

WASHINGTON – Congressional leaders came to agreement last night on the Bush administration’s massive bailout package which would have the U.S. Treasury buy up as much as $700 billion in toxic mortgages and mortgage securities, and sent the proposal on for a vote by the House and the Senate as soon as today.

TAMPA, Fla. - A troubled mortgage market marked by tighter underwriting standards and increased foreclosures has led to a number of alternatives being proposed to traditional mortgages.

SPRINGFIELD, Ill. - Eight credit unions have agreed to help plug the growing hole in student loan funding by investing $100 million in securities to fund new Stafford loans for Illinois students.

SAINT PAUL, Minn. - Instead of backing away from real estate loans like many financial services providers, one credit union is pushing all the harder, offering a unique mortgage refinance promotion with no closing costs.

FAIRFAX, Va. - With the graying of the population, it's no wonder demand for reverse mortgages is on the rise-but that popularity is also coming at a time when it may be trickier for CUs to offer this product.

McLEAN, Va. – Home mortgages rates this week declined significantly to their lowest level in five months, a result of the government takeover of Fannie Mae and Freddie Mac, according to observers.

FORT WORTH, Texas – Sunday’s federal takeover of Fannie Mae and Freddie Mac has immediately pushed home loan rates downward by easing liquidity in the market and freeing the two secondary mortgage giants to buy mortgages.