If you’ve been in the mortgage biz for any amount of time, you’ve heard of and competed against Quicken Loans. If you’re like I was, when I wrote loans, you hate them. Why? Because they compete. Hard.
That competitive mentality must have come from their fearless leader Dan Gilbert. In an industry filled with pussies, Dan has the balls to stand up and do what needed to be done a long time ago. Fight the Government.
That’s right. He’s willing to stand up to the bullies at all those three letter worded government agencies. Politicians who don’t get political funds from big companies like Quicken, get upset and use agencies like the SEC and FTC to come down on non-donors.
Most banks just pay the Gov off. Not Dan though, he’s worked hard for his money, pays his fair share in taxes and isn’t going to just sit back and watch our trusted Government, fuck him out of that hard earned money he’s already paid taxes on.
The better story is that Dan’s company has kept its nose clean. They have one of the lowest FHA default records there is. They are also one of the biggest sellers of loans to the FHA.
You’d think, that with a clean record, and the way Quicken has taken over many marketplaces, the Gov would be giving them awards and celebrating them. Nope. Not in America, they only like winners if they can keep dirt on you. American hates dirt-free winners.
Any time a bank like Quicken shows up on the scene, the Gov always puts them back in their place. Think about Ameriquest, Ditech, GE and the likes. Once they blew up, the Gov got involved, investigated them, and shut them down.
They can’t do that to Dan though. Why? Because he knew this was going to happen, so he’s kept his nose clean. Think about the amount of our tax dollars that will get wasted on this. Think about the amount of time and resources that will get spent on this case, that could be used elsewhere. It’s sickening and scary.
What we can do is hope that when it all comes out in the wash, Dan Gilbert and Quicken Loans do not back down from the Gov bullies. If they do win, they lose anyway, but it could be a big win for other banks on the come up. This may stop the federal harassment. Quicken doesn’t feel like paying for congresses next raise, like BofA did.
If you’re in the mortgage business, whether you hate Quicken or not, this a huge case for you to keep your eyes on. The outcome of this battle could make a huge difference in the mortgage industry as a whole.
Meanwhile, somewhere off on a tropical island, Angelo Mozilo is scot free and tan as a motherfucker. Makes no sense huh? It does, once you realize the Gov is not on our side, they are against us. Countrywide corrupted a nation, the CEO has minimal legal battles. Meanwhile Quicken has stimulated the economy with the best loans on record and they are being attacked. It’s all pretty disturbing to the average mortgage broker.
Pay close attention to the progress in this turn of events. I know I will be.