Lending

Attorneys General in Connecticut, Illinois and Ohio have signaled their interest in looking into how large mortgage holders and servicers have been managing delinquent mortgages through foreclosure or modification.

The newly signed Small Business Jobs Act of 2010 has helped the SBA approve 1,939 loans totaling nearly $970 million in just one day through new funding for increased loan guarantees and reduced fees.

The news that some large banks have been cutting corners on the foreclosure process will most likely keep the U.S. housing and mortgage markets from recovering as quickly they could, according to housing and mortgage experts.

Once exploring the launch of a federal credit union in North Carolina, microlending bank Grameen America will receive a $450,000 grant to help spur small business growth in low income communities there.

Through provisions under the new Small Business Jobs Act of 2010, the SBA said effective Oct. 8, it has permanently increased the 7(a) loan limit from $2 million to $5 million and 504 loans to $5.5 million.

Mortgagebot LLC, a leading online mortgage shopping service, said a recent consumer survey has confirmed that its Mortgage Marvel service is a favorite among mortgage shoppers.