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IN RE SALEM MORTG. CO.

Bankruptcy Nos. 83-01607-G, 83-01610-G, 83-01611-G and 83-01612-G, Adv. No. 83-0694-G.

34 B.R. 902 (1983)

In re SALEM MORTGAGE COMPANY, Fidelity Fund, Inc., Fidelity Securities Corp., Nationwide Mortgage Co., Debtors. Frank J. KELLEY, Attorney General of the State of Michigan, Plaintiff, v. SALEM MORTGAGE CO., et al., Defendants.

United States Bankruptcy Court, E.D. Michigan, S.D.

November 17, 1983.

Attorney(s) appearing for the Case

Robert S. Hertzberg, Birmingham, Mich., Luis Fernandez and Frederick Hoffecker, Asst. Attys. Gen., Consumer Protection Div. Dept. of Atty. Gen. Lansing, Mich., Arnold Schafer, Birmingham, Mich., Robert Fineman, Detroit, Mich., for proponents.

Irwin Alterman, Southfield, Mich., for debtor-proponent.

John Anderson, Birmingham, Mich., for trustee.

Clark D. Cunningham and Louis Lessem, Mich. Legal Services, Detroit, Mich., for objectors Pustelak and Soto.

Mark Magidson and Merry Rosenberg, Legal Assistance of St. Clair County, Port Huron, Mich., for objectors Tucker, DeBonville, et al.

Emily Kurrasch, Legal Services of Southeastern Mich., Jackson, Mich., for objectors Nodine, et al.

Michaek Chielens, Legal Aid of Western Mich., Grand Rapids, Mich., for objectors Peter, et. al.

PROPOSED ORDER APPROVING CLASS CERTIFICATION, SETTLEMENT OF CLASS ACTION LITIGATION, AND ENTRY OF CONSENT JUDGMENT

RAY REYNOLDS GRAVES, Bankruptcy Judge.

This adversary proceeding presents the parties, the community, and this Court with a cornucopia of evils demonstrating how questionable business practices may threaten the financial security of homeowners, borrowers, and investors. The individuals effected by the business operation known as Salem Mortgage...

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