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.
Tag Archive for: lending
Fannie Mae Introduces HAFA Program
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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.”
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