![]() ![]() ![]() The government's complaint had alleged that from September 2007 through December 2011, Quicken knowingly submitted or caused the submission of claims for hundreds of improperly underwritten FHA-insured loans. More: Dan Gilbert companies, partnerships and other investments More: Dan Gilbert update after stroke: 'Recovery process will take time ' humor is intact to try mediation to resolve "bad loans" lawsuit More: Judge orders Quicken, Justice Dept. District Court for the District of Columbia against Quicken Loans for improperly originating and underwriting mortgages insured by the Federal Housing Administration. "All parties fully understand the important role the FHA program plays in helping middle-class Americans access home financing, and this resolution allows the parties to move ahead together with that mission and to ensure their future relationship."Ī trial had been expected to begin in the summer.īack in April 2015, the United States filed a complaint in U.S. "This resolution is in the interests not only of the parties, but of the home-buying public," Rosen said. "The parties worked diligently, and in good faith, to mediate for a solution to resolve their differences and to put the dispute behind them," Rosen said in a statement Friday. District Judge Mark Goldsmith in Detroit ordered the Justice Department and Quicken Loans to attempt a settlement. Rosen is best known as the mediator in the City of Detroit's 2013-14 municipal bankruptcy. The Quickens Loans case had gone before a mediator, former federal Judge Gerald Rosen, in April after U.S. Quicken Loans has said the company is the nation's largest FHA-lender in the country and it has had the FHA's lowest delinquency and default rates in the nation for years based on the FHA's own standards. He declined to detail what mistakes were made or how many specific mortgages were involved. "At the end of the day, I think this was a fishing expedition from a previous DOJ."Īs time went on, Emerson said the government's case "got smaller and smaller and smaller." "We did exactly what we said we would do from the beginning," Emerson said. ![]()
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