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Creston Plaza’s 100 apartment units will be replaced, thanks to new federal program

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GRAND RAPIDS, MI – Creston Plaza, a 40-year-old public housing project on the city’s near Northeast Side, is headed for a total makeover in the next year or so, according to Carlos Sanchez, executive director of the Grand Rapids Housing Commission.

The Housing Commission hopes to demolish the 100 apartments and replace them…

Homebuyer Tax Credit Extended for Those With Accepted Offers in Place

On the evening of June 30, Congress passed an extension of the closing deadline for the Homebuyer Tax Credit. The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed; the new closing deadline for eligible transactions is now September 30, 2010.

Fannie Mae makes Short Sales Easier

Fannie Mae Introduces HAFA Program


On Tuesday, June 1, Fannie Mae issued Servicing Guide Announcement SVC-2010-07, introducing Fannie Mae’s Home Affordable Foreclosure Alternatives (HAFA) Program. It, like Treasury’s Home Affordable Foreclosure Alternatives Program (as described in Supplemental Directive 09-09 Revised), is designed to mitigate the impact of foreclosures on borrowers who are eligible for a loan modification under the Home Affordable Modification Program (HAMP) but ultimately are unsuccessful in obtaining one.

Program Features
The Fannie Mae Home Affordable Foreclosure Alternatives Program, which becomes effective August 1, 2010, simplifies and streamlines the use of short or “preforeclosure” sale and deed-in-lieu of foreclosure (DIL) options on HAMP-eligible loans by incorporating the following unique features:

  • Complements HAMP by providing alternatives for borrowers who are HAMP eligible (including borrowers facing imminent default);
  • Allows the borrower to receive pre-approved short sale terms prior to the property listing;
  • Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement;
  • Releases the successful HAFA borrower from future liability for the debt;
  • Uses standard processes, documents, and timeframes;
  • Provides financial incentives to borrowers, servicers and subordinate lienholders; and
  • Utilizes verified borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.

For More Information
For complete program information, read the Announcement. Other related materials are available on the new HAFA page on eFannieMae.com.

Paragon under federal scrutiny.

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Holland, MI —

Federal and state regulators have slapped Paragon Bank & Trust in Holland with a cease-and-desist order seeking improvements in banking operations mostly related to lending and collection issues.

The order was issued by the Federal Deposit Insurance Corp. and the state Office of Financial and Insurance Regulation.

It demands that the bank “cease and desist from the following unsafe or unsound banking practices” including “engaging in hazardous lending and lax collection practices” and “operating with an inadequate level of capital protection,” as well as operating with excessive level of bad assets and loans, inadequate liquidity, inadequate earnings and “inadequate allowance for loan and lease losses.”