Senator Levin: Lender Abuse In Detroit

DETROIT (WWJ) – Michigan U.S. Senator Carl Levin is pushing to have the Justice Department look into reports of lender abuse in Detroit.

Senator Levin released a 639 page report of a 2 year investigation looking into the practices of mortgage lenders in Detroit.

The probe found that almost a third of mortgages written between 2005 and 2007 went into foreclosure by 2008.

In one case, a lender wrote more than 3,800 risky mortgages in metro Detroit, with more than half of those going into foreclosure within a year.

The report is being turned over to the Justice Department and the Federal Trade Commission who could then decide charge banking executives with crimes.

  • Sally

    About time the bankers involved paid for what they did. I as Ms Taxpayer have gotten sick and tired of paying for their “mistakes” and then see them receive big bonuses and praise from fellow bankers for the volume of work they did. Let’s remember it was GW Bush who threw massive amounts of money at them with no accountability for what was done with it.

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