5 Michigan firms tied to most Detroit foreclosures

Citywide, an average of 56 percent of mortgage-foreclosed homes are now blighted

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Here's a snapshot of the top five Michigan-based mortgage lenders with the most foreclosures in Detroit. It shows how many of their foreclosures are blighted and how many of their loans were subprime, according to data from federal records, the Detroit Blight Removal Task Force and RealtyTrac, a California-based real estate data company.

Citywide, an average of 56 percent of mortgage-foreclosed homes are now blighted, need to be demolished or have been tax foreclosed, while an average of 68 percent of loans from 2004-06 were subprime.

Quicken Loans

A Detroit-based company that has become the nation's largest online mortgage retailer.

52 percent of foreclosures ended up blighted or abandoned, 545 homes

24 percent of loans were subprime

Response: Quicken officials said they never sold subprime loans. They said federal definitions of subprime are faulty and blamed low loan amounts, mortgage insurance and turbulent interest rates for giving the appearance that some of their loans had interest rates of 3 percentage points higher than traditional mortgages. The company resold mortgages soon after writing them and isn't responsible for conditions of them many years later, after foreclosure, founder Dan Gilbert said.

Flagstar

A Troy-based bank that is also a leading mortgage lender and national leader in the wholesale mortgage business.

51 percent of foreclosures ended up blighted or abandoned, 287 homes

15 percent of loans were subprime

Response: Gregg Christenson, senior vice president of specialized servicing at Flagstar, said the bank isn't responsible for blight on its former properties. "That all happened subsequent to our involvement in the property," he said.

Shore Mortgage

A Troy-based mortgage seller whose president, David Hall, was once the public face of advertisements for Quicken Loans.

44 percent of foreclosures ended up blighted or abandoned, 205 homes

26 percent of loans were subprime

Response: Company officials did not respond to multiple requests for comment.

GMAC

The former lending arm of General Motors Corp. no longer sells mortgages and its mortgage subsidiary, ResCap, entered bankruptcy in 2012.

50 percent of foreclosures ended up blighted or abandoned, 191 homes

10 percent of loans were subprime

Response: Declined comment because of bankruptcy.

Worldwide Financial or Loan Giant

A Southfield firm that state officials ordered closed in 2004 after finding a "pattern of fraud, deceit and material misrepresentation."

62 percent of foreclosures ended up blighted or abandoned, 191 homes

53 percent of loans were subprime

Response: Former officials didn't respond.

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