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Regulators Issue Guidance on Subprime-Lending Abuses; Congress Considers Legislation; Home Equity Declines

By Staff Writer

June 27 marked a turning point in the continuing tale of woe in the subprime mortgage market, with federal regulators issuing new rules that go into effect immediately.

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CU National Mortgage's McGrath Appointed to the Fannie Mae Customer Advisory Board

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CUNA Mutual Acquires CU BizSource from MEMBERS Development

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Lending Stories

July 02, 2007

Regulators Issue Guidance on Subprime-Lending Abuses

Friday marked a turning point in the continuing tale of woe in the subprime mortgage market, with federal regulators issuing new rules that go into effect immediately. Cascading losses and spiking foreclosures, particularly caused by adjustable-rate mortgage products that explode when rates balloon from initial "teaser" rates proved the straw...

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June 29, 2007

South Carolina CU Scores Big on Payday Product

In what appears a new and innovative approach to payday products, the $200 Family Trust Federal Credit Union said today it is getting an "outstanding" public response to "Lifeline Advance" loans incorporating both a savings feature and a $35 program fee.

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June 29, 2007

Will Everest Continue to Pay if a Settlement with Sutton, et al is Reached?

Everest National Insurance has vowed to continue paying default protection insurance (DPI) on subprime auto loans purchased through the Centrix Portfolio Management Program (PMP), but a possible settlement is worrisome to officials at the NCUA and of concern to many credit unions as well.

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June 28, 2007

CU National Mortgage's McGrath Appointed to the Fannie Mae Customer Advisory Board

Michael McGrath, president of CU National Mortgage and its parent company, US Mortgage Corp, has been appointed to the Fannie Mae Customer Advisory Board, giving CUs their first presence on the influential board. CU National Mortgage is a mortgage product and service provider to credit unions nationwide that serves over...

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June 28, 2007

New Jersey Credit Unions Speak Out on Business Lending Cap

Totally maxed out, Paragon Federal Credit Union's member business lending program is feeling the pains of the federal regulatory cap on such loans.

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June 27, 2007

CUDL and Manheim Team Up

In a move to expand its reach with independent auto dealers, CU Direct Corp. said it has reached an agreement with Manheim Automotive Financial Services to offer its inventory financing/funding package to client CUs.

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June 27, 2007

Mazuma Credit Union Earns SBA 7(a) Express Lender Status

Mazuma Credit Union is among the latest in the industry to become a Small Business Administration 7(a) Express lender.

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Top Lending Stories

Regulators Issue Guidance on Subprime-Lending Abuses; Congress Considers Legislation; Home Equity Declines

CU National Mortgage's McGrath Appointed to the Fannie Mae Customer Advisory Board

CUNA Mutual Acquires CU BizSource from MEMBERS Development

Recommended Just For You

Lending Stories

Regulators Issue Guidance on Subprime-Lending Abuses

South Carolina CU Scores Big on Payday Product

Will Everest Continue to Pay if a Settlement with Sutton, et al is Reached?

CU National Mortgage's McGrath Appointed to the Fannie Mae Customer Advisory Board

New Jersey Credit Unions Speak Out on Business Lending Cap

CUDL and Manheim Team Up

Mazuma Credit Union Earns SBA 7(a) Express Lender Status