Bank robber eludes police on foot after high-speed highway chase

Police were searching for an alleged bank robber who led them on a high-speed chase through two communities before abandoning his vehicle and disappearing on foot into a Detroit neighborhood.

The man robbed a Charter One bank branch at 12 Mile Road and Dequindre Thursday afternoon, Warren Police Sgt. Bill Wilke said. Police caught up with the suspect driving his older-model green Chevrolet Caprice on westbound Interstate 696, where they initiated the chase.

While driving on I-696, the suspect's car clipped another vehicle, then headed south on Interstate 75. "Nobody was hurt in that crash," Wilke said.

Warren officers, aided by Detroit Police and Michigan State Police troopers, continued chasing the man south down I-75. "He got off at the Nine Mile exit, and continued down the service drive," Wilke said.

The man jumped out of his car in Detroit near Seven Mile Road, Wilke said.

"He bailed out, then escaped on foot into the neighborhoods," Wilke said.

Charter One bank officials declined to discuss the incident.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.