Items Tagged with 'Michigan'

ARTICLES

  • 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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  • Blighted Michigan homes expose residents to hazardous materials if demolished

    Includes risk of asbestos exposure, illegal dumping, and contaminated soil
    House demolitions through the Hardest Hit Fund’s Blight Elimination Program in Michigan could expose residents to hazardous materials and other risks, according to a new report conducted by the U.S. Army Corps of Engineers on behalf of the Office of the Special Inspector General for the Troubled Asset Relief Program. Here’s a list of the most likely risks, along with the ways to fix them.
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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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  • Here are the 10 hottest housing markets in August

    What’s happening with Detroit?
    As the new school year gets underway, the nation’s housing market isn’t expected to improve much. Once again, inventory shortages and rising home prices are likely to continue into the rest of the year. There is one city that is doing surprisingly well, Detroit. Check out the article for a break down of the hottest housing markets, along with a spotlight on Detroit.
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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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  • 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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