Lending

The rate of residential foreclosures remains significantly above where it was last year, but dropped 8% in November compared to October, according to RealtyTrac, a leading marketer of foreclosed property.

A little over a month after Telesis Community Credit Union filed an $11 million breach of contract claim against a Florida development company, the cooperative said it is working with the borrower to avoid foreclosure.

WASHINGTON -- Rep. Paul Kanjorski (D-Pa.) said last night there is "at least a 50-50 chance" that his proposal to raise the cap on member business lending will be included in the jobs bill that is being worked on by House leaders.

When a big national bank decided to stop funding car loans locally earlier this year, the Chandler, Ariz.-based First Credit Union saw others lenders follow suit.

Credit unions had $241 billion in outstanding consumer credit in October, up from the revised figure of $240.6 billion in September, according to data released yesterday by the Federal Reserve.

With news that its reorganization plan has been confirmed, CIT Group Inc. said today it anticipates emerging from Chapter 11 bankruptcy as soon as Thursday.