fha mortgage loans, local mortgage broker, midwest family lending

(515) 252-7107

APPLY NOW!

Mortgage Industry News

« Return to Mortgage Industry News

Attorney on Quicken's Lawsuit; Fixing Appraisal System; Final Rules on AMCs

Saturday, April 25, 2015

Many lenders are watching this battle of industry frustration from the sidelines: Quicken vs. the DOJ, and vice versa. Prior to the government suing Quicken, Matthew Schwartz, a former federal prosecutor who is now a partner at Boies, Schiller & Flexner in New York, wrote, "Quicken Loan's decision to sue the Government over what it has alleged is arbitrary and capricious conduct related to the investigation of Quicken's lending practices is unconventional, to say the least. The lawsuit itself is a legal long shot. The government generally has immunity and great discretion where it doesn't, over how it conducts its investigations or settles enforcement actions. But the lawsuit gives voice to an increasingly popular sentiment among financial institutions: that the government is, for political reasons, extracting hundreds of millions, if not billions, of dollars in settlements for what are at best technically and immaterially incorrect claims. While the government will probably win this lawsuit, if Quicken's allegations are correct, it may be forced to explain its conduct in a way that will undermine the law enforcement effect of this and other recent enforcement actions."

 

Read Full Article

Testimonial

I appreciated most that the mortgage was approved ! Seriously, Midwest Family Lending was a blessing right from the start. I am so happy and lucky that I was referred to MFL. Sara kept me informed and was a pleasure to work with from day one when I was still living in NY. She walked me through everything and was ALWAYS available.
John K.