Glover v. Standard Federal Bank: The Eighth Circuit Proper Deference to Regulatory Interpretation and Upholds the Principles of Rule 23 in Denying Class Certification of a RESPA Claim
Loading...
Authors
Abboud, Frederick L.
Issue Date
2004
Volume
37
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
INTRODUCTION|In 1974, Congress passed the Real Estate Settlement Procedures Act ("RESPA"). Specifically, RESPA disallows certain types of fees in mortgage loan transactions; in particular what the statute refers to as kickbacks. Due to a flood of litigation caused by what was perceived as a "legal uncertainty" within the statute, Congress directed the Department of Housing and Urban Development ("HUD") to issue a policy statement indicating its position on lender payments to mortgage brokers in relation to RESPA. In 1999, HUD issued HUD Policy Statement I. In Policy Statement I, HUD outlined a test for evaluating whether a given payment from a lender to a broker violated RESPA. In 2001, HUD issued another policy statement, HUD Policy Statement II, to clear up any ambiguities in its first policy statement regarding the payment of yield spread premiums from lenders to brokers. The statement indicated each yield spread premium payment must be analyzed individually to determine whether it was legal under RESPA...
Description
Citation
37 Creighton L. Rev. 343 (2003-2004)
Publisher
Creighton University School of Law