CBS62logoNEW2013_blue_final_header_White wwj950-sm2011b 971-ticket-35smb 35h_CBSSportsRad_Detroit

Local

Senator Levin: Lender Abuse In Detroit

View Comments
iStockphoto

iStockphoto

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

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.

View Comments
blog comments powered by Disqus