Quicken Loans settles with Federal Housing Authority in fraudulent lending case

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Quicken Loans settles with Federal Housing Authority in fraudulent lending case

Quicken Loans settles with Federal Housing Authority in fraudulent lending case

CNN-

The Justice Department on Friday dismissed a lawsuit against Quicken Loans, after the company agreed to a $32.5 million settlement with the United States government. The agreement resolved years-long dispute over the company’s participation in a Federal Housing Administration lending program.

The government alleged in a 2015 lawsuit that Quicken Loans knowingly approved hundreds of loans insured by the FHA to unqualified borrowers. When the borrowers defaulted, the company profited off the loans ?— and cost the government millions, the complaint said.
Quicken Loans did not admit any wrongdoing as part of the settlement. Of the settlement funds, $25.5 million will go to recouping government losses, with another $7 million designated as interest on that amount, according to a statement Friday from a mediator who worked on the case, Judge Gerald Rosen.
[CNN]
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