I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
Over 200,000 Michigan families were behind on their mortgage payments as of June, and more than 300,000 are expected to lose their homes to foreclosure between now and 2012, according to a new report produced by the Center for Responsible Lending.
“A flawed federal regulatory system focused on protecting banks at the expense of consumers is a key cause of the financial meltdown now devastating the U.S. economy and global economic stability,” the group states. “The Consumer Financial Protection Agency (CFPA) that Congress is considering would be best-positioned to provide consumers with the protection the current regulatory structure has failed to provide.”
Some of the statistics in the report are alarming. On the amount of wealth lost to foreclosure:
Michigan Lost Wealth
U.S. lost home equity wealth due to nearby foreclosures, 2009-2012: $1.9 trillion
Michigan lost home equity wealth due to nearby foreclosures, 2009-2012: $20,337.9 million
Michigan number of homes experiencing foreclosure-related decline: 3,227,395
Michigan average loss per home affected: $6,302
And on the extent of payday lending in the state:
Michigan Payday Lending Experience
Number of payday lending stores in Michigan: 781
Annual payday loans per store: 2,980
Average payday loan size: $402
Maximum APR of two-week $100 payday loan: 391%
Total payday loan volume: $935.8 million
Total payday loan volume from churning: $711.2 million
Total payday lending fees paid annually: $122.7 million
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