Mortgage

Mortgage

Schuette Informs National Mortgage Settlement Monitor About Concerns with Banks’ Settlement Compliance

LANSING - May 9, 2013 - (RealEstateRama) -- Attorney General Bill Schuette today sent a letter to Joseph A. Smith, Jr. head of the Office of Mortgage Settlement Oversight to alert him to concerns that certain terms of the National Mortgage Settlement are not being met by the banks that signed on

Snyder signs measure to update makeup of Mortgage Industry Advisory Board

LANSING, MI - April 17, 2013 - (RealEstateRama) -- Gov. Rick Snyder today signed a bill that updates existing law to reflect changes in the way the Mortgage Industry Advisory Board is composed.

Schuette Announces Guilty Plea for Former Mortgage Processor President Responsible for Fraudulent Robo-Signing Scandal

LANSING - February 12, 2013 - (RealEstateRama) -- Michigan Attorney General Bill Schuette today announced Lorraine Brown, former president of mortgage document processor DocX, pleaded guilty to racketeering for her alleged role in authorizing the fraudulent signing of mortgage documents filed in Michigan. Brown pleaded guilty today to one count of Conducting Criminal Enterprises (Racketeering), a 20-year felony, before Kent County Circuit Court Judge Mark Trusock. She will return for sentencing on May 2, 1:30 PM. The guilty plea follows an Attorney General investigation into questionable mortgage documentation filed with Michigan's Register of Deeds offices during the foreclosure crisis

Schuette Announces Civil Settlement with Mortgage Document Processor Over Fraudulent Robo-Signing

LANSING, MI - January 31, 2013 - (RealEstateRama) -- Michigan Attorney General Bill Schuette today announced that he has reached a $2.5 million civil settlement with Lender Processing Services, Inc., and its now defunct subsidiary DocX, a document processing company located in Georgia.

OFIR Shuts Down Bogus Lansing Mortgage Company – Warns Consumers

LANSING WASHINGTON, D.C. - January 25, 2013 - (RealEstateRama) -- The Office of Financial and Insurance Regulation (OFIR) has issued an order for Finlock Financial Group, LLC to immediately cease and desist from conducting unlicensed activities as a mortgage broker and lender without first obtaining a license or registering under the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA).

Schuette Files Criminal Charges Against Former Mortgage Processor President for Role in Fraudulent Robo-Signing

LANSING, MI - November 26, 2012 - (RealEstateRama) -- Michigan Attorney General Bill Schuette today announced he charged Lorraine Brown, former president of mortgage document processor DocX, with racketeering for her alleged role in authorizing the fraudulent signing of mortgage documents filed in Michigan. The felony charge comes as the result of an ongoing Attorney General investigation into questionable mortgage documentation filed with Michigan's Register of Deeds offices during the foreclosure crisis.

Fourth Quarter Starts with a Significant Jump in Housing Sales

November 22, 2012 - (RealEstateRama) -- According to the MLS reports compiled by the Michigan Association of REALTORS®, overall October total sales volume increased considerably, while average sales price of single-family homes in Michigan continued to rise compared to the same time last year. According to the report, 11,434 single family homes were sold in Michigan in October, 2012, an increase of 22.58% over October, 2011.

Statement of Sen. Carl Levin on Legal Action on Mortgage-Backed Securities

WASHINGTON, DC - November 22, 2012 - (RealEstateRama) -- Sen. Carl Levin, D-Mich., made the following statement in response to the legal action taken today by the Administration’s Residential Mortgage-Backed Securities Working Group headed by New York Attorney General Eric Schneiderman:

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LANSING, MI - November 8, 2012 - (RealEstateRama) -- Just as the housing market is showing signs of recovery, Gov. Rick Snyder today signed legislation that will help keep the momentum going by updating and realigning several Michigan State Housing Development Authority programs.

Schuette Announces First National Mortgage Settlement Notifications Mailed to Michigan Foreclosure Victims

LANSING - September 27, 2012 - (RealEstateRama) -- Attorney General Bill Schuette today announced that claim forms are being mailed to approximately 148,000 Michigan borrowers who lost their home to foreclosure between January 1, 2008 and December 31, 2011. Qualified Michigan borrowers may be eligible for a cash payment under the $25 billion national mortgage settlement.

Mortgage settlement legislation signed to help Michigan homeowners

LANSING, MI - August 2, 2012 - (RealEstateRama) -- Michigan residents at risk of losing their homes due to faulty foreclosure processes and poor servicing of mortgages will get financial relief under legislation signed today by Gov. Rick Snyder.

Thousands of Tax Cheats Got Federal Mortgage Assistance or Tax Credits

WASHINGTON, D.C. - June 27, 2012 - (RealEstateRama) -- A new report from the Government Accountability Office (GAO) found that thousands of home-buyers with significant tax debt were given one-time mortgage help under the American Recovery and Reinvestment Act (ARRA), despite federal rules that make tax cheats ineligible for federal mortgage insurance. The report found that “many individuals with tax debt take advantage of government programs, such as federal loan insurance, thereby reaping benefits from these programs while failing to pay their own taxes.” The report also found tax cheats that took advantage of the program were two-to-three times more likely to default on home loans, posing a much higher risk for the program. The report was done at the request of Senators Tom Coburn, M.D. (R-OK), Carl Levin (D-MI), Max Baucus (D-MT), Orrin Hatch (R-UT) and Charles Grassley (R-IA).

Schuette Warns Consumers About New Scams Connected To Nationwide Mortgage Settlement

LANSING - April 19, 2012 - (RealEstateRama) -- Michigan Attorney General Bill Schuette today warned Michigan residents of a scam in which criminals are telling victims of the foreclosure crisis they can help them receive benefits from the national mortgage settlement for a fee. Schuette warned of the scams during testimony before the Michigan House Banking and Financial Services Committee to address the impact of a multi-billion dollar nationwide settlement with five of the nation's largest banks/mortgage servicers

Schuette Issues Second Subpoena in Criminal Probe of Mortgage Processors

LANSING, MI - March 13, 2012 - (RealEstateRama) -- Michigan Attorney General Bill Schuette today announced that he has issued a second criminal investigative subpoena against national mortgage servicing support provider DocX as his office continues to investigate questionable mortgage documentation filed with Michigan's Register of Deeds offices during the current foreclosure crisis.

Schuette Joins 40 AGs In Foreclosure Settlement To Help Housing Crisis; Banks To Pay...

LANSING, MI - February 9, 2012 - (RealEstateRama) -- Michigan Attorney General Bill Schuette today announced Michigan will join at least 40 other states in a multi-billion dollar nationwide settlement with five of the nation's largest banks/mortgage servicers in response to allegations of faulty foreclosure processes and poor servicing of mortgages that harmed Michigan homeowners. Schuette said that Michigan residents will receive approximately a half-billion dollars, including a $101 million fund provided directly to the State of Michigan. The settlement is anticipated to be the second-largest financial recovery ever achieved for affected citizens by attorneys general, with the 1998 Master Tobacco Settlement being the largest.

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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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Gov. Rick Snyder signs legislation extending deadline to apply for personal...

Employers with eligible manufacturing personal property can now file for tax exemptions until May 31, 2017, under legislation signed today by Gov. Rick Snyder. Manufacturing personal property is defined as personal property located on land used for industrial processing.