RESPA: The Anti-kickback Law that Encourages Kickbacks
In the beginning of June, 2013, we were quoted in a nationally syndicated Washington Post story on kickbacks (click here). Follows is our more indepth analysis of this issue that could be serious enough to drive us into the next foreclosure crisis.
“Kickbacks harm consumers by hampering fair market competition and by unnecessarily increasing the costs of getting a mortgage,” said Consumer Financial Protection Bureau (CFPB) Director Richard Cordray. “The CFPB will continue to take action against schemes designed to let service providers profit through unscrupulous and illegal business practices.” These were comments made after the recent and highly publicized $118,000 enforcement action against Paul Taylor Homes, a Texas homebuilder.