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Michigan’s Funding Program for the “Hardest Hit”
The Michigan State Housing Development Authority (MSHDA) has submitted its Housing Finance Agencies (HFA) programs to the department of treasury. The program details how the state plans to use $154.5 million to help homeowners who are unemployed. The plans goal is to help over 16,000 homeowners avoid foreclosure. As well as prevent the ills that foreclosures have on communities, neighborhoods, and local governments.
A majority of the fund will go towards an Unemployment Mortgage Subsidy. This would provide up to $750 per month or 50 percent of the required monthly interest, taxes, insurance, or principal and provide assistance for up to two months after the homeowner find employment. The payments are made directly to the lender or servicer.
In addition another fund will be set up which will help to finance up to $10,000 in loan modifications. As well as a program that will fund up to $5,000 in assistance to households who are capable of sustaining, but due to hardship are in jeopardy of foreclosure or delinquency.
April, 20 2010 – DS News
Dangerous Concentrations of Commercial Real Estate Lending
Policy makers are concerned of the impact that community bank failures will have on the local markets. TARP estimates that by the end of 2010 half of all commercial real estate mortgages will be underwater, with many of these loans held by community banks. TARP warns that almost 3,000 banks have, “dangerous concentrations of commercial real estate lending.”
The large stockpile of commercial real estate loans could overwhelm risk management controls, leading to another economic downturn. While at first reluctant many commercial lenders are now modifying mortgages in effort to prevent another default tsunami.
April, 30 2010 – DS News
