Lending

CIT Group Inc. said today it has emerged from Chapter 11 bankruptcy.

The rate of residential foreclosures remains significantly above where it was last year, but dropped 8% in November compared to October, according to RealtyTrac, a leading marketer of foreclosed property.

A little over a month after Telesis Community Credit Union filed an $11 million breach of contract claim against a Florida development company, the cooperative said it is working with the borrower to avoid foreclosure.

WASHINGTON -- Rep. Paul Kanjorski (D-Pa.) said last night there is "at least a 50-50 chance" that his proposal to raise the cap on member business lending will be included in the jobs bill that is being worked on by House leaders.

When a big national bank decided to stop funding car loans locally earlier this year, the Chandler, Ariz.-based First Credit Union saw others lenders follow suit.

Credit unions had $241 billion in outstanding consumer credit in October, up from the revised figure of $240.6 billion in September, according to data released yesterday by the Federal Reserve.