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LANSING, MI - August 13, 2009 - (RealEstateRama) -- The Office of Financial and Insurance Regulation (OFIR) has ordered Taylor, Bean & Whitaker Mortgage Corp., a national mortgage company, to immediately cease and desist from operating as a mortgage lender or servicer in Michigan. The Federal Housing Administration (FHA) suspended Taylor Bean’s approval to make FHA loans and the company’s status as an approved Freddie Mac and Ginnie Mae mortgage servicer was terminated due to questionable business practices and disclosures. Last week, federal investigators raided Taylor Bean’s headquarters in Ocala, F

LANSING, MI - August 13, 2009 - (RealEstateRama) -- Attorney General Mike Cox today announced that three individuals have been charged in connection to a mortgage fraud ring operating in West Michigan. Grand Rapids resident Damon Clark and Ferndale resident Reginald Tardy, Jr. are in custody after being charged with eight counts of perpetrating mortgage fraud in connection to six Grand Rapids properties. Former Grand Rapids resident Brian VanFarowe was also charged but has fled the country

LANSING, MI - August 10, 2009 - (RealEstateRama) -- Attorney General Mike Cox today announced that his office, with the assistance of the Michigan State Police, filed charges against former Lansing resident Jeffrey Barry for conducting a mortgage fraud scheme involving five fraudulent mortgages worth nearly a half-million dollars. Barry, of Houston, Texas, is charged with five counts of obtaining mortgage proceeds under false pretenses. He was arrested today in Houston, and will be extradited to Michigan

LANSING, MI - June 26, 2009 - (RealEstateRama) — The Senate today unanimously approved bipartisan legislation that would strengthen existing requirements for loan officers in Michigan, said Sen. Randy Richardville, chair of the Senate Banking and Financial Institutions Committee.

LANSING, MI - June 9, 2009 - (RealEstateRama) — Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross has placed Northwestern Financial Corporation into conservatorship and named OFIR Director of Receiverships James Gerber as conservator. The Commissioner also directed that the company cease and desist from doing business.

WASHINGTON, DC - May 20, 2009 - (RealEstateRama) — U.S. Senator Debbie Stabenow (D-MI) today commended President Obama for signing the Fraud Enforcement and Recovery Act of 2009 into law. The new law will impose smart regulations on private mortgage brokers and lenders to prevent the same corporate frauds that helped lead to the collapse of our economy. It will also provide a blueprint to increase resources for law enforcement agencies, so they can effectively prosecute those responsible for engaging in fraudulent mortgage activity. The legislation passed the Senate in late April.“Holding irresponsible brokers and bankers accountable for their actions is a strong and clear signal to those who would contemplate risking our country’s financial future for personal gain,” said Stabenow.

Washington D.C. - May 12, 2009 - (RealEstateRama) —The U.S. House of Representatives today voted 300-114 in favor of H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act, bipartisan legislation aimed at protecting homebuyers from predatory lending that has led to the recent mortgage crisis across the country.

April 29, 2009 - (RealEstateRama) — Local Association Executives from across the state will meet in Lansing on May 1 to continue work on Michigan's Foreclosure Prevention and Response Initiative. With the continued economic downturn and mortgage foreclosure crisis expanding nationwide, NAR has allocated funding for state and local programs designed to assist REALTORS® and homeowners navigate the complex foreclosure process.

LANSING, MI - April 24, 2009 - (RealEstateRama) — The Office of Financial and Insurance Regulation (OFIR) today announced that it is holding quarterly free seminars for the state's first and second mortgage licensees and registrants as well as for consumer financial services licensees. The next seminar takes place on May 6, 2009 at Western Michigan University's Grand Rapids Graduate Center.

LANSING, MI - April 01, 2009 - (RealEstateRama) — A Michigan State Senate panel has presented three foreclosure prevention bills that removed a provision that allowed consumers or borrowers trying to rework their mortgage to take their case to court if a lender wasn't cooperating with loan modification.

LANSING, MI - March 26, 2009 - (RealEstateRama) — The Office of Financial and Insurance Regulation (OFIR) has ordered an entity claiming to be a Southfield-based mortgage company called “Capita Management Group” to cease and desist from doing business. OFIR believes that Capita, through its website, www.capitamanagementgroup.com, is posing as a legitimate mortgage company in an attempt to steal consumers’ money and identity. The fraudulent company is encouraging customers to apply for loans by providing personal information including social security and financial account numbers

LANSING - March 23, 2009 - (RealEstateRama) — The Senate today approved legislation to help ensure that all mortgage loan officers conducting business in Michigan will be registered with the state, said Sen. Gerald Van Woerkom, one of the sponsors of the package.

February 09, 2009 - (RealEstateRama) — If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

LANSING, MI - February 05, 2009 - (RealEstateRama) — Attorney General Mike Cox today announced that he and 11 state attorneys general are questioning a federal report which could cause more home foreclosures because it over-estimates how many homeowners defaulted after using the mortgage modification process.

LANSING, MI - January 22, 2009 - (RealEstateRama) — A recently signed mortgage reform measure, sponsored by Sen. Randy Richardville, is the senator’s 18th bill to become a public act during the 2007-2008 legislative session.