From: Porter, Paulette (GOV)
Sent: Thursday, October 14, 2010 4:28 PM
Subject: What the Governor's Talking about Today

What the Governor’s Talking about Today

Thursday, October 14, 2010

 

Governor Begins Jobs Investment Mission with Speech to Business Leaders, Company Meeting

The governor today kicked off her investment mission to France and Sweden with a speech before the American Chamber of Commerce highlighting Michigan’s new energy economy and the state’s success in becoming the North American capital of the advanced battery industry.

 

The American Chamber in France is a private, nonprofit economic organization whose mission is to help unite French and American firms to promote bilateral investment.  It is the oldest and fastest-growing American chamber in the region and includes representatives of companies with operations in Michigan including General Electric, Dow, LaFarge, Delphi and others.

 

The governor also met with executives from Valeo which opened its Highland Park manufacturing facility last June.  The Paris-based auto supplier operates in 27 countries and employs more than 52,000 worldwide.

 

Key messages:

 

 

Governor to Nation’s Top Lenders: Suspend Michigan Foreclosures

The governor yesterday called on the nation’s top lending institutions that service mortgages in Michigan to suspend all foreclosures pending investigation of possibly fraudulent foreclosure filings.  The governor also repeated her call for the nation’s top lenders to fully participate in Michigan’s Helping Hardest Hit Homeowners Fund to help homeowners avoid foreclosure.

 

“Given recent revelations by major lenders about possibly fraudulent foreclosure filings, I am calling on the nation’s largest lenders doing business in Michigan to immediately suspend all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in homes foreclosed upon, pending an investigation by state officials,” the governor said.   “I am also calling on Ally Financial, Bank of America, Citigroup, JPMorgan Chase, PNC, and Wells Fargo to step up to the plate and fully participate in Michigan’s Helping Hardest Hit Homeowners Fund to help Michigan families avoid foreclosure.”

 

In recent weeks, major lenders including Ally Financial, JPMorgan Chase and Bank of America have acknowledged that certain employees, known as “robosigners,” had engaged in possibly fraudulent practices that may have been in violation of Michigan law.  Examples of these practices include signing documents and affidavits used in foreclosure proceedings without proper review or personal knowledge of the facts, and filing documents that do not accurately reflect loan payments, charges and advances.

 

Repeatedly, the governor has also called for the nation’s top lenders to participate in Michigan’s Helping Hardest Hit Homeowners Fund to help keep families out of foreclosure.  In letters sent to Bank of America, Citigroup, JPMorgan Chase, PNC and Wells Fargo, the governor urged them to join with the more than 100 banks, community banks and credit unions that are participating in the Hardest Hit Fund.

 

The governor acknowledged JPMorgan Chase’s participation in one of three Hardest Hit programs — providing payment assistance to currently unemployed homeowners — but called on JPMorgan Chase to participate in the other two Hardest Hit programs.  Those two Hardest Hit programs provide emergency rescue funds of up to $5,000 for homeowners who have fallen behind due to an involuntary inability to pay, such as a medical disability, and provide funds for principal reductions for homeowners who can no longer afford mortgage payments due to a reduced household income.

           

“These disconcerting revelations deserve your immediate attention,” the governor wrote in her letter to the banks.  “Accordingly, I look forward to your response by November 1, 2010.”

           

A letter was sent to Bank of America yesterday acknowledging its nationwide suspension of certain foreclosures, and urging the bank to continue its suspension until investigations are completed.  Letters demanding the immediate suspension of all foreclosures, foreclosure sale proceedings and evictions from foreclosed homes went out yesterday to Ally Financial, Citigroup, JPMorgan Chase, PNC and Wells Fargo.

 

The letters sent by the governor calling for an immediate suspension of foreclosures can be found at: http://www.michigan.gov/documents/gov/All_Lenders_335256_7.pdf   

 

For more information about the Helping Hardest Hit Homeowners Fund, visit: http://www.michigan.gov/HardestHit       

 

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