Quicken Loans To Shell Out $32.5M To End FHA Loans Suit
Law360 (June 14, 2019, 10:12 PM EDT) -- Quicken Loans Inc. has agreed to pay $32.5 million to the federal government to resolve a False Claims Act suit accusing the mortgage lender of falsely certifying Federal Housing Administration loans, a federal mediator announced Friday.
As a result, a Michigan federal judge on Friday issued an order dismissing with prejudice the government’s 2015 suit claiming Quicken knowingly submitted false claims for hundreds of improperly underwritten FHA-insured loans, raking in millions of dollars in insurance payments on defective loans.
The suit is a holdover from the U.S. Department of Justice’s campaign to hold mortgage lenders accountable following the housing market collapse...
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