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Volume 10 - Number 6

March 17, 2017

Quicken Loans Notches First Win After Court Narrows Scope of Case

A favorable court ruling on the statute of limitations for filing claims under the False Claims Act gave Quicken Loans its first win in a closely watched government case involving allegedly fraudulent FHA loans. Judge Mark Goldsmith of the U.S. District Court for the Eastern District of Michigan dismissed portions of the Department of Justiceís lawsuit against Quicken in a March 9 decision, narrowing the lenderís potential liability for FHA losses. The losses were blamed on sloppy underwriting, fraudulent certification and loan performance. The DOJ said the FHA would not have knowingly insured the loans had it known they were defective. The DOJ and the Department of Housing and Urban Developmentís inspector general began an investigation of Quickenís FHA lending activities in April 2012. The investigation encompassed some 246,000 FHA loans, which Quicken originated from ...

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