Items Tagged with 'Michigan'


SEC accuses Michigan pastor of leading $6.7 million real estate fraud scheme

Allegedly targeted church members, retirees, and laid-off auto workers
A Michigan pastor allegedly bilked church members, retirees, and laid-off autoworkers out of millions of dollars by convincing them to invest in a “successful” real estate scheme, the Securities and Exchange Commission said last week. All told, the SEC is charging Larry Holley, the pastor of Abundant Life Ministries in Flint, with defrauding approximately $6.7 million from more than 80 investors.
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Quicken Loans commits $1 million to build up Detroit business

Opens up application period for Detroit Demo Day
Quicken Loans is one of the biggest companies championing the resurgence of Detroit, consistently dedicating a portion of its funds to the city to revitalize downtown. Detroit Demo Day follows this same mindset to rebuild the city. Run a business in Detroit? Check out this inaugural event.
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Lenders work to overcome Detroit's appraisal gap roadblock

The long road ahead for the Motor City
After the financial crisis, the Detroit housing market started a long uphill climb to get back to a healthy, sustainable market; an achievement the city is still currently trying to reach. However, lenders in the city are working to originate mortgages that work around some of the toughest roadblocks in Detroit and provide a path to homeownership. Here’s how they’re doing it.
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Hillary Clinton on CFPB: Why would you get rid of that?

Gives speech on her economic plan
In the same week and same state as Donald Trump, Hillary Clinton also revealed her economic plan. Included in her speech, she talked about bringing tax relief to small businesses and expanding regulation. Most notably, she questioned why anyone would want to disband the CFPB. Of course, she also made time to throw in a few jabs at Trump.
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Michigan plans $75M more fed funds to fight blight in Detroit, Flint

Plan to utilize increased Hardest Hit Fund allocation approved
The office of Michigan Gov. Rick Snyder announced the Treasury Department's approval of the Michigan State Housing Development Authority’s plan to utilize the $74.5 million allocated to the state as part of an expansion of the Hardest Hit Fund program, paving the way for increased foreclosure prevention and blight elimination efforts in the cities of Detroit and Flint.
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Cash sales on homes continue to decline

Account for 36% of all home sales
While the month-over-month share of cash sales increased from October to November 2015, annual shares were down. The largest percentage of cash sales were REO, and the state with the most cash sales was Michigan.
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Government officials create mortgage program to save Detroit

Overcomes appraisal gap problem
Government officials banded together to create a mortgage program solution that could significantly change the pace of Detroit’s slow housing recovery. The new program aims to give homeowners and homebuyers a better financial opportunity to buy and renovate a house in the city, creating a new key to rebuilding a city that has struggled to recover from the crisis.
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