UBS to back NH student loans

A nonprofit that makes loans to thousands of New Hampshire college students is pressing its banking partner to step up so it can make loans for the school year just around the corner.
Swiss banking giant UBS AG, "turned their back on us just when we needed their support," the New Hampshire Higher Education Loan Corp.'s president said in a statement asking UBS to give it a line of credit.
Securities regulators in New Hampshire and other states are pressing and in some cases suing UBS and other big banks over the collapse in February of the market for auction-rate securities, a key source of credit for student loans.
Citigroup Inc. said it will buy back more than $7 billion in auction-rate securities and pay $100 million in fines as part of settlements with federal and state regulators.

New Hampshire has been investigating whether UBS violated securities laws in its dealings with the New Hampshire Higher Education Loan Corp., according to Mark Connolly, director of the state Bureau of Securities Regulation.