Lending

Treasury Secretary Henry Paulson and Department of Housing and Urban Development Secretary Alphonso Jackson were joined by mortgage market participants Oct. 10 in announcing a new alliance to strengthen efforts for struggling homeowners.

Banks that bet heavily on mortgage backed securities have been taking writedowns on losses in the subprime market and the damage is hurting the bottom line. So far the total estimate is put at $20 billion.

Mortgage Special Report Briefs 10/24/07

With the rollout of its new Small Business Administration 504 Secondary Market Program, Member Business Lending, LLC and WesCorp said it is providing a way for credit unions with ways to reduce regulatory caps, improve return on asset, reduce risk and expand business lending options.

Adding another arrow to its quiver of real estate options, Brad Volkmann, director of real estate for Affinity Plus CU here related how the CU traded a $17 million portfolio of loans for a security of those loans created by Freddie Mac.

The best-kept secret in financial services is also the best-kept secret in mortgage providers: credit unions. But that notion has some chinks in its armor, as ACUMA, the American Credit Union Mortgage Association has been tapping away at realtors' unfamiliarity with CUs as home lenders for several years now by...