Lending

In the four months since its launch, the Small Business Administration's SBA Patriot Express Loan Initiative has produced more than 500 SBA guaranteed loans amounting to $51 million, with an average loan amount of nearly $102,000, the agency announced today.

Three more credit unions have joined the network of institutions using MortgageClick's technology and support services to expand their in-house mortgage-lending operations, said the company's COO Dan Hanlon.

NCUA decided to stop the bleeding at Norlarco and notified members that the credit union would be acquired by another credit union in a purchase and assumption transaction. After losing deposits and seeing members flee following a storm of bad publicity over losses from speculative real estate loans in southeast...

Taking a cue from the American Bankers Association in attacking credit union loans in the Florida land scandal, the state's banker trade group lobbed a media broadside this month at the $143 million Superior Choice Credit Union for holding faulty participation loans with Norlarco Credit Union of Fort Collins, Colo.

The 7(a) and 504 loan programs set records with 110,275 loans approved totaling more than $20.6 billion as of Sept. 30, the end of the Small Business Administration's fiscal year.

The Wall Street Journal has been following the housing crisis and foreclosure blues fallout with an eye to its possible political ramifications, noting that six of the 10 states with the highest foreclosure rates in the country are considered by leaders of both parties to be swing states.