Michigan Agency Recovers $33 Million for Consumers in 2009

January 11, 2010 — The Michigan Office of Financial and Insurance Regulation (OFIR) reported a record recovery of $33 million for its state's consumers in 2009. The 2009 record nearly doubles the $17 million recovered in 2008.

OFIR Commissioner Ken Ross attributes the rise in consumer recoveries to the number of mortgage modifications the OFIR assisted in this year. The total amount also includes consumer protection recoveries from consumers filing insurance, security, bank, credit union and mortgage company complaints. There were 6,548 complaints filed in 2009, and more than 125,000 consumer calls received by the agency.

"Protecting and assisting consumers will remain OFIR's number one priority in 2010," Ross said in a January 11 agency press release.

To read more, follow this link to OFIR's website.