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.
November 3, 2011 - (RealEstateRama) -- The Office of Financial and Insurance Regulation (OFIR) has shut down an operation claiming to be a Detroit mortgage company called “United Commercial Credit” by ordering it to cease and desist from doing business. OFIR believes that the bogus company, through its website, http://www.unitedcommercialcredit.com was posing as a legitimate mortgage and lending company in an attempt to steal consumers’ money and identities. The fraudulent company was encouraging customers to apply for loans by providing personal information including social security and financial account numbers.
November 2, 2011 - (RealEstateRama) -- Legislation providing tougher penalties to those who knowingly engage in mortgage fraud has been passed through the legislature and recently signed into law by Governor Snyder. These new Public Acts seek to address the increased amounts of mortgage fraud in Michigan.
September 5, 2011 - (RealEstateRama) -- MSU Extension is offering a class, Are You Ready to Buy a Home? on September 8, 2011 from 6:30 – 8:30 at the Warren City Hall, 1 City Square, in Warren. It is free of cost and open to the public. For more information or to register, please call 586-469-7614.
August 26, 2011 - (RealEstateRama) -- LANSING The Michigan State Housing Development Authority (MSHDA) announced today that it has issued bonds in the aggregate principal amount of $70,000,000 on July 26, 2011, and will use the proceeds of such bonds to make mortgage loans to eligible low and moderate income applicants to finance single family homes. Reservations are now being accepted for the loans to be made from the proceeds of the bonds
LANSING, MI - June 16, 2011 - (RealEstateRama) -- Michigan Attorney General Bill Schuette today announced that he has issued criminal investigative subpoenas against national mortgage servicing support providers in an expansion of his office's investigation into questionable mortgage documentation filed with Michigan's Register of Deeds offices during the current foreclosure crisis.
Royal Oak, MI - June 14, 2011 - (RealEstateRama) -- For more than a generation, millions of American families have been able to purchase their own homes thanks to the availability of the thirty-year, fixed rate mortgage. But in the aftermath of the housing collapse and the financial crisis, the thirty-year mortgage is in danger of disappearing altogether as banks and government regulators consider making major reforms to the housing market.
Washington, DC - May 13, 2011 - (RealEstateRama) -- Representative Gary Peters and Representative John Campbell (R-CA) have introduced a bipartisan plan to reform the mortgage market - putting an end to taxpayer-funded bailouts while preserving access to affordable mortgages for middle class families.
LANSING, MI - April 26, 2011 - (RealEstateRama) -- Michigan Attorney General Bill Schuette announced today that he is working with Oakland County Register of Deeds Bill Bullard, and other local and federal authorities, to look into questionable mortgage documentation filed with Michigan's Register of Deeds offices during the current foreclosure crisis.
LANSING, IN - March 24, 2011 - (RealEstateRama) -- Senate Democratic Floor Leader Tupac A. Hunter (D-Detroit) today lauded Bank of America for their announcement that they would make assistance more readily available to their mortgage customers facing foreclosure, and that they would work with Mayor Dave Bing to help stabilize city neighborhoods.
February 23, 2011 - (RealEstateRama) -- Giuseppe Cracchiolo, 60, of Romeo, Michigan, was sentenced for his role in a mortgage fraud scheme to six months’ imprisonment, followed by three years’ supervised release, United States Attorney Barbara L. McQuade announced today.
GRAND RAPIDS, MI - February 15, 2011 - (RealEstateRama) -- Joseph Carr, 56, of Lansing, Michigan, pled guilty to one count of bank fraud, U.S. Attorney Donald A. Davis announced today. Carr admitted as part of his plea before U.S. Magistrate Judge Hugh W. Brenneman Jr. that he defrauded Bank of America by recruiting “straw buyers” to apply for a mortgage loan for a home that he himself intended to occupy, and inflated the value of that home in order to increase the amount of the loan. In this manner, he was able to secure a loan of $175,000 for his own use. In his plea agreement, Carr also acknowledged that other related fraudulent activities resulted in losses of $1,147,250
Detroit, MI - November 15, 2010 - (RealEstateRama) -- Quicken Loans Inc., the nation’s largest online lender and top-five retail mortgage lender, and Quizzle LLC, a free online tool that helps consumers better manage their home, money and credit, today announced they ranked #1 in the Detroit Free Press’ Top Workplaces in Michigan 2010 list
WASHINGTON, DC - October 4, 2010 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) today announced a commitment to insure a mortgage loan to Unity Hospital of Rochester in New York State. The $197 million loan is made possible through the Federal Housing Administration's (FHA) Section 242 Hospital Mortgage Insurance Program.
LANSING, MI - September 29, 2010 - (RealEstateRama) -- Attorney General Mike Cox today announced that his office, with the assistance of the Michigan State Police, secured a guilty plea against Eddie Zaben of Dearborn for his role in a major mortgage fraud operation in Southeast Michigan. Zaben, 40, pled guilty to two counts of obtaining mortgage proceeds under false pretenses. Zaben will serve 2-10 years in prison and must pay $3 million in restitution. Zaben is the latest conviction resulting from a year-long investigation by the Michigan Mortgage Fraud Task Force and included efforts by the Michigan State Police, the U.S. Secret Service and the Attorney General's office. Six other defendants have already been convicted for their roles in the scheme.