Quicken Loans may face mortgage interest refunds
A U.S. appeals court in San Francisco recently ruled that California might force Quicken Loans Inc. to provide refunds to customers under a state law that limited when it could begin charging interest on mortgages. The decision may cost Quicken, the largest Web-based direct mortgage lender, millions of dollars. Reuters.com reports:
Quicken Chairman Dan Gilbert said in an interview that his company may appeal to the U.S. Supreme Court, or lobby California Republican Gov. Arnold Schwarzenegger and the Democrat-controlled legislature to change state lending law retroactively.
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