Word: crediteers
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Saba Ashraf of law firm Troutman Sanders wrote in a notice to clients that the IRS's relaxation of overseas borrowing rules "continues the trend of taxpayer friendly guidance in light of the credit difficulties and economic downturn." Federal Assistance, Tax-Free...
...federal agency that oversees credit unions is stepping in with a two-tier plan to bolster institutions battered by investments in souring mortgages and other loans, a turning point for a pocket of the financial community that has so far received little of the assistance doled out to other firms...
Starting in January, the National Credit Union Administration (NCUA) will tap a $41.5 billion pot of money approved by Congress in September to feed liquidity into corporate credit unions faced with mounting losses on securities tied to home loans and other lending. Corporate credit unions act as banks to retail credit unions, which are the institutions consumers interact with. In addition, the plan provides $2 billion for retail credit unions to cut interest rates on mortgages held by homeowners struggling to make payments. All of the funding is structured as loans and is due to be paid back. (See TIME...
While some retail credit unions located in frothy real estate regions have suffered - so far this year, 16 have been taken over by the NCUA - they have in general held up better than corporate credit unions. Some of the nation's 28 corporate credit unions moved heavily into securities tied to mortgages, car loans and credit cards. That means they are now racked by the sorts of write-downs plaguing commercial and investment banks...
...Central Federal Credit Union, for instance, reported paper losses of $4.6 billion in October, $800 million more than it showed just one month earlier. Declining asset values are starting to take a toll: on Dec. 9 another large credit union, Members United Corporate, said it would be laying off employees to reduce expenses and conserve cash. "I've been watching the whole thing fall apart," says Ed Roberts, who runs the Washington bureau of the trade publication Credit Union Journal. "It's very...