During the year 2007, the housing market in the United States experienced one of the greatest recessions in history. In result, many companies either filled bankruptcy or closed their doors. In the midst of this crisis, the mortgage lending company Quicken Loans developed a corner on the market. As a result, the company’s founder Dan Gilbert became a face of the house market. In a 2014 article entitled “What kind of track records do Quicken Loans and Dan Gilbert have in Detroit? Does anyone really care?” by Ray Felton, Gilberts impact on the market is chronicled.
A Detroit native, Quicken Loans founder Dan Gilbert has become a self-made billionaire through the housing market. The 52 year old currently owns some 60 building in the booming …show more content…
The suggestion of this is often debunked by the indication of the companies practices from 2005 till 2007. During this time, Quicken immediately sold 90 percent of its loans. In the early 2000s, this was an industry practice. Loans were often sold to what is know as a secondary market filled with viable consumers. As Gilbert noted, a company only has to offer warranties in two cases. These two cases are built around the ideas of borrower and internal fraud. Gilbert contends that borrower fraud is the most common of the two. As these events can result in things like the $6.5 million lawsuit, Gilbert views it as simply a part of the …show more content…
While will be the true answer to that question, the idea of how the city will grow is a theme in the hearts of many. A key question is whether Gilbert will stick to the idea of his mission to usher Detroit into better times. As the article states, for now, views Gilbert in a special light. For the city, business men like Gilbert are not uncommon. Through its history, massive amounts of power have been granted to individuals with wealth and influence. There is also the question of Gilbert’s true contribution to the city. The author notes, his fortune has been built in an industry that “caused the nation in general — and Detroit, in particular — so much grief.” (Felton, p. 12) This thought lead to the essential question of whether Quicken Loans was a major part of the housing crisis in Detroit. Furthermore, for Detroit, “is that a conversation we even want to have?” (Felton, p.
A Detroit native, Quicken Loans founder Dan Gilbert has become a self-made billionaire through the housing market. The 52 year old currently owns some 60 building in the booming …show more content…
The suggestion of this is often debunked by the indication of the companies practices from 2005 till 2007. During this time, Quicken immediately sold 90 percent of its loans. In the early 2000s, this was an industry practice. Loans were often sold to what is know as a secondary market filled with viable consumers. As Gilbert noted, a company only has to offer warranties in two cases. These two cases are built around the ideas of borrower and internal fraud. Gilbert contends that borrower fraud is the most common of the two. As these events can result in things like the $6.5 million lawsuit, Gilbert views it as simply a part of the …show more content…
While will be the true answer to that question, the idea of how the city will grow is a theme in the hearts of many. A key question is whether Gilbert will stick to the idea of his mission to usher Detroit into better times. As the article states, for now, views Gilbert in a special light. For the city, business men like Gilbert are not uncommon. Through its history, massive amounts of power have been granted to individuals with wealth and influence. There is also the question of Gilbert’s true contribution to the city. The author notes, his fortune has been built in an industry that “caused the nation in general — and Detroit, in particular — so much grief.” (Felton, p. 12) This thought lead to the essential question of whether Quicken Loans was a major part of the housing crisis in Detroit. Furthermore, for Detroit, “is that a conversation we even want to have?” (Felton, p.