New York The Justice Department on Friday dismissed a lawsuit against Quicken Loans, after the company agreed to a $32.5 million settlement with the United States government. The agreement resolved a years-long dispute over the company's participation in a Federal Housing Administration lending program.
The government alleged in a 2015 lawsuit that Quicken Loans knowingly approved hundreds of loans insured by the FHA to unqualified borrowers. When the borrowers defaulted, the company profited off the loans — and cost the government millions, the complaint said. Quicken Loans did not admit any wrongdoing as part of the settlement. Of the settlement funds, $25.
Corruption at the tippy top
And the setting is up for the next recession born of unscrupulous lending in the mortgage game.....deja vu?
Unqualified buyers everywhere: Where can I get one of these loans you’re talking about?
This wasn't even a penalty. It was simple recuperation of the money the government lost, plus interest.
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