U.S. Justice Department Sues Quicken Loans for Mortgage Fraud
Quicken Loans is being charged with mortgage fraud by the U.S. Justice Department for approving hundreds of mortgage loans that didn’t meet federal standards.
On Thursday, April 23, the Department of Justice reported that between September 2007 and December 2011, Quicken Loans approved, underwrote and certified the insurance for these loans that didn’t meet requirements.
The U.S. Department of Housing and Urban Development insured the loans, and when the loans defaulted, Quicken filed for reimbursement.
In a statement, Quicken Loans called the lawsuit “abusive” and the government investigation a “witch hunt.”
Image via Instagram/quickenloans