| FOR IMMEDIATE RELEASE: December 1, 1997
The mortgage brokers license issued to Damita R. Ferguson, d/b/a
Community Residential Funding and Ivy League Mortgage, 15001 West
Eight Mile Road in Detroit, was suspended by an order issued by
Michigan Financial Institutions Bureau Commissioner Patrick M. McQueen
on November 17, 1997.
Acting on consumer complaints lodged against Community Residential
Funding, Deputy Commissioner Gary Mielock supervised an examination
of the mortgage company. According to Mielock's sworn statement,
the mortgage companies continuing activity "constitutes an imminent
threat to the public safety and welfare." Allegations against Damita
Ferguson and her company include misrepresentations to lenders by
falsifying information on borrower's loan applications and by creating
phony mortgage loan documents in an attempt to qualify borrowers
for loans.
As provided by law, Ms. Ferguson and Community Residential Funding
were provided with a Notice of Opportunity for Administrative Hearing
if she wishes to contest the summary suspension of the mortgage
brokers license.
The Financial Institutions Bureau is the primary regulator of
Michigan's state-chartered banks, credit unions, savings banks,
and over 4000 other licensed lenders.
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