In Residential Funding Co., LLC, f/k/a Residential Funding Corp. v Saurman, the Michigan Court of Appeals held that Mortgage Electronic Registration Systems Inc. (“MERS”) could not pursue foreclosures under Michigan’s foreclosure by advertisement statute and that certain foreclosures already obtained were invalid. MERS was created by the lending industry to make it easier to sell home loans to investors. Continue reading
The Michigan Economic Growth Authority’s (MEGA) “flagship” program of offering tax credits to foster job creation ended its long run yesterday. Created in 1995, the MEGA tax credits were designed to attract and retain businesses in the State. Tax restructuring and creation of a new Corporate Income Tax sounded the death knell for the program. Continue reading
If you have the chance, check out the article I wrote entitled “Questions Remain on Proposed Reuse of Old Auto Plant Sites” that appeared in the January 6, 2012 edition of the Flint Journal, p. A5.
On January 10, 2012, the Court of Appeals entered an Order vacating its prior opinion of October 18, 2011. Accompanying the Order was a new opinion. That opinion is identical to the prior one with the exception of minor changes to the Court’s analysis on whether it was proper to provide a jury instruction on comparative fault. Continue reading