Credit Services and Products

> Countrywide Sued by California, Illinois, Over Loans ... June 25/08
Countrywide Financial Corp., the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures, was sued by California and Illinois for allegedly luring borrowers into risky loans they couldn't afford... cont...

> Small Businesses Take Hit In Credit Crunch ... June 25/08
As Lenders Run Away From Risk, Startups Suffer From Lack Of Loans
They all turned her down. She says they told her: "Either that my business wasn't open long enough, didn't have established business credit. Or they just didn't have the funding."... cont...

> Confessions of a subprime lender ... June 25/08
“We decided whether a borrower was a good credit risk and we funded the loans using our own money (before selling them to investors)... cont...

> Commercial Real Estate Lender Files For Bankruptcy ... June 25/08
Mortgages Ltd. filed for Chapter 11 bankruptcy Monday night, under pressure from a borrower that earlier had filed a petition seeking to liquidate the lender's assets. The move by the Phoenix-based commercial real-estate lender comes three days after Scottsdale-based developer Grace Communities... cont...

> Worst yet to come from credit, real estate crunch ... June 25/08
In a radio interview with Chuck Jaffe, MarketWatch senior columnist, Franklin said the current situation is "the Mount Everest of housing bubbles," and noted that recovery from the last big real-estate bubble -- caused by the savings and loan crisis of the 1980s -- took 10 to 14 years. This one may take even longer, he said... cont...

> GMAC in worse shape than rival Ford Motor Credit ... June 25/08
Declining values of fuel-guzzling pickups and sport-utility vehicles are looming over the lender, adding to its existing problems with souring mortgages through its ailing home loan unit. This leaves GMAC, the financing arm of General Motors, in worse shape than rival Ford Motor Credit, the lending unit of Ford Motor... cont...

> Payday lenders strive to shed image as predators ... June 22/08
With the economy weakening and cash-strapped consumers living paycheck to paycheck, you’d think business would be booming at QC Holdings Inc., the Overland Park-based payday lender. You’d be wrong... cont...

> NAACP To Target Payday Lenders ... June 21/08
Representatives of the Salt Lake Branch of the NAACP says so-called payday lenders will be in their crosshairs when lawmakers convene in January ... cont...

> WaMu Nixes Option ARMs, Adds $1 Billion to Assistance Fund ... June 19/08
It was only a matter of time, but Washington Mutual on late Wednesday said that it had decided to stop offering two complex mortgages, including option ARMs. The Seattle-based bank had rode negative amortization loans to mortgage market prominence during the recent housing boom... cont...

> The FDIC's Suspicious Marketing Campaign ... June 19/08
To mark its infamous 75th anniversary this year, the Federal Deposit Insurance Corporation (FDIC) has recently launched a series of full-page advertisements in U.S. newspapers. The latest such campaign, published in Monday’s Wall Street Journal, celebrates the institutions’ long-term safety net of public funds up to $100,000 and serves to remind depositors that the FDIC is there to protect cash deposits and CDs... cont...

> Regulators Lay Plans for Investment Banks' Fed Access ... June 19/08
U.S. regulators are planning how to let investment banks retain access to Federal Reserve loans if the central bank shuts an emergency program in September, two government officials said... cont...

> Thornburg Mortgage Inc survival in doubt ... June 19/08
Thornburg Mortgage Inc. the ultra-jumbo mortgage lender that has been staring at possible extinction on and off over the course of most of 2008, said in a filing with the Securities and Exchange Commission Tuesday that its survival is in doubt... cont...

> Come prepared when seeking a home loan ... June 19/08
Riding around shopping for houses. That's how many people spend their time during the summer. As we all know, summer often is the peak home-buying season. But today, more than ever, first-time home buyers and even seasoned veterans need to plan carefully before they make that next move... cont...

> Citigroup Manages to Surprise With Another Warning ... June 19/08
The banking institution’s CFO, Gary Crittenden, said on a conference call sponsored by Deutsche Bank that the bank faces ongoing credit problems in the second quarter, and that “we will continue to have substantial additional marks on our subprime exposure this quarter.”... cont...

> Push for new sub-prime mortgage regulations loses steam ... June 19/08
A key Senate committee Wednesday killed or greatly watered down a series of Assembly bills that would have imposed new regulations on sub-prime mortgages in an attempt to curb the worst wave of foreclosures since the Great Depression... cont...

> RBS issues global stock & credit crash alert ... June 18/08
The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks. "A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist... cont...

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