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Despite setbacks, Quicken Loans will continue to fight government suit

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Mortgage Professional America | 17 Feb 2016, 06:30 AM Agree 0
Quicken Loans is being sued by the government for allegedly approving shoddy mortgages – but the company says it will continue to fight the allegations
  • Realtor Rick | | 17 Feb 2016, 01:31 PM Agree 0
    Good for Quicken Loans. The Federal Government through the CFPB and other agencies have strong armed many lenders into pay-outs that to me appear to be based on questionable evidence. But from the lenders' perspective it is better to pay the bribe and move on than to challenge the charges. At some point some firm has to stand up to the agencies and make them prove their charges.
  • American Taxpayer | | 19 Feb 2016, 04:24 PM Agree 0
    Good for Quicken Loans, Bad for American Taxpayers. What makes them any different than a Chase, Bank of America or a Wells Fargo that have all paid their fair share of fines for their part in the mortgage crisis. All the while, Quicken mortgages owner Dan Gilbert has used Government money to pad his own office building and skyscraper portfolio in the City of Detroit. He has purchased more than 75 Buildings and developments over the last 3 years. Shut up and pay your fair share, like everyone else Dan Gilbert.
  • SmDu | | 24 Feb 2016, 01:33 PM Agree 0
    Quicken mortgages are crooks, and should be put in jail !
  • Common Sense | | 25 Feb 2016, 04:14 PM Agree 1
    American Taxpayer you must be drinking cool aid the fine Nazi's at the CFPB are handing out. It's about time someone pushes back and I'm not a huge fan of Quicken.
  • sbharkness | | 02 Mar 2016, 05:57 PM Agree 0
    I never thought I would be sticking up for Quicken Loans but I am. The CFPB is a rogue agency that needs to be disbanded and hopefully will under a Trump win. It has become fashionable as of late to beat up on the mega-banks and I have pointed out things they have done wrong but that said, enough is enough! Wells Fargo has decided that it is no longer profitable to be in the mortgage business and that is significant as they are one of the largest mortgage servicer's in the United States. You cant keep hammering these banks over and over (though it is fun to watch) because they will just stop lending as they did from 2009 thru 2012. That was when the CFPB stated that they did not know what the exact rules were going to be but when they decide they reserve the right to retroactively prosecute if they decide you broke the law...a law that was not even on the books at the time. During this period of time the economy just stopped.
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