DETROIT (AP) - Thousands of Michigan residents who owe more on their mortgages than their homes are worth are walking away from their homes, and their mortgages.
A report by credit reporting and consulting firm Experian-Oliver Wyman found that the number of Michigan residents who have engaged in such strategic defaults more than tripled between 2005 and 2008 - from 5,100 to 17,250.
LANSING, MI – Governor Granholm says she has not given up on winning federal school reform funds even though Michigan lost out in the first round of competing for Race to the Top money.
The governor says she was "shocked" and "disappointed" that Michigan failed to make the final cut. She says she doesn't know if Michigan's reforms didn't go far enough, or if opposition from teachers unions doomed the application.
LANSING, MI – Michigan will be getting nearly $155 million in federal money to help housing agencies assist homeowners.
The allocation detailed Friday is part of a program President Barack Obama announced last month. A total of $1.5 billion in federal rescue money will go to agencies in Arizona, California, Florida, Michigan and Nevada.
The money will go to local programs to help unemployed homeowners, borrowers who owe more than their home is worth, or to pay lenders to assist borrowers with second mortgages.
UNDATED – Former Genesee County Treasurer Dan Kildee has officially exited the race for Michigan governor this morning. Democratic Party sources say the reason is the United Auto Workers union is about to endorse Lansing Mayor Virg Bernero in the primary. Kildee was counting on union support in his bid for the nomination. State House Speaker Andy Dillon and state Representative Alma Wheeler Smith are also running for the Democratic nomination.
EAST LANSING, MI – Raymar Morgan and Kalin Lucas made key free throws late to help No. 11 Michigan State pull out a 67-65 victory over Penn State on Thursday night, keeping the Spartans in the hunt for a share of the Big Ten title.
Morgan, who finished with 16 points, hit two free throws with 12 seconds left to give Michigan State (23-7, 13-4) a 66-62 lead.
Chris Babb hit a 3-pointer for Penn State (11-18, 3-14) to cut the lead to 66-65. Lucas made one of two foul shots for a 67-65 lead with 5 seconds remaining.
LANSING, MI – The chief justice of the Michigan Supreme Court told lawmakers Thursday that budget cuts are threatening the effectiveness of the judicial system.
AUDIO: Chief Justice Marilyn Kelly says budget cuts are already compromising some of the duties of the courts. "The less money that's available, the harder it is to meet the mandates," she says. "The mandates stay the same but the money shrinks, so naturally it puts us in a terrible pinch."