According to CBS News, The Justice Department is suing Quicken Loans, which allegedly approved hundreds of mortgage loans that didn’t meet federal standards.
The U.S. Department of Federal Housing and Urban Development said it had already paid millions of dollars in claims on the loans Quicken underwrote that defaulted, and more claims could be coming.
In response, Quicken sued the federal government last Friday, saying it had done nothing wrong and that the government’s investigation was a “witch hunt.”
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Financing
Q1 2024 Foreclosure Activity Rises Slightly
Data show New York, Houston, and Chicago topping the list of major metros with the greatest number of foreclosure starts during Q1 2024