Diane Bukowski, the outspoken editor of the Voice of Detroit, posted an article on Friday on Voice of Detroit that discussed two articles I had recently written over the past two weeks about Dan Gilbert and his companies.
The first article focused on a survey done by MFI-Miami that showed 70.6% of 75 mortgages in the City of Detroit that were originated by Quicken Loans between 2003 and 2008 went into foreclosure.
“Gilbert’s cameras are all over the downtown Detroit area, including inside the Detroit News and Free Press buildings, newly-rented from him after he bought their old offices, according to a report from the on-line newspaper MFI-Miami.
“Of the 75 homes sampled that had Quicken Loans named as the original mortgagee sampled,” the paper wrote, “70.6% of these homes went into foreclosure within the first 24-36 months of being sold on the secondary housing market by Quicken Loans to either Fannie Mae and Freddie Mac or to a private mortgage backed securities trust on Wall Street.”
You can read the entire article here.