Lending

MANHATTAN BEACH, Calif. -- Efforts to launch a credit union controlled secondary mortgage market gained a new ally last week, when secondary mortgage market pioneer Jess Lederman joined $4.4 billion Kinecta Federal Credit Union in the newly created position of senior vice president and chief lending officer.

NEW YORK -- While credit unions might turn up their noses at the prospect of unloading nonperforming loans for pennies on the dollar, financial consultant Peter Duffy said that for those who can spare the capital, a weak market beats no market at all.

CHICAGO -- The National Credit Union Foundation's eighth innovation grant this year is going a community development credit union that seeks to help its members with predatory car loans.

NEW YORK -- While more financial aid is available for students than ever before, the number of private loans for higher education began to shrink even before the current credit crisis, according to a study on financial aid trends recently released by the College Board.

HOUSTON -- What business model could have averted the current economic crisis? Cooperatives and credit unions, offered Paul Hazen, president/CEO of the National Cooperative Business Association.

McLean, Va. -- The 30-year fixed-rate mortgage this week averaged 6.46% with an average 0.7 point for the week ending Oct. 30, 2008. That's up from last week when it averaged 6.04%.

NEW YORK -- Loan products, not income, are the reason why mortgage borrowers default, according to a report released yesterday by the Local Initiatives Support Corp.

WASHINGTON -- Declining creditworthiness, tightened credit by lenders and reduced demand for loans from small business borrowers has resulted in a nearly 30% drop in Small Business Administration loans during fiscal year 2008, the agency reported today.