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mortgage lenders

Gov. Snyder speaks at United Shore Financial Services in 2013, when the company announced it was adding 600 new jobs.
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A Metro Detroit-based mortgage lender has reached a $48 million settlement with the federal government.

Troy-based United Shore Financial Services was certified to make direct loans backed by the Federal Housing Administration’s mortgage insurance program.

But according to the U.S. Justice Department, USFS knowingly violated a number of FHA program rules, and signed off on hundreds of bad loans between 2006 and 2011—leaving taxpayers on the hook.

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Michigan homeowners continue to struggle with underwater mortgages.

Realty Trac reports today that 38% of Michigan homeowners owe at least 25% more on their mortgages than their homes are actually worth.

Michigan trails only Nevada, Illinois and Florida for the percentage of home mortgages that are deeply underwater.

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.

(photo by Steve Carmody/Michigan Radio)

A surge in so-called ‘short sales’ is helping reduce the number of Michigan home falling into foreclosure.

It’s a trend that may eventually help Michigan’s struggling real estate industry.

Pre-foreclosure sales, also known as ‘short sales’,  are where banks agree to sell a home for less than what’s owed on its mortgage. 

(photo by Steve Carmody/Michigan Radio)

Home foreclosures in Michigan are expected to increase in 2012.    

The pace of foreclosure filings slowed in 2011 as mortgage lenders had to deal with new rules and lawsuits.    

Daren Bloomquist is with RealtyTrac. He said most of the issues that slowed the rate of foreclosure filings have now been dealt with. But Bloomquist said there’s always the chance that new obstacles will arise.