Traverse City Record-Eagle

Archive: Tuesday

February 12, 2013

Business in Brief: 02/12/2013

Mortgage processor pleads to racketeering

GRAND RAPIDS — The former president of a mortgage document processing company has pleaded guilty to a racketeering charge in Michigan.

The state attorney general's office says Lorraine Brown pleaded guilty Monday in a Kent County circuit courtroom. She faces up to 20 years in prison when sentenced on May 2.

The state says that the 51-year-old Brown orchestrated a robo-signing scheme in which employees fraudulently signed another authorized person's name on mortgage documents to expedite foreclosures.

Brown pleaded guilty to a federal charge in Florida last year and reached a plea agreement on related state charges in Missouri.

Michigan Attorney General Bill Schuette recently reached a $2.5 million civil settlement with the parent company of DocX, a mortgage processing company run by Brown.

Train cars derail in Saginaw County

SAGINAW TOWNSHIP — Authorities say five train cars hauling grain derailed over the weekend, creating a mess along tracks in Saginaw County.

MLive.com reports the accident happened Saturday in Saginaw Township, about 85 miles northwest of Detroit.

No injuries were reported.

The grain was being hauled by a train owned by Saginaw-based Lake State Railway from the Hemlock area toward Saginaw.

The cause of the derailment is under investigation.

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