Karmanos Gets Into Mortgage-Lending Business With Startup

BIRMINGHAM, Mich. (AP) - Businessman and Hockey Hall of Fame member Peter Karmanos is getting into the residential mortgage-lending business with a startup company.

The Detroit Free Press reports Lenderful is based in the Detroit suburb of Birmingham, offers home mortgages online and grew out of a firm called MadDog Technology that Karmanos started after leaving Compuware, a software and services business he co-founded.

The 73-year-old Karmanos also owns the NHL's Carolina Hurricanes.

Karmanos says that he has large ambitions for the mortgage enterprise he's backing. Earlier this month, the Free Press says he told business leaders at a Detroit Economic Club luncheon that Lenderful is poised to grow and become a successful startup company.

Karmanos says: "It's amazing what you can do here in southeast Michigan."

© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.