Quicken Loans v. Marsha Gale Walters, Administratrix

LOUGHRY, C.J.,

dissenting, joined by KETCHUM, J.:

The majority’s illogical and legally unsound opinion takes a perfectly straightforward statute and, despite declaring it to be unambiguous, badly misconstrues it, making a perfectly lawful banking transaction illegal. West Virginia Code § 31-17-8(m)(8) prohibits only the predatory practice of making loans which on their face appear to be adequately collateralized, but actually exceed the securing property’s fair market value when aggregated with other loans. In no way does the statute prohibit making loans which exceed 100 percent…