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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.

WASHINGTON, DC - September 23, 2010 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) today announced a commitment to insure a mortgage loan to Hayes Green Beach Memorial Hospital in Charlotte, Michigan. The $36.6 million loan is made possible through the Federal Housing Administration's (FHA) Section 242 Hospital Mortgage Insurance Program.

LANSING, MI - September 8, 2010 - (RealEstateRama) -- State Senator Tupac A.Hunter (D-Detroit) today introduced legislation that would prevent banks and other lending institutions from foreclosing on most homes unless they have signed up to participate in the “Help the Hardest Hit Program.”

Detroit, MI - August 16, 2010 - (RealEstateRama) -- Today, downtown Detroit became home to 1,700 new faces as energized team members from Quicken Loans Inc, and its sister companies, One Reverse Mortgage LLC, Fathead LLC, In-House Realty LLC and Quizzle LLC began moving into their new home in the heart of Detroit’s rising technology district. The companies occupied the remainder of the vacant space in Detroit’s newest business complex, the Compuware building, on the North edge of Campus Martius. The building will now house a total “brainforce” of nearly 4,000 technology and web-based workers.

WASHINGTON, DC - April 26, 2010 - (RealEstateRama) -- Representatives of the Financial Fraud Enforcement Task Force met in Detroit today for the third of a series of Mortgage Fraud Summits. The task force, established by President Barack Obama in November 2009 to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes, is composed of representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement.

LANSING, MI - March 25, 2010 - (RealEstateRama) -- The Office of Financial and Insurance Regulation (OFIR), the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) today announced a settlement with CitiFinancial regarding the firm’s failure to report 91,127 residential mortgage loans, including more than 4,000 in Michigan, to the federal government as required by the Home Mortgage Disclosure Act (HMDA). The settlement requires CitiFinancial to pay a $63,457 penalty to the State of Michigan, which will be put into the Mortgage Brokers, Lenders, and Servicers Licensing Act Fund and used to support OFIR’s mortgage examination and licensing programs

LANSING, MI - February 24, 2010 - (RealEstateRama) -- The Office of Financial and Insurance Regulation (OFIR) has shut down another operation claiming to be a Detroit-based mortgage company. This time the agency ordered an operation called “Decoster Financial Group” to cease and desist from doing business. OFIR believes that Decoster, through its website, http://www.decosterfinancialgroup.com, was posing as a legitimate mortgage company in an attempt to steal consumers’ money and identity. The fraudulent company was encouraging customers to apply for loans by providing personal information including social security and financial account numbers. Earlier this month, OFIR shut down a similar Detroit operation referred to as “Kenneth and Doyle Financial” and has put an end to a number of these fraudulent financial companies in the last year

LANSING, MI - February 4, 2010 - (RealEstateRama) -- The Office of Financial and Insurance Regulation (OFIR) shut down an operation claiming to be a Detroit-based mortgage company called “Kenneth and Doyle Financial” by ordering it to cease and desist from doing business. OFIR believes that Kenneth, through its website, was posing as a legitimate mortgage company in an attempt to steal consumers’ money and identity. The fraudulent company was encouraging customers to apply for loans by providing personal information including social security and financial account numbers.

LANSING, MI - January 25, 2010 - (RealEstateRama) -- The Office of Financial and Insurance Regulation (OFIR) announced today that 2008 data compiled under the Federal Home Mortgage Disclosure Act are available from the Federal Financial Institutions Examination Council (FFIEC). The data covers mortgage lending transactions throughout the nation at 8,388 financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include, but are not limited to, banks, savings associations, credit unions, and independent mortgage companies

LANSING, MI - November 16, 2009 - (RealEstateRama) -- Attorney General Mike Cox today announced the sentencing of two west Michigan loan officers convicted of operating a widespread mortgage fraud ring, duping members of the Grand Rapids Hispanic community into purchasing distressed properties at inflated prices, falsifying records and pocketing thousands of dollars. The targeted buyers often spoke or wrote little English and had a limited understanding of the mortgage process.

LANSING, MI - November 5, 2009 - (RealEstateRama) -- Attorney General Mike Cox today announced that his office has filed charges against a Wyoming, MI woman accused of defrauding the Michigan State Housing Development Authority (MSHDA) by fraudulently obtaining a mortgage, defaulting on that mortgage and leaving taxpayers to pick up the tab.

LANSING, MI - October 21, 2009 - (RealEstateRama) -- The Office of Financial and Insurance Regulation today announced that, starting January 4, 2010, Michigan mortgage broker, lender, and servicer licensees and registrants will begin participation in the Nationwide Mortgage Licensing System (NMLS). The new electronic system was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).

LANSING, Michigan - September 30, 2009 - (RealEstateRama) -- State Senator Martha G. Scott (D-Highland Park), along with the Office of Financial & Insurance Regulation (OFIR), is offering three free financial workshops in October where consumers can learn about auto and home insurance, mortgage and consumer finance, and investor protection

LANSING, MI - September 17, 2009 - (RealEstateRama) --Attorney General Mike Cox today announced that Michigan residents victimized by foreclosure fraud schemes can receive refunds as a result of charges filed against SaveMyHome USA, Payment Doctors and the Michigan Economic Reinstatement Program. The companies were held accountable after an undercover investigation by the Attorney General's office discovered that the companies' representatives made misleading statements and charged borrowers upfront fees in violation of the Michigan Credit Services Protection Act

LANSING, MI - September 17, 2009 - (RealEstateRama) -- The Office of Financial and Insurance Regulation (OFIR) has revoked the mortgage license of Grand Blanc-based Freedom Financial Mortgage Lending, LLC for violating the state’s Mortgage Brokers, Lenders and Servicers Licensing Act. Freedom Financial failed to comply with OFIR’s license renewal process and failed to cooperate with the agency while OFIR staff attempted to conduct an examination.