Lending

CHICAGO -- Illinois Attorney General Lisa Madigan has expanded the state's investigation of mortgage lending practices, issuing subpoenas for documents from Countrywide, the nation's largest home lender.

CHICAGO -- Illinois Attorney General Lisa Madigan has expanded the state's investigation of mortgage lending practices, issuing subpoenas for documents from Countrywide, the nation's largest home lender.

WASHINGTON -- The Community Financial Services Association of America, an association representing roughly 50% of payday lenders in the U.S., is promulgating a working paper prepared by a researcher at the Federal Reserve Bank of New York that suggests statewide bans on payday lending have hurt consumers in those states.

WASHINGTON,-- Hoping to forestall foreclosures Pennsylvania Rep. Paul Kanjorski (D) has written letters to lenders, thanking them for participation in helping to develop a "broad, universal plan to stem foreclosure rates," and asking them to restructure loans to keep people in their homes.

SAN FRANCISCO -- Zopa Ltd., the British-based online "social lending" firm, said Monday it is still soliciting U.S. credit unions and eyeing new markets in a follow-up to an initial six CUs which last week announced the start of "peer-to-peer" hookups matching borrowers and investors.

ALEXANDRIA, Va. -- NCUA Board Member Gigi Hyland told a hearing of the House Financial Services Committee today that whatever federal reform measures are enacted in the current crisis must be even-handed between federally chartered and non-federally chartered mortgage originators.