Old Town gets room service: Plans for Fort Collins' downtown hotel moving along, an article from The Greeley Tribune, reports that what is now a parking lot on Old Town will soon become a hotel. According to Chip Steiner, executive director of Downtown Development Authority, plans are going forward to build a premier hotel in Old Town with hopes to break ground within the next 18 months. Corporex Colorado, a development company, is working with the DDA and the city. The company will soon start the design process now that a feasibility study has been completed. The parking lot located on Remington Street next to the Elks Lodge was chosen as the location because it was owned by the city. The plans for the hotel include between 120 and 150 rooms, with possibly 5,000-square-feet of meeting space. Also under consideration is office and residential space. http://www.greeleytrib.com/article/20071002/BUSINESS/110020095
Bankruptcy 'tweak' could save 600,000 homes, an article from CNNMoney.com, reports that the Center for Responsible Lending is proposing a plan that would 'tweak' the regulations for Chapter 13 bankruptcies. Under a House bill recently introduced, a bankruptcy judge would have the option of reducing what the homeowner owes the lender to match the home's current market value as well as reduce the loans' interest rate. The rest of the principal would be treated as unsecured and may be discharged. CRL's senior vice president Eric Stein wrote, "Loan modification...just allows the process to reach a resolution without a homeless family and boarded-up home as the unnecessary by-products." http://money.cnn.com/2007/10/01/real_estate/subprime_bankruptcy_change/index.htm?postversion=2007100115
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