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Senator Levin: Lender Abuse In Detroit

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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.

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