Items Tagged with 'Michigan housing'

ARTICLES

  • Monday Morning Cup of Coffee: Did Detroit finally recover from the housing crisis?

    Home prices in Motown are nearly back to pre-crisis peak
    Detroit was one of the hardest-hit cities in the financial crisis. Now, 10 years later, is it finally showing signs of recovery? Also, in case you missed it on Friday, the battle over the leadership of the Consumer Financial Protection Bureau is nearly over. Full details within. All that, and more, in your Monday Morning Cup of Coffee.
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  • Former executive director of Michigan housing commission jailed for stealing HUD funds

    Sentenced to 37 months for scheming to steal $336,000 in federal funds
    The former executive director of the St. Clair Housing Commission in Michigan was sentenced earlier this week to more than three years in prison after pleading guilty to stealing Department of Housing and Urban Development money that was supposed to be used to provide housing to low-income families.
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  • Homebuilder M/I Homes buying Detroit builder Pinnacle Homes

    M/I Homes expanding into Detroit
    M/I Homes, a homebuilder with operations in Ohio, Indiana, Illinois, Minnesota, Florida, Texas, North Carolina, Virginia, and Maryland, is expanding into Michigan by acquiring Pinnacle Homes, a Detroit-based homebuilder. According to information provided by the companies, Pinnacle currently controls more than 1,000 home sites and delivered 214 homes in 2017 in the Detroit area.
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  • Flagstar rolls out zero-down mortgage with closing cost aid for low-income borrowers

    Bank will also provide up to $3,500 for closing costs
    Flagstar Bank is targeting low- to moderate-income borrowers with a mortgage offer that’s seemingly too good to be true. The program, which Flagstar introduced earlier this week, requires no down payment from the borrower and also provides the borrower with closing cost assistance. Here are the details.
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  • Former Michigan housing commission exec admits to stealing Section 8 funds

    Also admits to embezzling funds from commission’s operating budget
    The former executive director of an affordable housing commission in Michigan admitted in court this week to stealing more than $336,000 in federal funds, including $162,000 that was meant for the Section 8 housing program. Additionally, Lorena Loren admitted to using the commission’s two credit cards to make unauthorized purchases of personal items for herself and relatives from Amazon, Walmart and Sam’s Club stores, to the total of $166,000.
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  • 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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