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Fannie Mae announces it will allow homeowners facing foreclosure to stay in, rent their homes for 1 year via its Deed for Lease Program
Fed keeps federal target bank lending funds rate at 0 to 0.25%, will inject $2T into economy via agency mtge-backed securities buys. See NN.
The Federal Open Market Committee will announce the Fed's target lending interest rate this afternoon. Watch News Now for update.
NCUA is now accepting credit union applications for 2009 Community Development Revolving Loan Fund program. See Thurs NN for coverage.
Chrysler Group LLC and America's CUs are offering new discounts through the "Invest in America" program in November. See Nov. 4 NN.
Chairman's letter: Banks costing taxpayers
WARMINSTER, Pa. (1/6/09)--Banks are forcing credit unions to spend millions of dollars that could be used to better serve members, according to the chairman of a Pennsylvania credit union.
Joe Yerkes, chairman of Freedom CU in Warminster, recently wrote a letter to the editor of The Intelligencer (Dec. 29) saying banks are misusing government bailout funds and are costing credit unions millions of dollars in litigation.
Bankers' lawsuits against credit unions take away a consumer's right to choose a credit union for financial services, he said. The money credit unions spend defending themselves could be used to offer better rates on deposits and loans, he added.
And while banks accept bailout money, credit unions have never received any type of taxpayer support, Yerkes said.
Freedom CU has more than $350 million in assets.
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