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Quicken Loans Banged for $11 Million Appraissal Fraud

Livinglies's Weblog

It comes as no surprise that a tiny subsidiary of  Quicken was getting kickbacks on appraisal fees and that the appraisals were “MAI” (Made As Instructed.” This is one of the lynchpins of the illegal scheme. The higher appraisals got everybody excited about a housing boom that was a complete illusion. As soon as lending stopped the prices went back down to fair market value using standard indices.

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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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The only thing the Court and the reporters seem to have wrong is that they think Quicken was funding the loans. It wasn’t. It was collecting fees for acting as though it was funding the loan.
Quicken allegedly provided appraisers advance “estimates”…

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