The billionaire founder of Quicken Loans Inc. has vowed that the company will never settle a lawsuit alleging fraud on government-insured mortgages. A hearing in the case was held Thursday.
Back in 2015, the Department of Justice and the Detroit-based online lender began a litigation battle over alleged practices on loans insured by the Federal Housing Administration.
According to the government, Quicken represented that certain FHA-insured loans had been underwritten with due diligence and were eligible for FHA insurance when, in fact, they weren’t.
Source: Mortgage Daily