Dan Gilbert’s Legal Trickery Blows Up In His Face. Federal Judge Smacks Down Quicken Loans Preemptive Lawsuit Against DOJ The preemptive lawsuit filed Quicken Loans against the Department of Justice and HUD blew up in Dan Gilbert’s face. U.S. District Judge Mark A. Goldsmith rejected Quicken’s arguments for the suit. Quicken Loans was attempting to […]
The DOJ’s False Claims Act Suit Could Force Quicken Loans To Give Up FHA The legal battle between Quicken Loans and the DOJ may drive Quicken out of FHA lending. The DOJ’s alleges that Quicken knowingly submitting hundreds of fraudulent loans insured by the Federal Housing Administration Quicken Loans owner Dan Gilbert had several of his infamous Veruca […]
JPMorgan Chase Claims That FHA Loans Are Government Backed Subprime Loans FHA loans that were originally intended to give first-time buyers easy access to mortgages are being compared to the very loans that contributed to the housing crisis. Kevin Watters, CEO of Chase Mortgage Banking told CNBC, “FHA requirements are down to a 520 FICO […]
A History Of Fraud Allegations + Gilbert’s Inflated Ego = No More Quicken Loans Last week, the U.S. Department of Justice filed a lawsuit against Detroit based Quickens Loans under the False Claims Act alleging that Quicken Loans bullied appraisers in order to receive higher values for applicants and that underwriting managers encouraged underwriters to […]
Quicken Loans Faces Losing Billions Of Dollars If Found Liable Under False Claims Act Detroit-based Quicken Loans has been sued by the DOJ today under the False Claims Act. The DOJ alleges that Quicken bullied appraisers to receive higher values for applicants. They also allege underwriting managers encouraged underwriters to “fudge” the incomes of hundreds […]
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