Credit Research News - September, 2008

Stantec Announces Update to Its Revolving Credit Facility

Stantec announced today that the Company has extended and made certain amendments to its existing revolving credit facility.

Market Debates Bailout As Green Eyeshades Rule

ACCOUNTANTS TRUMP LEGISLATORS IN HEARTS OF WALL ST

State offers Verizon tax credit for Hilliard expansion

State officials are offering a tax credit valued at $380,140 to Verizon Wireless to entice the company to add 500 jobs in Hilliard.

Credit Suisse Securities and Wachovia Capital Markets LLC Confirm Commitment to Debt Financing

Software Group, Inc. today announced that Wells Fargo Foothill has recently joined the financing syndicate, led by Credit Suisse

Sprint's WiMax Shines on Price, Not on Coverage

Prices and terms for the WiMax service that Sprint Nextel launched on Monday stand up against other wired and wireless broadband options

Duke Energy Corporation Draws $1 Billion Under Its Master Credit Agreement

Duke Energy Corporation today announced it is drawing approximately $1 billion under its $3.2 billion Master Credit Agreement, which expires in June 2012.

After The Darkness, Dawn Breaks … But For How Long?

The last thing Wall Street wants to admit is that it can be made a slave

Visa Mobilizes Credit Card Services

Juggling a phone and a wallet can tug at the seams of pockets, crowd a small purse or occupy more than a single person's two hands.

Credit Crunch Will Hurt Main Street

This week, many Americans called their Congressional offices to express opposition to the federal bailout bill.

Bronco Drilling Company, Inc. Announces Amended Credit Facility

Bronco Drilling Company, Inc., (Nasdaq/GM:BRNC), announced today that it has amended and restated its credit agreement.

Chief credit officers join executive exodus at banks

Chief credit officers are being written off.

U.S. Small Biz Hangs On, For Now

With Wall Street still teetering from the credit crisis, small U.S. businesses may be in danger of getting smaller.

Advanced Photonix, Inc. Announces New Banking Relationship and an Increase in Credit Facility

Advanced Photonix, Inc. today announced that it has established a new credit facility with The PrivateBank and Trust Company

Sector Snap: Credit card stocks sink

Shares of credit card companies fell with the broader markets Monday, as a Citi analyst reduced his earnings outlook for Discover Financial Services

50 years of plastic money

Fifty years ago this month, Bank of America mass-mailed to nearly every home in Fresno, Calif., a small piece of plastic called the BankAmericard.

CARTES & IDentification Congress 2008: to Combine Knowledge, Business and Networking!

From November 4 to 6, 2008 at Paris-Nord Villepinte 19 Conferences, 215 Speakers, 1,700 International Congress Participants

Benbrook’s credit rating raised by Standard & Poor’s Rating Services

The subprime mortgage crisis emphasized the importance of not taking on dangerously changing house payments.

Credit counseling group gets grant from bank

Consumer Credit Counseling Services of New Hampshire and Vermont have received an extra boost at just the right time during a difficult economic period.

How do I choose the right bank, savings and loan or credit union?

Deciding on a banking relationship is becoming more complex every day.

It's time for a federal financial services agency

InvestmentNews argued last week that the entire regulatory system for the financial industry needs to be revamped

Credit unions getting another look amid big banks' troubles

Typically, people prefer to put their money in large banks. Most like the extra sense of security and the variety of features and services they offer.

As banks fail, credit unions deserve a look

Typically, people prefer to put their money in large banks. Most like the extra sense of security and the variety of features and services they offer.

Pelosi on Negotiations for Bipartisan Legislation to Address Financial Crisis: 'Now We're Back

Speaker Nancy Pelosi and Financial Services Committee Chairman Barney Frank held a press availability in the Capitol

Convergence for the smartphone and credit card is nearer

Visa is now readying two sets of credit card payment services on separate continents for users of Android and Nokia smartphones. And there may be more convergence to come around mobile payments in various sectors of the globe.

Waste Services Announces Consent Solicitation Relating to the 9-1/2% Senior Subordinated Notes

Waste Services, Inc. today announced that it has commenced a consent solicitation relating to its 9-1/2%

McClatchy Announces Amendment to Its Credit Agreement

The McClatchy Company announced that it has entered into an amendment to its $1.175 billion bank credit facility.

S&P: Ratings on Washington Mutual Inc. Revised to 'D' After Receivership and Sale To JPMorgan Chase

Standard & Poor's Ratings Services said today that it revised its counterparty credit rating and senior unsecured debt ratings on Washington Mutual Inc.

New ID Theft Service Crawls the Web on Consumers' Behalf

For $15, Affinion penetrates hacker chat rooms and warns users when their data is for sale

Dolan Media Subsidiary American Processing Company Promotes Two Executives

American Processing Company, LLC (APC), a majority-owned subsidiary of Dolan Media Company , announced two executive promotions

Loan-loss hike stings Discover

Discover Financial Services Inc. said Thursday that income from continuing operations tumbled in its fiscal third quarter

Economic Worries Plague Workers

New Survey Shows that Financial Worries Drive Employee Stress, Drain Productivity

Market Report -- Short Stories (LINC)

Lincoln Educational Services initiated with a Outperform at Credit Suisse; tgt $18 . Credit Suisse initiates LINC with a Outperform

Boeing to Acquire Tapestry Solutions to Enhance Its Growing Global Services & Support Business

The Boeing Company today announced an agreement to acquire Tapestry Solutions, a San Diego-based company specializing in services

JBT Debuts New Web site and Services

The Jewelers Board of Trade launched its enhanced member Web site with new online services that provide immediate access to information

Discover Damaged By Defaults

Discover Financial Services posted better-than-expected profit in its fiscal third quarter on Thursday, but its stock price declined

Discover 3rd-qtr profit falls 11 percent

Discover Financial Services (DFS.N: Quote, Profile, Research, Stock Buzz), the fourth-largest credit card network in the United States

Banks Bog Down

Washington appears poised to rescue the banking system with a $700 billion bailout, but are banks ready to help themselves?

New regulations sure to accompany bailout

Lawmakers are expected to focus first on mortgage standards, regulatory enforcement and establishing rules for arcane markets.

Member review of RCN CABLE

I have not updated in many years. I have had several problems with RCN this year which took awhile to resolve.

Community Bancorp Appoints New Chief Credit Officer

Community Bancorp Chairman, President, and Chief Executive Officer, Edward Jamison is pleased to announce that Robert McAuslan has been appointed Executive Vice President

Renewable Energy Cos In US Aren't Always United

Renewable-energy companies have been lobbying hard to get tax credits extended beyond the end of this year, but the appearance

LandAmerica Warranted Valuation Solution Selected by Flagstar Bank

LandAmerica Financial Group, Inc. has been selected by Flagstar Bank as a primary national provider of warranted valuations.

Congress balks at $700B bailout plan, wants changes

The White House push for rapid congressional approval of a historic $700 billion taxpayer rescue of the financial sector

Lead financial services lawmaker defends trading

The top Republican on the House Financial Services Committee struck paydirt on a stock option last year after betting

Free credit monitoring services

Today is the deadline to sign up for nine months of free credit monitoring by registering to participate in a class-action settlement

Computer Sciences Gets Huge Tax Credit

A long-running Internal Revenue Service investigation of past Computer Sciences Corp. tax returns has ended with the company being able to use nearly $900 million

Stay Out Of Trouble

Before you decide to call it quits, consider these tips for getting your business through tough times.

Sprayregen sees more quick sales ahead

Companies that binged on cheap credit in recent years will create new challenges as they stumble into bankruptcy

AFSA Asks Congress to Include Finance Companies in Relief Proposal

A trade group representing many of the nation's largest auto finance companies and other consumer creditors today began circulating language to members

Feeling Powerless Leads to Overspending: MMI offers tips on regaining control

Undeniably, the nation's struggling economy and housing and credit crunches have impacted many Americans.

Republic Services Completes $1.75 Billion Credit Facility for Merger with Allied Waste Industries

Republic Services, Inc. today announced that it has successfully completed its $1.75 billion senior unsecured revolving credit facility

S&P maintains WellCare’s credit rating

Standard & Poor's Ratings Services said that it is keeping its 'B' counterparty credit rating with negative implications on WellCare Health Plans Inc.

FIMAC and Mid-Atlantic Corporate Federal Credit Union Reach Agreement to Offer Value-Added Risk

FIMAC Solutions, LLC, an experienced developer of risk management and profitability software for credit unions

Microsoft Joins the Triple-A Club

The software giant is added to the select list of nonfinancial U.S. companies with S&P's highest credit rating

Consumer Credit Counseling Service of Delaware Valley Offers Free Housing Counseling

"I Thought It Was Me" Targets Distressed Delaware Valley Homeowners

TigerDirect Joins Anti-Fraud Initiative

Gilbert Fiorentino, president of Systemax Services, is sick and tired of battling credit card fraud and he hopes you are too.

Nevada Federal Credit Union Boosts Green Movement with Integrated Media Management Technology

Credit Union Anticipates Paperless Technology Will Save More Than $200,000

The Pain of Deleveraging Will Be Deep and Wide

AS THE CREDIT CRISIS INTENSIFIED LAST WEEK, radically altering the Wall Street landscape and the government's role in stabilizing the financial system

Middletown couple's credit plummets after store error

After months of battling The Home Depot and Citibank over a clerical error that ruined their credit, Frank and Eliana Mascara

Resources for the unemployed

Where to find assistance Here's a sampling of resources available for the jobless.

Survey: Better risk management would have lessened credit crisis

With the current credit crisis triggering more than $400 billion1 in asset write-downs among the financial services industry

Americans' addiction to borrowing root of crisis

As Congress considers a plan for the government to take over hundreds of billions of dollars of bad debt from Wall Street

S&P maintains WellCare on negative Credit Watch

Standard & Poor's keeps WellCare on negative Credit Watch citing government investigations

Boost Mobile Lends Helping Hand to Customers in Galveston with Free Calls

Sprint Prepaid Division to Provide Relief to Pay-As-You-Go and Unlimited by Boost Customers in the Hurricane Ravaged Region

Compushare Makes Strategic Hire of Banking and Core Provider Industry Veteran, Pam Mitchell

Compushare, Inc. of Orange County, California announced today the key hiring of Pam Mitchell to manage client relationships

GLOBAL MARKETS-Global stocks soar on U.S. plan; debt prices fall

Global stocks soar on U.S. plan to corral credit crisis * U.S. dollar surges against yen as risk appetite returns

Corporation Service Company(R) Acquires Business Credit Services, Inc.

BCS, the Leader in Small Business Finance Solutions, Set to Gain Resources And Expansion Opportunities by Aligning with Global Corporate Services Provider CSC

Credit Solutions Earns Accreditation From Industry's Largest & Most Respected Trade Association

Credit Solutions has been accredited through an independent audit on behalf of the United States Organization for Bankruptcy Alternatives (USOBA),

Columbia River Bank to sell credit card portfolio

Columbia River Bank has agreed to sell its credit card portfolio to Elan Financial Services Inc. for $7.8 million.

Survey: Better Risk Management Would Have Lessened Credit Crisis

Data and Company Culture Found to Limit Enterprise View of Risk

BillShrink unpacks credit card complexity

Last week I got a glimpse at GoodGuide, a new product recommendation service that rates products as safe, healthy

Credit counseling agency holds ribbon-cutting in Great Falls

Consumer Credit Counseling Service hosted a ribbon-cutting for its new building at 2022 Central Avenue in Great Falls.

US Airways Credit Union Expands Its Fleet

US Airways Credit Union (headquartered in Tempe, Arizona) held a grand opening and ribbon-cutting ceremony for the newest "Tempe Rio" branch

New Foreign Currency Options for CU Members Added to Travelex, CUNA Alliance

Credit unions can offer their members more foreign currency options through two new products that are now included in the CUNA Strategic Services

IdentityTruth Partners with Upromise to Provide Access to Comprehensive Identity Management Services

IdentityTruth, the leading provider of a new breed of services to help consumers safeguard their privacy and identity, today announced that it has been selected by Upromise

Mutual Merchant Services, Inc. Announces Acquisition

Mutual Merchant Services (PINKSHEETS: MUTM) (German WKN# A0Q8CV ) (fka Sage Global Solutions, Inc.) today announced that it has acquired 1st Federal Financial

FACTBOX: Key facts on American International Group

U.S. authorities on Tuesday put together an emergency $85 billion rescue of insurer American International Group Inc to stave off a possible bankruptcy

FOR THE RECORD

Deadlines The For The Record deadline is noon the day before publication for Tuesday through Saturday newspapers

Stocks Climb After Fed Holds Steady

Policymakers appear equally worried about inflation and an economic slowdown. Investors were hoping beleaguered insurer AIG could find funding

NARFE Premier FCU Selects LSI as Contact Center Partner

Lending Solutions Inc. (LSI), a provider of contact center services and consulting programs for financial institutions across North America

Analyst: GE doesn't need to sell credit unit

An analyst at Stern, Agee & Leach Inc. said Tuesday that General Electric Co. does not need to sell its private label credit card business

U.S. credit card delinquency rate, debt levels up in second quarter

The percentage of Americans who were delinquent on their credit card payments rose slightly in the second quarter from the same time last year

Washington Mutual ratings cut; outlook negative - S&P

Standard & Poor's Ratings Services downgraded Washington Mutual Inc. (WaMu), citing increasing market turmoil and the related impact from managing its concentrated mortgage

Fitch Affirms FIA Card Services' Credit Card Seller/Servicer Rating

Fitch Ratings has affirmed the following FIA Card Services (FIA) Credit Card Seller/Servicer Rating:

Winstead Launches New Financial Services Industry Law Blog

What if you could read news and commentary on important issues affecting troubled commercial assets in the financial services industry

Another Credit Union Selects IT-Lifeline to Protect Critical Data

Horizon Credit Union's Wintel and XP Systems data to be secured off-site at the IT-Lifeline Recovery Center

Activists alarmed over Pa. bill to allow for-profit credit counseling

Suppose you're in a financial jam. You've maxed your credit cards, they're about to repossess your car.

Insurer AIG seeks $40 billion as portfolio plummets

The big insurance company, the American International Group, sought a $40 billion bridge loan Sunday from the U.S. Federal Reserve

RPM Appoints New Vice President of Corporate Services

Receivables Performance Management, LLC, a leader in account management and resolution services, today announced the addition of two new executives to their Management Team.

Lehman Brothers invested in IT despite credit crunch

It spent $309M on technology and communications in the past quarter

Future of Fannie and Freddie remains unclear

The federal takeover of Fannie Mae and Freddie Mac recently could create the opening many have long hoped for - to alter, diminish or eliminate the roles of the government-sponsored mortgage giants.

Online banking comes to Facebook: Fiserv's MyMoney program aimed at credit union members

Lots of banks and credit unions covet young adults for the potential they offer as long-term customers, but it's hard to reach out to them from the traditional corner branch.

Are ID theft monitoring services worth it?

Most firms offer basic fraud alerts that consumers could set up themselves for free.

Laura Wilson 09-14-08

A woman named Jana called me this week because she wanted to warn people about scam phone calls.

Just say no to usury laws

Hilzoy reads an NYT article and waxes sarcastic:Ohio lawmakers sought last spring to aid borrowers like Ms. Minda by capping annual interest rates for payday lenders at 28 percent

S.D. County customers begin receiving letters

Mortgage lender Countrywide has contacted some San Diego County customers to tell them their personal information

Rides-For-Seniors Service Takes Shape In West Hartford

A program is taking shape to provide door-to-door transportation for elderly people who are no longer driving

Shares of big insurer AIG continue free fall

Shares of American International Group Inc. declined further Friday over continuing concerns about whether the world's largest insurer has adequate capital reserves

Credit Unions Take on Big Banks

It's been one of the worst years on record for the financial-services industry -- the financial group of the S&P 500 has plunged 28%.

Sector Snap: Oil services sector stocks rise

Shares of offshore drilling services providers rose Friday as a Citi analyst said the sharp sell-off in the sector in the last two months

Tuitalk Launches Free International and Domestic Phone Service in 38 Countries

Tuitalk Makes It Easy for Millions of People to Make Free Calls without a Credit Card

2 million credit records plundered

It's a mortgage holder's nightmare.

Credit Monitoring Services; The Top 5 Myths and Realities you should know about!

Many people have the impression that credit monitoring services alone will provide a high level of protection against identity theft.

WinSonic Digital Media Group, Ltd. Completes Bridge Financing Line of Credit

Proceeds dedicated to launch of revenue projects The following is an updated version:

Carnage continues for Washington Mutual

Washington Mutual shares plummeted to a 17-year low on Wednesday, hammered by investors who fear its metastasizing home loans could inflict lethal damage.

Credit Crisis Presents Significant Opportunities for Private Equity, Says Piper Jaffray Private Equi

Despite the credit crisis, opportunities for private equity in financial services remain compelling, according to a recently released report

Credit Rules for Singles, Couples, Families and Seniors

You can't rush perfection, especially when it comes to credit scores. It's a fact of finances that the younger you are

Hank to the rescue

The bail-out of Fannie Mae and Freddie Mac was inevitable. It may not be the last

City watchdog must act on payment protection insurance

The Financial Ombudsman Service recieves 500 complaints a week about the controversial insurance

Leading Payment Card Research Firm Adds CardQue and Diamond+ Services

CardWeb.com(R), the leading provider of news, data, and research services to credit card, debit card and payment card executives worldwide

Agency stresses farm safety

For farm families, harvest time is the busiest time of year. It also can be the most dangerous.

Standard & Poor's lowers Washington Mutual outlook

Credit ratings agency Standard & Poor's Ratings Services on Tuesday lowered its outlook on Washington Mutual Inc.

DHL Express Global CEO Testifies before House Committee on the Judiciary

Ongoing losses make restructuring of U.S. business necessary -- Proposed UPS contract is solely an airlift service agreement -- not a merger

TD Retail Card Services Acquires Private Label Credit Card Program of Canada's The Source By Circuit

TD Retail Card Services (formerly Shoppers Charge Accounts Co.) has acquired the private label credit card program of InterTan Canada Ltd.

Global Payments Announces Agreement to Acquire ZAO United Card Service, a Leading Direct Merchant

Global Payments Inc. , a leading provider of electronic transaction processing solutions, announced today it has agreed to acquire ZAO United Card Service

USFSG Helps US Businesses Go Global in Bad Economy

US Financial Services Group today announced it has expanded its multi-currency credit card processing merchant services

TABB Group Says Credit Crisis Having Significant Impact on Nearly Two-Thirds of Buy-side Firms

Benchmark Study Forecasts 70% of Firms Currently Trade Total Return Swaps (TRS); nearly 40% Trade Exotic Options

Argus and TransUnion Launch Credit Dynamics 360(SM) Solution

Argus Information and Advisory Services and TransUnion today jointly launched Credit Dynamics 360(SM), the first solution that provides senior financial services

ALL BUSINESS: Bailout doesn't curb all credit woes

The government doesn't want Fannie Mae or Freddie Mac to go broke, but it better start thinking about what happens if the rest of us do.

Schools to teach money sense

Abigail Willis resisted credit card offers until last year when she took a year off from college. Now, she's almost reached the limit on her sole credit card, amassing a debt of nearly $5,000.

New Experian Research Highlights the Effects of the Mortgage Meltdown on Small Businesses

Study provides an in-depth analysis into the payment priorities of the small-business owner

Rainier Pacific Bank Selects Phoenix(TM) System to Help Expand Commercial Customer Base and Maintain

In an effort to streamline its technology infrastructure, grow market share for commercial accounts and deliver a better customer experience

New Financial Services Resource Offers Tools to Manage Today's Credit Crunch

Omega Performance Launches the Race to Accelerate Lending Performance at www.Omega-Accelerate.com Where Financial Services Lending Professionals Can Access Tools

Growing with Metavante and Going Mobile Are Synonymous for Corporate Network eCom

Metavante Mobile Financial Services selected to help credit unions reach Gen Y and prepare for future of payments

Henry Schein Announces New $400 Million Credit Facility

Replaces existing $300 million credit facility at favorable terms

Credit card proposal may get vote in Congress

Legislation reining in credit card practices may get vote this year as Congress returns

Retailers, banks battle over credit-card fees

Sometimes those hurt most by credit cards don't even own one.

Aon Re Global: Reinsurers Strong Amid Credit Crisis

Jan. 1 renewals likely to reflect slowing rate of decrease in reinsurance pricing provided no significant catastrophe losses

Industry pushes to restore aid by sellers

Housing-industry representatives are seeking a federal pardon for seller-funded down-payment assistance

Michelle Singletary: Color of money

In a class-action settlement, the credit bureau TransUnion has agreed to provide free credit-monitoring services to millions of consumers

State budget impasse threatens health services

California's budget impasse becomes the longest ever today, threatening to force the shutdown of many health care

Fitch Rates Florida's $200MM PECO 2008A Bonds 'AA+'; Outlook Stable

Fitch Ratings has assigned an 'AA+' rating to Florida's (the state) approximately $200 million full faith and credit state board of education public education

Merrill Lynch Hires Dick Barrett and Mark Ellman to Strengthen Investment Banking Coverage

Merrill Lynch & Co., Inc. today announced that Dick Barrett and Mark Ellman will be joining Merrill Lynch as vice chairmen

Junior Fair building receives some much-needed upgrades

Scanning the refurbished Junior Fair Board office, Matt Ross was pleased to have a hand in the successful renovation process.

LA Financial Federal Credit Union and Operation HOPE Partner to Bring Economic Independence

LA Financial Federal Credit Union Opens 4th Branch in California; Some 10,000 Residents Expected to Be Impacted by New Affiliation

Element Payment Services Announces 'Hosted Payments': The First Payment Processing Solution to Take

Hosted Payments Helps Software Providers by Eliminating the Need for PA-DSS (PABP) Compliance, Enabling Them to Deliver a Higher Level of Security While Reducing Cost and Risk

Residential Credit Solutions Named to S&P Select Servicers

Specialized Mortgage Investment and Servicing Platform Backed by Private Equity Firm Equifin Capital Partners and Och Ziff Capital Management Recognized as a 'Select Servicer' by S&P

Credit card customers rate service

Pay a credit card late, and it's sure the bank will have something to say about it. Now, customers are getting a chance to speak out.

Residential Capital will cut 250 jobs now -- and more later

Mortgages gone sour have led the Bloomington company to reduce its Minnesota workforce to 30 percent of 2006 levels.

Oracle Makes Its Seventh Acquisition Of 2008

Oracle (NSDQ: ORCL) acquired Silicon Valley startup ClearApp on Tuesday, a move that compliments both its stated focus on service-oriented