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PennyMac, Led by Ex-Countrywide Head, Sees Promise in Bad Loans (Bloomberg)
Jan. 8 (Bloomberg) -- Stanford Kurland, the former Countrywide Financial Corp. president, says his new company’s purchase of $558 million in home loans issued by a failed Nevada bank will be a springboard for further growth.
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Fewer apply for home loans; credit line delinquencies increase (Los Angeles Times)
The average interest rate for 30-year mortgages rises, while rates for 15-year and adjustable-rate loans fall. Fewer Americans applied for mortgages last week and more have been missing payments on their home equity lines of credit, according to surveys released Wednesday.
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Auto news in brief: Credit union loans grow (Detroit Free Press)
General Motors Corp. and Chrysler LLC, trying to boost sales after getting emergency federal loans, on Wednesday broadened pilot incentive programs at credit unions to the entire United States.
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Delinquent loans jump to record in 2008 (The Columbus Dispatch)
BOSTON -- Late payments on consumer loans in last year's third quarter hit the highest level since record-keeping began in 1980, the American Bankers Association said yesterday.
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OECD: Failure To Deal With Bad Loans May Prolong Crisis (Nasdaq)
LONDON -(Dow Jones)- The failure of the U.S. and European governments to remove bad loans from banks before they are recapitalized may prolong the financial crisis, the Organization for Economic Cooperation and Development said Thursday.
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BLACK'S APOLLO OWED $2B IN BACK LOANS FROM LYONDELL (New York Post)
Apollo Management, the private-equity firm led by Leon Black, holds about $2 billion of loans from Lyondell Chemical, which filed for bankruptcy protection, people with direct knowledge of the matter said. Apollo is now a member of a lending...
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GM May Not Require Further U.S. Loans to Survive (Update4) (Bloomberg)
Jan. 7 (Bloomberg) -- General Motors Corp. said it has enough government loans to cover its worst-case forecast for U.S. auto sales and won’t need more if the economy holds up.
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Upside-down auto loans (The Columbus Dispatch)
Long-term auto loans and low down payments, coupled with falling values, are leaving some drivers "upside down" -- owing more than their vehicles are worth.
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CIT Posts Fourth-Quarter Loss on Bad Commercial Loans (Update1) (Bloomberg)
Jan. 7 (Bloomberg) -- CIT Group Inc. , the commercial lender that converted to a bank to win access to the federal bailout program, was unprofitable for the seventh consecutive quarter as it set aside more money to cover bad loans.
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PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans (Update3) (Bloomberg)
Jan. 7 (Bloomberg) -- Private National Mortgage Acceptance Company LLC , an investor in troubled mortgages run by a former president of Countrywide Financial Corp., bought $558 million of home loans that the Federal Deposit Insurance Corp. acquired last year after First National Bank of Nevada collapsed.
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