Conservative Headlines By Conservative Headlines
The New Observer writes:
The rabbis of the Agudath Israel of America—the major orthodox Jewish community organization—have issued a Jewish legal ruling warning Jews not to take out loans with America’s largest mortgage lender, Quicken Loans, because it is owned by Jews and Jews are only allowed to charge non-Jews interest.
If you’re an Orthodox Jew with a mortgage from Quicken Loans, you might be in trouble.
Agudath Israel of America, a major haredi Orthodox organization, issued a Jewish legal ruling last month prohibiting Jews from taking out loans from the Detroit-based company because it is majority-owned by Jews. Quicken Loans, which claims to be America’s largest mortgage lender, also owns Rocket Mortgage, the online mortgage agency.
Daniel Gilbert, born to a Jewish family, is the owner of Quicken Loans and the Cleveland Cavaliers.
Jewish law, known as halacha, forbids Jews from charging interest to other Jews. So Jews are allowed to own mortgage agencies — and lend to non-Jewish customers — but they are not allowed to sell fellow Jews a 30-year fixed rate (or anything else). Likewise, if you’re a new Jewish homeowner, halacha says you are not allowed to take out a mortgage with a Jewish-owned company. The same also goes for other kinds of loans.
Quicken Loans, which is America’s largest mortgage lender, also owns Rocket Mortgage, the online mortgage agency.
According to the JTA, “Jewish law, known as halacha, forbids Jews from charging interest to other Jews. So Jews are allowed to own mortgage agencies — and lend to non-Jewish customers — but they are not allowed to sell fellow Jews a 30-year fixed rate (or anything else).”
“Likewise, if you’re a new Jewish homeowner, halacha says you are not allowed to take out a mortgage with a Jewish-owned company. The same also goes for other kinds of loans,” the JTA article explains.
“Prominent leading halachic authorities have issued a [ruling] that any Jew who obtains a loan with interest from Quicken Loans or any of its subsidiaries is in danger of transgressing the prohibition of Ribbis D’oraisa,” said the Agudath Israel ruling, using a Hebrew term for the biblical commandment against interest…
READ FULL ARTICLE HERE… (conservative-headlines.org)
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