Governor Granholm Calls For Foreclosure Freeze

By: Associated Press
By: Associated Press

Gov. Jennifer Granholm is asking the nation's top lenders to suspend all Michigan foreclosures until an investigation is finished into legal irregularities.
Employees of several major lenders have acknowledged in depositions that they signed thousands of foreclosure documents without reading them as required by state laws.
Democratic gubernatorial candidate Virg Bernero also has called for a foreclosure freeze until the matter is investigated. Republican candidate Rick Snyder says that could hinder access to credit.
Granholm said Thursday that she sent letters to Ally Financial Inc.'s GMAC Mortgage unit, JPMorgan Chase & Co., Citigroup Inc., PNC Financial Services Group Inc. and Wells Fargo & Co.
Bank of America Corp. already has halted foreclosures in all 50 states.

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  • by Jim Location: Jackson on Oct 17, 2010 at 07:25 PM
    For one thing, don't go and buy a $300,000 house when you make only $40,000 a year. Us people and the government shouldn't be responsible to fix your ignorant problems.
  • by Anonymous on Oct 15, 2010 at 07:06 AM
    You know somthing. I bet the banks would realy complain and scream if the goverment stop helping forecloures. Because the banks won't know what to do with all the forecloured houses. That's why I'm saying this is all BS!
  • by John Location: Lansing on Oct 15, 2010 at 01:53 AM
    Homeowners are supposed to be foreclosed on when they don't pay, it pretty simple. Using the term homeowner is a misnomer....if you owe a balance to a bank, then the bank owns the home. When you make a promise (contract) to repay a loan and you don't for whatever reason, the bank has the right to use their asset to recover the money they lost.
  • by ddottie Location: lansing on Oct 14, 2010 at 09:04 PM
    yes, it's getting increasingly more difficult for those of us that have been able to hold onto our homes. My heart goes out to those whom have lost their homes. I don't know how I will make some needed repairs, stay warm in my home this winter, and eat.I guess I guess I'll keep taking it one day at a time. it is really to late for the families our government allowed to slip through the cracks.
  • by Anonymous on Oct 14, 2010 at 04:57 PM
    She is a lame duck. She must be wanting to make an impression with someone.
  • by charlotte Location: eaton rapids on Oct 14, 2010 at 01:31 PM
    where is the help that ppl are suppose to get we are in the process of losing are home just because we are 2 payments behind we live paycheck to paycheck and it takes 1 of my husbands checks just to pay the mortage he gets paid every 2 weeks we dont even have enough mony for food its hard and this winter its gonna be harder for us
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