Former FHA chief Dave Stevens: “This settlement marks an end to the era of overly aggressive legal action using FCA as a means to leverage lenders into large settlements.”
"Now having been in the mortgage industry for over 30 years, HUD’s mortgagee letter is perhaps one of the most egregious and ill-advised actions that I have seen taken by a government agency in many years," said Anne Canfield, a partner at Michael Best Strategies.
A U.S. district court judge in Detroit has directed Quicken Loans and DOJ to settle via mediation their dispute over poorly underwritten FHA loans. But will they?