Lending

The Small Business Administration will host a Web chat to help decipher what the newly-signed American Recovery and Reinvestment Act really means for small businesses.

Credit unions participating in the Credit Union Better Choice program have made almost 15, 000 loans to consumers seeking an alternative to higher cost payday loans, according to the Pennsylvania Credit Union Association.

Former U.S. Mortgage Corp. President/CEO Michael McGrath isn't the only U.S. Mortgage employee implicated in the fradulent scheme of selling $14 million worth of mortgage loans to Fannie Mae.

The Wisconsin Division of Banking Tuesday called the abrupt closing of Central States Mortgage Co., the Milwaukee CUSO, discomforting and "extremely unusual" for an operation its size.

The $247 million Picatinny Federal Credit Union is continuing to take the legal lead among credit unions victimized by vendor U.S. Mortage Corp. and its credit union division, CU National Mortgage.

The sudden closing of Central States Mortgage Co., a Wisconsin CUSO with 25 CUs and the Wisconsin Credit Union League as shareholders, set off a new round of charges Tuesday.