Inside these posts: Lender

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Nobel winner Mortensen chides ‘dysfunctional’ lenders

A U.S. labor economist awarded the Nobel Prize in economics on Monday said a “dysfunctional” lending environment has made it hard for small service businesses — the source of most jobs — to finance hiring.

Northwestern University professor Dale Mortensen, whose work focused on labor market inefficiencies that make it difficult for workers to match up to job openings, said employers have fewer jobs to offer and government can do only so much about it.

“To bring unemployment down we need to create service jobs,” Mortensen said, speaking to reporters from Aarhus University in Denmark, where he is a visiting faculty member. Get the full story »

$7 billion-asset Warrenville credit union seized

A $7 billion-asset Warrenville credit union that suffered massive losses in mortgage-backed securities was one of three critically undercapitalized institutions seized Friday by the U.S. government.

Members United Corporate Federal Credit Union was one of three “wholesale,” or “corporate,” credit unions put into conservatorship by the National Credit Union Administration. Get the full story »

Lenders give ShoreBank more time

From Crain’s Chicago Business | The Wall Street firms that have pledged $150 million to rescue ShoreBank have extended their agreements three weeks to give the South Side lender more time to secure government bailout funds.