WASHINGTON – The U.S. Supreme Court ruled unanimously yesterday that three families cannot sue a mortgage company for allegedly charging them a loan discount fee without giving them a lower interest rate.
The high court’s decision tosses out lawsuits filed in 2008 against Quicken Loans Inc. in Louisiana by three families who claimed they paid the fees without receiving anything in return. The Freeman family paid $980 and the Bennett family $1,100 in loan discount fees but allegedly did not get lower interest rates in return. The Smith family allegations focus partly on a loan origination fee of $5,100, which they claim was a mislabeled loan discount fee.
