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Quicken Loans and FHA Fight it Out on Illegal Loan Practices

Quicken Loans is criticizing the FHA over some of their new standards. Considering the number of lawsuits filed against Quicken Loans for predatory and deceptive loan practices I am not surprised that they do not like the new FHA standards.

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see http://www.nationalmortgagenews.com/news/compliance/fhas-new-loan-defect-taxonomy-is-no-panacea-for-enforcement-woes-1054864-1.html

Not much time today for discussion but this fight between Quicken Loans, who pretended to be making loans even though they were just a naked nominee at loan closings, is instructive about what really happened.

REAL enforcement cannot begin until everyone starts with the right premise, to wit: that investment banks sold an IPO for thousands of inactive, empty entities and called them REMIC Trusts. No money went to the Trusts or the Trustees; and the investment banks, who are the only people who have proof of what happened with the same of mortgage backed securities, kept the money. No loan ever entered the trusts.

The money that appeared in loans to borrowers was received by the closing agent hours, days, weeks, months and maybe years after the borrower thought the closing…

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