Word: loaning
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...foreign scouts. And David Beckham clearly wasn't ready for oblivion. The 33-year-old England wide man, who in 2007 joined the Los Angeles Galaxy on a $250 million five-year contract, looks set to return to Europe, next January, and join glamor club AC Milan on loan. If the deal is finalized in the wake of Milan's premature announcement Wednesday, it would mark an essential step in Beckham's bid to reclaim his place in the England squad ahead of the 2010 World...
...course, the highly unusual free loan arrangement leaves open the possibility that Beckham is simply going to Milan to keep in shape through the European winter by training with a top club, and keeping his England prospects alive. (He spent last year's MLS off-season training with England's Arsenal.) But Milan is hyping the arrival of its new recruit, and suggests it could buy out the remainder of Beckham's contract with L.A. The chance of that happening, however, if highly improbable, given the money required and Beckham's own declining play. Galaxy coach Bruce Arena opposes even...
...years of sticking to boring, old-fashioned banking practices - they typically hold the mortgages they make on their own books and only dabble in subprime - put them in a position to grab market share while national banks, auto finance companies, credit-card outfits and private student-loan firms cut back on loans. "In good times, you'd say these guys are much too conservative," says George Hofheimer, chief research officer of the credit-union-focused Filene Research Institute. "But in times like these, it's just what the doctor ordered...
...doubling its ad budget for the fourth quarter. (At times, TDECU has been accused of being too aggressive: community banks, which have also been faring relatively well, and the FDIC loudly objected when one ad painted the entire banking industry as "under a dark cloud.") To meet loan demand, TDECU is borrowing from corporate credit unions and the Federal Home Loan Bank of Dallas, but even then "we may not have enough money to go around," says Speed - especially now that car dealerships, jilted by the finance arms of auto companies, are flooding the credit union with calls...
...that the credit crunch is rolling full-tilt into the real economy, even credit unions with the benefit of geography likely won't be able to escape the effects of recession. At the 66,000-member Unitus Community Credit Union in Portland, Ore., loan volume is up this year in nearly every category - 32% in mortgages, 37% in student loans, 12% in credit cards - but so are delinquencies. Since the beginning of the year, late payments have increased from...