Michigan RealEstateRama

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.

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

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.

LANSING, MI - May 20, 2009 - (RealEstateRama) — The Senate today unanimously approved conference committee reports to help save more homes in Michigan from foreclosure by encouraging greater communication between lenders and homeowners, said Randy Richardville, the Senate’s lead member of the conference committee.

May 13, 2009 - (RealEstateRama) — The National Association of REALTORS (NAR) is holding their annual Midyear meetings this week in Washington D.C. The mid year meetings provide an opportunity for each state association the chance to meet with their legislators on Capitol Hill in Washington D.C. The MAR Federal Political Coordinators, along with over 130 REALTORS® members from around the state, are in Washington D.C. this week to meet with members of the Michigan delegation on industry-related issues.

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.

May 12, 2009 - (RealEstateRama) — The foreclosure situation in my state of Michigan continues to be dire. According to data released by real estate firm RealtyTrac, even though there are less foreclosure filings than this time last year, there were still over 11,000 Michigan foreclosure filings in January 2009 alone. That’s one foreclosure filing for every 397 households IN JUST ONE MONTH, which puts Michigan’s foreclosure rate at the seventh highest in the nation. Nationwide, foreclosure filings are up 18% compared to this time last year.

WASHINGTON, DC - May 12, 2009 - (RealEstateRama) — U.S. Senator Debbie Stabenow (D-MI) today praised the Senate’s bipartisan passage of the Helping Families Save Their Homes Act of 2009. The bill makes it easier for homeowners and lenders to work together to prevent foreclosures.“Families across our state continue to struggle every day to make their mortgage payment while trying to make ends meet,” said Stabenow. “This much-needed legislation will help homeowners already making great sacrifices to keep their part of the American dream.”

LANSING, MI - May 12, 2009 - (RealEstateRama) — Legislation designed to help make property tax assessment notices easier to understand for homeowners was approved Wednesday by the Michigan Senate, said sponsor Sen. Roger Kahn, R-Saginaw Township.