Inside these posts: Loans

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Exelon gets $6.4B of loans to refinance credit lines

From Bloomberg News | Exelon Corp. said today in a regulatory filing that it refinanced revolving credit lines with $6.4 billion of new loans.

Harris Bank parent sees profit rise 18%

Bank of Montreal’s first-quarter profit rose 18 percent due to stronger loan growth and investment banking fees, and the bank said it will issue less stock than previously expected to pay for its acquisition of Wisconsin bank Marshall & Ilsley Corp. Get the full story »

Bank of America plans unit to handle toxic loans

Bank of America appointed on Friday a new foreclosure and loan modifications czar, and created a new unit to oversee problem home loans in a bid to sort out its on-going foreclosure issues, becoming the first large U.S. bank to do so.

The new unit creates a seventh major division at the bank reporting directly to Chief Executive Brian Moynihan, an indication that the largest U.S. mortgage servicer is attempting to be more aggressive in resolving its problem mortgage loan portfolio. Get the full story »

Old Second Bancorp’s stock falls on 4Q loss

The stock of $2.12 billion-asset Old Second Bancorp Inc. was down 16.6 percent in late morning trading as the troubled Aurora-based lender reported a fourth-quarter loss of $76.6 million, or $5.48 a share. Get the full story »

JPMorgan quarterly profit jumps to nearly $5B

JPMorgan Chase & Co reported fourth-quarter earnings jumped, helped by narrowing losses on bad loans.

The bank said earnings climbed to $4.8 billion, or $1.12 a share, from $3.3 billion, or 74 cents a share, a year earlier. Analysts on average expected a profit of $1 a share, according to Thomson Reuters I/B/E/S. Get the full story »

CME prepays $420 million loan, saves $3 million

Derivatives exchange operator CME Group Inc. said Thursday it has paid off a $420 million loan to complete the refinancing of a three-year debt agreement.

The original credit and term loan agreement, due to mature in August, was replaced with a $1 billion revolving credit agreement with an expiration of January 2014. Get the full story »

HUD to investigate loan discrimination charges

The U.S. Housing and Urban Development Department said Wednesday it would investigate charges almost two dozen lenders have unfairly denied U.S. government-backed mortgages to qualified loan applicants.

The National Community Reinvestment Coalition filed a fair housing complaint with HUD against 22 lenders that offer loans guaranteed by HUD’s Federal Housing Administration. Get the full story »

Small business loans less risky than junk bonds?

In the world of high-yield securities, small business loans are safer than junk bonds, and are expected to get even less risky over the next two years, according to PayNet, which provides risk-management tools to the commercial lending industry. Get the full story »

Citi selling $1.6B retail credit card assets to GE

Citigroup is selling $1.6 billion in retail credit card assets to GE Capital as the bank continues to shed smaller businesses to focus on its core consumer banking operations. Get the full story »

Mortgage study says recent modifications best

Homeowners with more recent loan modifications are less likely to default on their payments, a report Friday showed. Thirty percent of modifications made in 2009 were seriously delinquent or in the foreclosure process, according to a second-quarter study released by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

Pew finds abandoning home loan acceptable to 36%

From Bloomberg News | A survey from the Pew Research Center found that more than one-third of Americans say it’s acceptable to stop paying a mortgage and walk away from one’s home under some circumstances.

Study: Lower credit scores in minority communities

Consumers living in minority communities were more likely to have non-prime credit scores, while individuals in mostly-white neighborhoods were more likely to have prime credit scores, according to a report released Tuesday by Woodstock Institute.

The Chicago-based non-profit research group into fair lending issues found that 20.3 percent of Illinois residents had credit scores below 620, a common cutoff point to be considered for prime interest rates. Get the full story »

FDIC: Loan picture improves, but troubles remain

The U.S. loan picture improved slightly during the second quarter, with the amount of loans 90 days or more past due declining for the first time in more than four years, bank regulators said on Tuesday.

The Federal Deposit Insurance Corp revealed some encouraging figures about the bank industry, saying the sector earned $21.6 billion during the quarter largely due to banks putting away less money to cover expected loan losses. Get the full story »

Aon ties up $2.5 billion for Hewitt deal

Aon Corp. said it entered into credit agreements for up to $2.5 billion to fund its recent acquisition of Hewitt Associates.

The world’s largest insurance brokerage said it entered into a three-year unsecured term loan facility of up to $1 billion and also for an unsecured bridge loan of up to $1.5 billion. Get the full story »

Banker pleads guilty in Robin Hood-like scheme

Jeffrey Gonsiewski fancied himself sort of a modern-day Robin Hood at a time when consumers were becoming increasingly delinquent on their bank loans.

The former vice president at First Security Trust & Savings Bank — an Elmwood Park-based lender that’s part of the Wirtz family conglomerate — pleaded guilty on Wednesday to one count of federal bank fraud.

Jeffrey Gonsiewski, who was charged last month, admitted that he changed the terms of at least 100 loans for more than 50 customers to make it appear that their payments were current when in fact they were overdue. Get the full story »