Clerk hails foreclosure abuse settlement as victory for homeowners

Oakland County Clerk/Register of Deeds Bill Bullard Jr. who has been working with Michigan Attorney General Bill Schuette to investigate questionable mortgage documentation, last week praised Schuette's work with 39 other attorneys general in obtaining a settlement worth billions to beleaguered homeowners. "This is an excellent first step toward restoring some sanity and accountability to the system," Bullard said. "It should bring millions of dollars in assistance to Oakland County to those who have been hardest hit by fraudulent practices-and hopefully, make those institutions at fault think twice before taking those kinds of shortcuts again." An upcoming settlement, reportedly worth around $25 billion will provide loan relief to some struggling homeowners and pay cash settlements to others who may have wrongfully lost their homes to foreclosure (see "States reach settlement" on today's Page Two). Bullard said he was pleased that the settlement did not seem to grant immunity for illegal behavior or keep individuals who were severely damaged by questionable recording practices from pursuing their own legal remedies. "The proper and accurate recording of property transfers and ownership is essential to protecting our property rights-and therefore our liberty," Bill Bullard said last Thursday. "Our whole economy and way of life depend on that. This fight is far from over, but I am pleased to see progress is being made and that our Attorney General Bill Schuette is helping make that difference." Published: Mon, Feb 13, 2012