national settlement

Politics & Government
12:10 pm
Thu July 19, 2012

Detroit's 'Summer 2012 Demolition Plan' receives bank settlement funds

An abandoned home in Detroit
Kate Davidson Michigan Radio

The city of Detroit will receive $10 million of a statewide $25 million fund to counter blight in Michigan.

Last month, Detroit Mayor Dave Bing pledged to demolish 10,000 vacant buildings in the city by December 2013, the end of his four-year term.

The state funding comes during the mayor's "Summer 2012 Demolition Plan," during which he plans to raze 1,500 buildings by this September.

Some of those buildings went down today. In a media advisory this morning, the Mayor's Office said,

Four apartment buildings and another dangerous structure will be razed simultaneously Thursday morning in the Detroit Works Project Demonstration Area #3.

The demolition funds come from the state's $97 million share of a national settlement with banks over faulty foreclosure processes.  Yesterday, the Michigan house and senate voted on how to divvy up the money across state projects.

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Auto/Economy
4:17 pm
Fri April 6, 2012

Michigan homeowners will have to wait to get their share of a national foreclosure settlement

(file photo)
(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. 

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