Need for RESPA Clarity, Hassle-Free Environment Prompts Mortgage Insurers to Accept $46.02 Million Class Settlement
January 15, 2001
Agreement Establishes Rules for Risk-Sharing After scoring a victory in federal district court in Georgia last August, three MI firms accused of engaging in an elaborate kickback scheme with lenders surprised the industry last month by announcing a $46 million settlement with class action plaintiffs. Despite the steep price tag, the settlement signaled an end to what could have been a costlier, protracted battle in federal appeals court.