The state’s Office of Financial and Insurance Regulations announced Tuesday that it had recovered $27 million in 2010. The department has collected $143 million since it was launched in 2000.
The OFIR monitors financial and insurance groups for compliance to state law, and protects consumers from bad investments schemes. In a press release Tuesday, OFIR spokesman Jason Moon said $19 million of the funds collected were involved in mortgage issues, while the remaining $8 million were collected from insurance and financial security programs.
According to Moon, the office fielded 100,000 phone calls in 2010, and 3,000 of those resulted in complaints which resulted in investigations and collection of money for those wronged by agencies operating in insurance and financial arenas in the state.
“Our dedicated consumer assistance staff will remain focused on protecting and serving Michigan citizens in 2011,” OFIR Commissioner Ken Ross said.
OFIR has been involved in investigating mortgage fraud schemes as part of the state’s response to the housing bubble collapse. The collapse is the result, in part, of subprime mortgage lending schemes in the state.