June 18, 2009 - (RealEstateRama) — The Michigan Association of REALTORS®, along with many other state REALTOR® associations, has received many questions and concerns regarding site condominiums and FHA loan approvals. Recently, HUD released Mortgagee Letter 19 on the Condominium Approval Process for single family housing. Included in the letter is guidance on how to treat site condominiums. Under the letter, site condos do not need to be approved as condo projects, but FHA loans for site condos still need to include a condominium rider in the loan package for insurance endorsement

June 15, 2009 - (RealEstateRama) — New regulatory guidance designed to streamline the Federal Housing Administration’s approval process for condominiums nationwide is expected to have an immediate impact in the state of Michigan, where single-family projects are frequently developed under a condominium structure, according to the National Association of Home Builders (NAHB).While most of the new rules announced on June 12 by the U.S. Department of Housing and Urban Development will not take effect until October 1, a provision that eliminates the need for FHA approval of “site condominiums” that are prevalent in Michigan, but may also exist in other states, will take effect immediately, opening the door for thousands of home buyers to use low-downpayment FHA financing to purchase new single-family homes

In radio address, lieutenant governor says improving transportation infrastructure crucial to growing Michigan economy. LANSING, MI - June 12, 2009 - (RealEstateRama) — Lt. Governor John D. Cherry Jr. said today's groundbreaking for a project to widen I-94 in Kalamazoo County illustrates the real and positive impact that the federal Recovery Act is having on Michigan. Cherry made his remarks in delivering this week's radio address on behalf of Governor Granholm.

WASHINGTON D.C. - June 12, 2009 - (RealEstateRama) — Vice President Biden concluded a two-day, three-state "Road to Recovery" tour with Transportation Secretary Ray LaHood today in Kalamazoo, Michigan, where they attended the groundbreaking ceremony for the I-94 widening and Westnedge Avenue interchange reconstruction project. The Vice President and Secretary LaHood were joined by Governor Jennifer Granholm and United States Senators Carl Levin and Debbie Stabenow.

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.

LANSING, MI - June 4, 2009 - (RealEstateRama) — Southwestern Michigan College is one step closer to renovating its Kairis Technology Building today after the Joint Capital Outlay Subcommittee approved the planning documents, announced Sen. Ron Jelinek and Reps. Sharon Tyler and Matt Lori.

LANSING, MI - June 4, 2009 - (RealEstateRama) — Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross has ordered the state’s insurance companies to submit to OFIR, prior to use, all new or revised personal automobile and homeowner insurance documents and forms.

WASHINGTON, DC - May 29, 2009 - (RealEstateRama) — Foreclosures continue to drag down our economy, and Michigan has one of the worst foreclosure situations in the nation. To address this issue, Congress passed and President Obama recently signed into law the Helping Families Save Their Homes Act of 2009.

TAYLOR, MI - May 29, 2009 - (RealEstateRama) — ProVisions, LLC and the State of Michigan will host a groundbreaking ceremony at 10 a.m. on June 2, 2009 to announce the Taylor Business Center as the Michigan Department of Human Services' new office facility. The ceremony will take place at the Taylor Business Center's location at 25637 Ecorse Road in Taylor, Michigan. The event's speakers include Ismael Ahmed, State of Michigan Director of the Department of Human Services, and Murray D. Wikol - ProVisions, LLC President and CEO.

May 26, 2009 - (RealEstateRama) — Legislation to give homeowners on who are on the brink of losing their home a 90-day period to work out a payment plan with their lending institution has been signed by the Governor. House Bills 4453-4455, now Public Acts 29, 30, and 31 of 2009, would allow consumers who are on the brink of foreclosure a 90-day period to attempt a loan modification plan.

LANSING, MI - May 26, 2009 - (RealEstateRama) — Sen. Cameron S. Brown, chair of the Senate Homeland Security and Emerging Technologies Committee, and five fellow Senate committee chairs are encouraging the rehabilitation - rather than the demolition - of Detroit's historic Michigan Central Depot property.

WASHINGTON, DC - May 21, 2009 - (RealEstateRama) — U.S. Senators Carl Levin (D-MI) and Debbie Stabenow (D-MI) announced today the U.S. Department of Transportation has awarded $15 million to the Wayne County Airport Authority through the American Recovery and Reinvestment Act (ARRA). The funding will be used to rehabilitate a runway at Detroit Metropolitan International Airport. This funding is in addition to the $15 million announced on May 13 for the rehabilitation of runway 9R/27L

Homeowners, lenders will have extra time to work out new deal. LANSING, MI - May 21, 2009 - (RealEstateRama) — Governor Jennifer M. Granholm has signed legislation that helps protect homeowners from foreclosure by providing an extra 90 days for them to work with their lender on modifying their mortgage loan.

WASHINGTON, DC - May 20, 2009 - (RealEstateRama) — U.S. Senator Debbie Stabenow (D-MI) today praised President Obama for signing the Helping Families Save Their Homes Act of 2009 into law. The new law will makes it easier for homeowners and lenders to work together to prevent foreclosures. The legislation passed the Senate earlier this month.

May 20, 2009 - (RealEstateRama) — Long before the current national recession took hold, Michigan was dealing with a severe economic downturn. Still facing job losses and mounting debt in 2009, many state residents have been unable to continue making payments on their homes. As a result, Michigan has consistently had one of the highest foreclosure rates in the nation