You Can’t Get a Good Call When You Need One

November 5, 2011

Miscellaneous, Mortgages

If you are a football fan, you cannot stand it when a referee starts to over officiate a game.

If you are not a football fan, and you don’t’ know what I am talking about, sorry about that.

I am not going to waste a bunch of time explaining a sports term to you who is not American enough to understand it.

Okay fine. It means that the person in charge of mediating the game, mediates every nuance within it to the point where the game cannot be played. That’s as far as I go.

The Obama administration is now over officiating by asking the Supreme Court to hear a case involving Quicken loans. At stake is the interpretation of RESPA laws.

At question? Whether or not the 1974 legislation was designed to prohibit the charging of unearned fees and kickbacks – or just kickbacks.

Apparently Quicken charged a couple in Louisiana $980 for a loan discount and the couple never received the discount. And here you gain a clear and unobstructed view of the face of arrogance.

If Quicken had just simply refunded the $980 they would have saved millions in legal fees and legislation that is going to prompt every Quicken Loan customer to review their original loan docs.

Can’t wait to see what happens then. We are talking about a class action settlement here. And Quicken may very well have to file Chapter 11.

But this is not the real story here. What is more important is that the 5th US Circuit Court of Appeals already ruled in favor of Quicken Loans.

And with good reason. Any layman can read the RESPA and see that clearly only refers to kickbacks. There is no semantic argument to make here.

The Obama Administration took up the case and asked the Supreme Court to hear it. There is something wrong with that, don’t you think?

If you believe not then clearly you do not understand the checks and balances system.

Somebody needs to throw a flag here. Ain’t that just right though? You can’t get a good call when you need one…

Appraisal Source is a New York based residential real estate appraisal firm. Their highly-qualified appraisal staff provides independent residential real estate appraisals throughout Long Island and New York City.

Here’s the original article…High court to decide case over RESPA fees

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