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I.R.S., Trying to Ease Credit, Alters Rules on Some Loans (New York Times)
The Internal Revenue Service has taken steps to help ease the credit crisis by allowing corporations to ramp up their use of tax-free loans from overseas subsidiaries.
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Credit squeeze: SBA loans drop 30% (CNN Money)
A growing number of businesses are struggling to land loans through the Small Business Administration's flagship lending program. The number of 7(a) loans given in the 2008 fiscal year, which ended Sept. 30, dropped 30% from 2007, the SBA reported last week.
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Fed to provide as much as $900B in loans to banks (AP via Yahoo! News)
The Federal Reserve will provide as much as $900 billion in cash loans to squeezed banks in an urgent effort Monday to break through a dangerous credit clog that threatens the economy and has unhinged financial markets around the globe.
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Brazil May Buy Loans From Banks, Use Reserves After Market Drop (Bloomberg)
Oct. 7 (Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva authorized the central bank to buy loans from cash- strapped lenders and will use the nation's international reserves to ease a credit crunch that sent the local currency to the lowest in two years and roiled stock markets.
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Delinquencies Are Increasing for Car Loans (WallStreet Journal via Yahoo! Finance)
Auto-loan delinquencies are on the rise as cash-strapped Americans increasingly struggle to repay car and truck loans, according to a study.
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Schumer asks feds to include student loans in bailout (Newsday)
Sen. Charles Schumer is calling on the federal government to protect college students and their families from the credit crunch by expanding the economic bailout to include student loans.
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FHA Will Take on Subprime Loans Shunned by Lenders (Update2) (Bloomberg)
Oct. 6 (Bloomberg) -- The Federal Housing Administration has grown so large that by the end of the year it will guarantee mortgages for three in 10 U.S. borrowers, many of whom have bad credit or loans that required no verification of income.
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Countrywide to rework thousands of loans (UPI)
SACRAMENTO, Oct. 6 (UPI) -- Countrywide Financial Corp. agreed to a sweeping settlement for predatory lending practices that could restructure thousands of U.S. loans, officials said.
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Australian Banks Get Loans From Future Fund, Australian Says (Bloomberg)
Oct. 7 (Bloomberg) -- Three Australian banks obtained long- term loans from the government's pension system for politicians, public servants and defense workers as cash dried up from other sources, the Australian newspaper reported, citing documents.
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BizCoach: Patriot loans are available to veterans (The Tennessean)
A. Basically, the government's SBA loan programs are operated through private-sector lenders. The agency does not lend money or make grants. It does, however, guarantee loans made by banks, credit unions and other private lenders.
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