The Iowa Leading Indicators Index fell 1.3 points to 103.3 in December, the largest drop since the index has been calculated and the ninth straight monthly decline. All of the eight indicators that make up the index – unemployment insurance claims, yield spread, diesel fuel consumption, the Iowa stock market index, the new orders index, average weekly manufacturing hours, the agricultural futures price index and new residential building permits – decreased. Click here for the complete report.

General Growth Properties Inc, owner of Jordan Creek Town Center in West Des Moines, has received an extension on a portion of its debt through March 15, the Business Courier of Cincinnati reported. The debt, related to a 2006 senior credit agreement and secured portfolio facility, was scheduled to expire Monday. The lender also agreed to additional restrictions and covenants, including that other company defaults would not terminate the new forbearance agreements before their expiration. General Growth said in mid-November that it might be forced to declare bankruptcy if it couldn’t restructure or refinance its heavy debt load.

Under criticism for taking $45 billion in capital from the federal government and not increasing lending, Citigroup Inc. said it will commit $36.5 billion to issue mortgages, make credit card loans and buy distressed assets, the Associated Press reported. In a report, Citigroup detailed how it is boosting lending efforts by using the Troubled Assets Relief Program (TARP) funds to borrow more money from various sources and then lend that money to others. The lending figure could grow if funding markets improve. “TARP capital will not be used for compensation and bonuses, dividend payments, lobbying or government relations activities, or any activities related to market, advertising and corporate sponsorship,” said CEO Vikram Pandit in a statement included with the report.

Iowa is among a group of states and banking officials urging the Office of the Comptroller of the Currency (OCC) and Office of Thrift Supervision (OTS) to encourage national banks and federal thrift servicing operations to modify a large number of mortgage loans that are becoming unaffordable for consumers. In a letter yesterday to John Dugan, U.S. comptroller of the currency, and John Reich, director of the OTS, the State Foreclosure Prevention Working Group led by Iowa Attorney General Tom Miller said: “We have done far too little to modify unaffordable loans.” Twelve state attorneys general and three state bank regulators signed the letter, which also questioned a recent report by the OCC and OTS that indicated 55 percent of loan modifications made by national banks and federal thrifts were re-defaulting within six months. Other data, including data collected by the states, show a lower re-default rate, and the group is worried the OCC and OTS report could discourage Congress and other policy-makers from promoting affordable loan modifications.

Kevin Nordmeyer will become the Iowa Energy Center’s new director on March 1, leaving his role as a partner at RDG Planning & Design. Nordmeyer has been a state leader in sustainable design, including serving on the Iowa Commission on Energy Efficiency Standards and Practices and as founding chairman of the U.S. Green Building Council’s Iowa chapter. One of his first priorities in this new role is to work with state leaders to develop a vision for a more sustainable Iowa and to target the energy center’s work to advance that vision. Nordmeyer succeeds Thomas Barton, who has been the interim director since April after Floyd Barwig resigned to become director of energy efficiency and the environment for the New York State Public Service Commission.

Principal Financial Group Inc. is seeking entries for its eighth annual The Principal 10 Best Companies for Employee Financial Security competition. Winning companies will be featured in a best practices guide. Nomination and entry forms are available at www.principal.com/10best. The deadline is May 1.