Penelope
Diamond Member
- Jul 15, 2014
- 60,260
- 15,767
- 2,210
(although they are now the 2nd larges mortgage company. The only one to survive the sub prime mortgage companies that didn't need a bail out form the government. They are also now in the Reverse Mortgage business, so beware. Yes they are sprucing up the waterfront area of Detroit, which is good, but its like a takeover. Well we shall see how it goes. He now also heads Rock Ventures LLC. Man us tax payers really paid for the housing disaster.)
http://www.detroitnews.com/story/news/special-reports/2015/07/01/quicken-loans-blight-dilemma/29537285/
The Detroit business mogul co-chaired a taskforce convened by the Obama administration to tackle the problem and helped fund a survey last year that found nearly 40,000 structures need to be torn down. The data was the most extensive ever compiled and helped City Hall develop a strategy on where to demolish homes to save neighborhoods.
His company, Detroit-based Quicken Loans, meanwhile, had the fifth-highest number of mortgages that ended in foreclosure in Detroit over the last decade — and half of those properties are now blighted, The Detroit News found as a part of a project examining foreclosure's effect on the city.
The firms with more failed loans in the city were sister companies Argent Mortgage Co. and Ameriquest Mortgage Co.; Washington Mutual; New Century Mortgage Corp., and Countrywide Financial Corp., according to an analysis by The Detroit News. All except Quicken collapsed during the mortgage meltdown.
…………………………………………
In total, 52 percent of the foreclosed Detroit properties that had Quicken mortgages are now considered blighted, demolition-worthy or have been seized by Wayne County for the owner's failure to pay taxes. Citywide, 56 percent of all mortgage foreclosures are now similarly troubled
Detroit’s Downtown Savior, Dan Gilbert, Charged with Responsibility for Foreclosures and Blight
http://www.detroitnews.com/story/news/special-reports/2015/07/01/quicken-loans-blight-dilemma/29537285/
The Detroit business mogul co-chaired a taskforce convened by the Obama administration to tackle the problem and helped fund a survey last year that found nearly 40,000 structures need to be torn down. The data was the most extensive ever compiled and helped City Hall develop a strategy on where to demolish homes to save neighborhoods.
His company, Detroit-based Quicken Loans, meanwhile, had the fifth-highest number of mortgages that ended in foreclosure in Detroit over the last decade — and half of those properties are now blighted, The Detroit News found as a part of a project examining foreclosure's effect on the city.
The firms with more failed loans in the city were sister companies Argent Mortgage Co. and Ameriquest Mortgage Co.; Washington Mutual; New Century Mortgage Corp., and Countrywide Financial Corp., according to an analysis by The Detroit News. All except Quicken collapsed during the mortgage meltdown.
…………………………………………
In total, 52 percent of the foreclosed Detroit properties that had Quicken mortgages are now considered blighted, demolition-worthy or have been seized by Wayne County for the owner's failure to pay taxes. Citywide, 56 percent of all mortgage foreclosures are now similarly troubled
Detroit’s Downtown Savior, Dan Gilbert, Charged with Responsibility for Foreclosures and Blight