Bank of America

Foreclosed house in Ypsilanti Township
Rebecca Williams / The Environment Report

Opponents of a plan to change the foreclosure process in Michigan say it would put more people out of their homes and hurt property values.

They were in Lansing today to protest a package of bills in the state Legislature.

The legislation would shorten the amount of time homeowners have to stop a bank foreclosure from six months to two months.

Ingham County Register of Deeds Curtis Hertel Jr. says banks have wrongly foreclosed on thousands of properties across the state.

He says it often takes months for people to prove they don’t deserve to lose their home.

(photo by Steve Carmody/Michigan Radio)

Michiganders hard hit by the foreclosure crisis might get some help thanks to a national settlement approved this week by a federal judge.     But that help won’t be coming immediately.

The $26 billion settlement involves 49 states, the District of Columbia and five of the largest mortgage lenders in the United States:  Bank of America, Wells Fargo, J.P. Morgan Chase, Citibank and Ally Financial. 

(photo by Steve Carmody/Michigan Radio)

 The state of Michigan is expected to reap a half billion dollars from a settlement between 40 states and five of the nation’s largest mortgage lenders.  

Michigan has been among the hardest hit states in the foreclosure crisis. The settlement will help homeowners who were in foreclosure between 2008 and 2011.

Bank of America, Ally Financial,  Wells Fargo, J.P. Morgan Chase and Citigroup are the banks in the settlement.   The deal will settle complaints the mortgage lenders wrongly foreclosed on borrowers and forged documents.

steve carmody

The Detroit program meant to lure police officers back to live in the community they serve has officially welcomed its first resident.

Currently, most Detroit police officers live outside the city. Project 14 aims to entice them back with generous housing incentives.

Sarah Cwiek / Michigan Radio

The city of Detroit and Bank of America have announced what both call “the start of a new partnership.”

Bank of America says it will demolish 100 “vacant and low-value” homes in Detroit at their own expense.

The bank says it will also donate 10 refurbished homes to the city’s Project 14. That’s an effort to lure Detroit police officers back to the city with housing incentives.