mortgage http://michiganradio.org en Many Michigan homeowners are still deeply underwater on their mortgages http://michiganradio.org/post/many-michigan-homeowners-are-still-deeply-underwater-their-mortgages <p>Realty Trac reports nearly a third of Michigan homeowners owe 25 percent or more on their mortgages than their homes are actually worth. &nbsp;&nbsp;</p><p></p><p>In December, 31% of Michigan homeowners were deeply underwater on their mortgages.&nbsp; That’s down from 37% in January of 2013.</p><p></p><p>Nationally, 19% of homeowners are deeply underwater on their mortgages.</p><p></p><p>Daren Bloomquist with Realty Trac says many homeowners have been waiting a long time for their house to gain value.</p><p></p> Sat, 11 Jan 2014 21:35:26 +0000 Steve Carmody 15976 at http://michiganradio.org Many Michigan homeowners are still deeply underwater on their mortgages Michigan home buyers may face new problems http://michiganradio.org/post/michigan-home-buyers-may-face-new-problems <p>Critics say proposed legislation in Congress could hurt many home buyers in Michigan and the nation.</p><p>The bills would allow exceptions to new limits on bank fees for mortgages. And it would become easier to give borrowers loans they can't afford.</p><p>Gary Kalman is with the Center for Responsible Lending.</p><p>He says the so-called "Mortgage Choice Act" would undermine what he calls a fair and balanced compromise.</p><p></p> Sat, 30 Nov 2013 16:17:00 +0000 Vincent Duffy 15479 at http://michiganradio.org Michigan home buyers may face new problems More Michigan homeowners are underwater on their mortgages http://michiganradio.org/post/more-michigan-homeowners-are-underwater-their-mortgages <p>Michigan homeowners continue to struggle with underwater mortgages.</p><p></p><p>Realty Trac reports today that 38% of Michigan homeowners owe at least 25% more on their mortgages than their homes are actually worth.</p><p></p><p>Michigan trails only Nevada, Illinois and Florida for the percentage of home mortgages that are deeply underwater.</p><p>Realty Trac’s Daren Bloomquist says more homeowners in those states may be underwater on their mortgages, but home values are also rising faster than in Michigan.</p> Thu, 05 Sep 2013 04:52:00 +0000 Steve Carmody 14273 at http://michiganradio.org More Michigan homeowners are underwater on their mortgages Predatory lending lawsuit against Morgan Stanley moves forward, the suit involves Detroit homeowners http://michiganradio.org/post/predatory-lending-lawsuit-against-morgan-stanley-moves-forward-suit-involves-detroit-homeowners <p>A federal judge ruled this week that a lawsuit accusing investment banking giant Morgan Stanley of predatory lending in Detroit can move forward.</p><p></p><p>The lawsuit alleges Morgan Stanley pushed sub-prime mortgage lenders to target Detroit neighborhoods with large minority populations.</p><p></p><p>Morgan Stanley later packaged the ‘high risk’ loans into ‘mortgage backed securities’</p><p></p> Fri, 26 Jul 2013 18:21:30 +0000 Steve Carmody 13716 at http://michiganradio.org Predatory lending lawsuit against Morgan Stanley moves forward, the suit involves Detroit homeowners Former company president accused of "robo-signing" indicted by Michigan AG http://michiganradio.org/post/former-company-president-accused-robo-signing-indicted-michigan-ag <p>Michigan Attorney General Bill Schuette announced today he' s filing a criminal charge against Lorraine Brown.</p><p>Brown is the former president of a mortgage records company in Alpharetta, Georgia. She's accused of 'robo-signing' more than 1,000 signatures on home mortgage documents from Michigan.</p><p>The <a href="http://www.freep.com/article/20121126/BUSINESS/121126038/Michigan-AG-announces-racketeering-in-forged-mortgage-signature-case?odyssey=tab%7Ctopnews%7Ctext%7CFRONTPAGE">Detroit Free Press</a> reports that Brown will be charged with racketeering:</p><blockquote><p>The charge is part of a state investigation, begun in April 2011, into the practice of “robo-signing.”</p><p>At a late morning conference, Schuette said Brown orchestrated a robo-signing scheme and directed her employees to sign another bank official’s name to mortgage documents, speeding up the process and making more money for her firm.</p><p>He said arrangements are being made for Brown to surrender to Michigan authorities.</p><p>"She got greedy, and as a result she's facing a 20-year felony," Schuette said.</p></blockquote><p>Brown pleaded guilty to similar charges in Florida. From <a href="http://www.reuters.com/article/2012/11/21/us-robosigning-plea-idUSBRE8AK01K20121121">Reuters</a>:</p><blockquote><p><span id="articleText">"Lorraine Brown participated in a scheme to fabricate mortgage-related documents at the height of the financial crisis," Assistant Attorney General Breuer said in a statement. "She was responsible for more than a million fraudulent documents entering the system, directing company employees to forge and falsify documents relied on by property recorders, title insurers and others."</span></p></blockquote><p>Reuters reports Brown <span id="articleText">has also agreed to plead guilty to Missouri state charges of forgery, perjury and a misdemeanor count of making a false declaration.</span> Mon, 26 Nov 2012 18:01:14 +0000 Mark Brush 10057 at http://michiganradio.org Former company president accused of "robo-signing" indicted by Michigan AG Michigan Supreme Court Justice faces FBI investigation http://michiganradio.org/post/michigan-supreme-court-justice-faces-fbi-investigation <p>Michigan Supreme Court Justice Diane Hathaway is being investigated by the FBI for possible mortgage fraud, <a href="http://www.detroitnews.com/article/20121030/METRO/210300393/FBI-investigating-Michigan-Supreme-Court-justice?odyssey=tab|topnews|text|FRONTPAGE">The Detroit News</a> and <a href="http://www.freep.com/article/20121030/NEWS05/121030051/FBI-investigates-Michigan-Supreme-Court-Justice-Hathaway-possible-mortgage-fraud?odyssey=tab|topnews|text|FRONTPAGE">Free Press</a> report.</p> Tue, 30 Oct 2012 20:34:49 +0000 Michigan Radio Newsroom 9701 at http://michiganradio.org Michigan Supreme Court Justice faces FBI investigation Personal finance: What it takes to become 'mortgage-free' http://michiganradio.org/post/personal-finance-what-it-takes-become-mortgage-free <p>In 1950, more than half of Americans owned their homes free and clear. No surprise that number has shrunk over the years.&nbsp; But those who count themselves mortgage-free are still out there. The 2010 U.S. Census shows <a href="http://www.census.gov/newsroom/releases/archives/housing/cb10-124.html">1 out of every 3 homeowners</a> owns their home free and clear. In a story produced for <a href="http://marketplace.publicradio.org/display/web/2011/04/15/mm-the-mortgagefree-life/?refid=0">Marketplace Money</a>, we look at what it takes to become mortgage-free.</p><p><strong>Meet the Murphys</strong></p><p>Mike and Kate Murphy live in a working-class neighborhood of Chicago, with two of their kids, Becky and Tommy, and their pet fish. They bought their charming, 3-bedroom brick house in 1996 for $156,000.</p><p>They originally started with a $110,000 <a href="http://www.freddiemac.com/corporate/buyown/english/mortgages/what_is/">mortgage</a>. Mike Murphy says it was &quot; obviously the largest mortgage we had ever taken out.&quot;</p><p>At the time, Kate brought in $30,000 a year, designing theater costumes part time. Mike was making $50,000 as a public school teacher:</p><p>At first they paid $1,100 a month on the mortgage. Refinancing dropped the payment to just under a $1,000. But they decided to pay a little more each month -- first $100, then $150 more.</p><p>Fast forward 13 years and they owned their house free and clear. Mon, 18 Apr 2011 10:42:37 +0000 Jennifer Guerra 2069 at http://michiganradio.org Personal finance: What it takes to become 'mortgage-free' Sen. Levin accuses mortgage lenders of "greed and deception" http://michiganradio.org/post/sen-levin-accuses-mortgage-lenders-greed-and-deception <p><a href="http://platform.publicbroadcasting.net/michigan/media/docs/senatewallstreetreport.pdf">A new report</a> lays the blame for much of Detroit&rsquo;s foreclosure problems at the feet of one of the nation&rsquo;s largest mortgage lenders.&nbsp;</p><p>In 2003, Washington Mutual Bank&rsquo;s CEO said he wanted to turn his bank into<a href="http://en.wikipedia.org/wiki/Washington_Mutual"> &ldquo;the Wal-Mart of Banking.&quot;&nbsp; </a>His plan was to focus on low and moderate income borrowers deemed &ldquo;too risky&rdquo; by other lenders.&nbsp;</p><p>By 2008, federal regulators seized Washington Mutual and the company filed for bankruptcy protection.&nbsp;</p><p>What happened?&nbsp;</p><p>Washington Mutual had taken major losses in the subprime loan market.&nbsp; Its subsidiary, Long Beach Mortgage Corporation was for a time the second biggest subprime mortgage lender in Detroit.&nbsp; Between 2005 and 2007, more than half of those loans ended in foreclosure.</p><p>Michigan U.S. Senator Carl Levin says Washington Mutual&rsquo;s subprime loan practices &ldquo;devastated&rdquo; neighborhoods and families in Detroit.&nbsp; At the end of a year long investigation, Levin&rsquo;s released a report blaming reckless lending and lax federal oversight for the near collapse of the nation&rsquo;s banking system in 2008. Thu, 14 Apr 2011 05:01:01 +0000 Steve Carmody 2070 at http://michiganradio.org Sen. Levin accuses mortgage lenders of "greed and deception"