Residential lenders issued a record $435.8 billion of Ginnie Mae securities in 2015, according to Inside MBS & ABS, a handsome 47 percent increase from the prior year.
Quicken Loans is considering its next move – possibly a change of litigation venue – following last week’s ruling by a Michigan federal district court dismissing the lender’s lawsuit against the Department of Housing and Urban Development and the Justice Department for failure to state a claim. The lawsuit, which challenged the DOJ’s use of the False Claim Act and HUD’s use of statistical sampling in post-endorsement loan reviews, was filed in April 2015, a week before the DOJ sued Quicken for allegedly filing false claims on FHA mortgages and other violations. Quicken’s lawsuit claimed...
Overall, Ginnie securitization of FHA and VA purchase loans increased by 37.7 percent and 37.9 percent, respectively, during the third quarter, according to Inside Mortgage Finance’s database.
Prior to Quicken filing its suit in April 2015, HUD had tried to work out a multi-million dollar legal settlement with the lender, whereby Quicken would admit to wrongdoing.
Back in April, the privately held Quicken sued the two cabinet level agencies and their leaders, claiming the residential lender was a target of a “political agenda" under which the DOJ…
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