Mortgage

Mortgage

Bipartisan: Huizenga Legislation to Help Low and Middle Income Families Passes Committee

The House Financial Services Committee passed the Mortgage Choice Act, bipartisan legislation introduced by Congressman Bill Huizenga (R-MI) and Congressman Greg Meeks (D-NY). This legislation clarifies the definition of “points and fees” currently preventing some low and middle income families from attaining a qualified mortgage (QM). This bipartisan bill passed the committee by a vote of 46-13.

Roseville Woman Sentenced in Mortgage Fraud Scheme, Will Pay More Than $60,000 in Restitution

Michigan Attorney General Bill Schuette today announced that Asima Khan, of Roseville, was sentenced on one felony count of Larceny $1,000 - $20,000, for her role in running a mortgage modification scam across Oakland and Macomb Counties.

Schuette Announces $470 Million National Settlement with HSBC, Michigan Borrowers Will Benefit

 Michigan Attorney General Bill Schuette today announced a $470 million joint state-federal settlement with mortgage lender and servicer HSBC to address mortgage related abuses. Michigan borrowers are expected to receive over $3.5 million as part of the nationwide settlement

Three Detroit Residents Plead Guilty to Participating in a Home Mortgage Fraud Scheme

Three Detroit, Michigan, area residents pleaded guilty today in U.S. District Court for the Eastern District of Michigan to conspiracy to commit bank fraud, announced Acting Assistant Attorney General Caroline D. Ciraolo of the Justice Department’s Tax Division.

Schuette Charges Metro-Detroit Attorney with Thirty Felony Counts Including Racketeering in Fake Mortgage Assistance...

Michigan Attorney General Bill Schuette today announced that his Homeowner Protection Unit has filed thirty felony charges including Racketeering against attorney Steven Barry Ruza, 52, of Orchard Lake and his company, Home Legal Group, Inc., for stealing hundreds of thousands of dollars from Michigan victims that were facing mortgage foreclosures. The charges were filed following an Attorney General investigation

Michigan REALTORS® Endorse Senator Stabenow’s Bill to Help Struggling Homeowners

Print this Page Share on Facebook Share on Twitter ShareThis The Michigan Association of REALTORS® today endorsed U.S. Senator Debbie Stabenow's Mortgage Forgiveness Tax Relief Act, which will ensure that homeowners working with their banks to reduce their mortgage payments will not be hit with a huge tax bill.

Michigan Man Sentenced for Mortgage Fraud Conspiracy Using Straw Home Buyers

A Southfield, Michigan, resident was sentenced today to serve 21 months in prison to be followed by two years of supervised release for his participation in a conspiracy to commit bank fraud, the Justice Department announced

Governor, MSHDA launch $30 Million mortgage loan program aimed at boosting home sales in...

LANSING, Mich. - May 26, 2014 - (RealEstateRama) -- Gov. Snyder and Michigan State Housing Development Authority (MSHDA) Executive Director Scott Woosley today announced a new tool to stimulate the housing markets in eight Michigan cities.

Governor, MSHDA launch $30 Million mortgage loan program aimed at boosting home sales in...

LANSING, Mich. - May 23, 2014 - (RealEstateRama) -- Gov. Snyder and Michigan State Housing Development Authority (MSHDA) Executive Director Scott Woosley today announced a new tool to stimulate the housing markets in eight Michigan cities

Conyers Proposes New Federal Foreclosure Assistance for Detroit

DETROIT - May 15, 2014 - (RealEstateRama) -- Today, Congressman John Conyers, Jr. (D-Mich.) sent a letter to Federal Housing Finance Agency (FHFA) Director Mel Watt requesting immediate action to assist distressed homeowners in Detroit as the City works its way through Chapter 9 bankruptcy proceedings. Specifically, the letter calls for the FHFA – which regulates the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac),

Huizenga Legislation To Help Low & Middle Income Borrowers Access Qualified Mortgages Unanimously Passes...

WASHINGTON, D.C. - May 8, 2014 - (RealEstateRama) -- Today, the House Committee on Financial Services unanimously passed H.R. 3211, The Mortgage Choice Act of 2013, introduced by Congressman Bill Huizenga (MI-02). H.R. 3211 is a bipartisan piece of legislation that would amend and clarify the qualified mortgage definition in the Dodd-Frank Act thereby improving access to credit and qualified mortgages for low and moderate income borrowers while protecting consumers from bad loans. Following passage, Congressman Huizenga released the following statement on The Mortgage Choice Act of 2013

News from NAR: Update on the Mortgage Debt Cancellation Tax Relief Act

WASHINGTON, D.C. - December 19, 2013 - (RealEstateRama) -- With NAR’s encouragement, champions of this valuable provision have introduced bi-partisan bills in both the House and Senate (H.R. 2994/S. 1187), to extend the provision for one or two years. Unfortunately, the current prospects of either of these bills being enacted before the end of the year are very slim. NAR is facing four big hurdles

Huizenga Talks PATH Act, Consumer Mortgage Choice Act In Financial Services Sunday Video Message

WASHINGTON, D.C. - September 24, 2013 - (RealEstateRama) -- Yesterday, Monetary Policy & Trade Subcommittee Vice Chairman Bill Huizenga (MI-02) delivered the Sunday Video Message and discussed the positive solutions Republicans on the House Financial Services Committee are putting forward to address and reform the driving force behind the financial crisis - the housing finance system:

Schuette Files Charges Against Phony Oakland County Mortgage Banker

WASHINGTON, D.C. - July 19, 2013 - (RealEstateRama) -- Michigan Attorney General Bill Schuette today announced the arrest of Eric Lamarr Drake, 37, of Detroit, for allegedly operating a fraudulent mortgage banking business under false pretenses by promising mortgage services, retaining clients' money and never delivering refunds to those clients. The charges follow an investigation by the Attorney General's Corporate Oversight Division.

Senators Stabenow, Heller Introduce Bipartisan Bill to Eliminate Tax that Hits Underwater Homeowners

WASHINGTON, D.C. - June 19, 2013 - (RealEstateRama) -- U.S. Senators Debbie Stabenow (D-MI) and Dean Heller (R-NV) today introduced the Mortgage Forgiveness Tax Relief Act to ensure that underwater homeowners, those who owe more on their mortgages than their homes are now worth, would not be hit with additional income tax if a portion of their mortgage is forgiven. Without the Stabenow-Heller legislation, homeowners will be required to pay these additional taxes when they refinance or sell their homes in what are commonly called "short sales."

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New shorelands program helps waterfront homeowners improve shorelines, inland lakes

The Michigan Natural Shoreline Partnership recently launched a program to help lakefront homeowners understand best practices to protect their shoreland and inland lakes. The Michigan Shoreland Stewards Program will recognize inland lake property owners who are using healthy property management practices to protect their inland lake and offer tips to improve the shoreline further.

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Congresswoman Lawrence Statement on Bills to Combat Human Trafficking

Congresswoman Brenda L. Lawrence (MI-14) released the following statement after the House Committee on Transportation and Infrastructure approved of two bills to combat human trafficking on our nation’s highways. “As the Vice Chair of the Congressional Bipartisan Caucus for Women’s Issues