FOR IMMEDIATE RELEASE
January 11, 2010
Contact: Jason Moon 517-335-1700
http://twitter.com/miofir

LANSING – Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross announced today that the agency recovered a record $33,025,231 on behalf of Michigan consumers in 2009. The $33 million in consumer recoveries breaks the previous record of $17 million set by the agency in 2008. The rise in consumer recoveries can largely be attributed to an increase in the amount of mortgage modifications OFIR assisted in last year.

In 2009, $9,286,100 of the consumer recoveries involved insurance and securities products and the remaining $23,739,131 involved mortgage and banking products. The 2009 recoveries were based on 6,548 complaints resolved by OFIR during the year. OFIR Consumer Assistance staff also answered nearly 125,000 consumer calls last year.

“Protecting and assisting consumers will remain OFIR’s number one priority in 2010,” Ross said.

OFIR consumer protection recoveries include dollars recovered by OFIR for consumers filing insurance, security, bank, credit union and mortgage company complaints.

Michigan consumers can call OFIR toll-free at (877) 999-6442.

To read more about OFIR’s consumer assistance, visit: http://www.michigan.gov/dleg/0,1607,7-154-10555_12902---,00.html.

A guide on how to file consumer complaints can be found at:
http://www.michigan.gov/dleg/0,1607,7-154-10555_12902_12907---,00.html

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