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Michigan rank: 33 90+ Day Foreclosure Unemployment Delinquency Rate RateRate may 2012 3.17%2.45% 8.5% year ago 4.08%2.75% 10.6% percent point change -22.3%-10.9% -19.8% Top County WAYNE COUNTY 90+ Day Delinquency Rate may 2012 Foreclosure Rate 5.76%3.76% year ago 7.70%4.08% percent point change -25.3%-7.7% Top Core-Based Statistical Area FLINT, MI 90+ Day Delinquency Rate Foreclosure Rate may 2012 4.77%3.05% year ago 5.73%3.26% percent point change -16.8%-6.6% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Michigan Caryn Jensen Jerry Takis Combined years experience: 40+ c: Caryn 248.320.5760, Jerry 248.755.5600 cjsellsre@comcast.net, jerry@takishomes.com o: 248.681.8300 www.legacy4u.com IN THE NEWS Settlement Approved for Bear Stearns' MBS Investors A federal judge granted preliminary approval for Michigan's proposed national class action lawsuit against Bear Stearns and Deloitte & Touche, according to an announcement from state Treasurer Andy Dillon and Attorney General Bill Schuette. 92 Bear Stearns and Deloitte & Touche have agreed to settle the securities fraud suit. Under the terms of the settlement, the two firms will pay $294.9 million to investors nationwide who bought Bear Stearns stock and other equity securities and options between December 14, 2006, and March 14, 2008. The State of Michigan Retirement Systems (SMRS) will receive an amount yet to be determined as one of the investor plaintiffs in the suit. The final settlement hearing will be held September 19, with Robert W. Sweet, U.S. district judge for the Southern District of New York, presiding over the hearing. The settlement is meant to compensate investors—including SMRS—who were allegedly misled about the value and risks of Bear Stearns' mortgage-backed assets. The state of Michigan acted as court-appointed lead plaintiff in the suit and argued that Bear Stearns and its auditor Deloitte & Touche misled SMRS and other investors about risky exposure to the nation's housing market and reductions to its assets, which led to the collapse of Bear Stearns and its stock. "I am pleased we have reached a settlement agreement with Bear Stearns and other defendants in this matter," said Dillon. "Through this settlement process, the state has demonstrated its obligation not only to thousands of employees, retirees, and their beneficiaries who depend on these pension funds for their retirement, but also to all class members." SMRS, which invests on behalf of Michigan public school employees, state employees, Michigan State police, and judges, holds one of the largest pension systems in the country with combined assets of approximately $50.3 billion. "This is good news for Michigan taxpayers," said Schuette. "This settlement demonstrates our commitment to holding accountable any bank or investment firm that violates the public trust." Listen closely to the beat of the industry. DS News—keeping you in sync with success. Subscribe today. STAT INSIGHT Share of Michigan businesses planning to hire in the next six months. Source: Michigan Future Business Index Call 214.525.6700 or visit DSNews.com.