Skip to main content

Quicken Loans to Face DOJ in Washington, Not Detroit

Phil Hall
Jan 04, 2016

Lost in the New Year’s Eve shuffle of falling confetti and popping champagne corks was an ignoble end to Quicken Loans’ attempt to preemptively sue the federal government ahead of Washington’s legal challenge to the Detroit-based lender.

According to a Detroit Free Press report, a federal judge dismissed Quicken Loans’ efforts to have the Department of Justice’s case against the company heard in Detroit instead of in U.S. District Court in Washington, D.C. The company brought its lawsuit ahead of the DOJ’s litigation, which involves charges of improper underwriting on Federal Housing Administration (FHA)-insured mortgages.

"Given the procedural posture in this case, it certainly appears as though Quicken's complaint was filed for the purpose of acquiring a favorable forum," wrote Judge Mark Goldsmith in a 24-page decision. "Quicken filed its lawsuit less than a week before the looming (government) enforcement action was filed."

Judge Goldsmith added that having the case heard in Washington would be "the preferable arena" for addressing a case of this nature.

Quicken CEO Bill Emerson issued a statement on Thursday afternoon that brushed aside the ruling and continued the company’s charges that the federal government had no case against the company.

"This temporary procedural setback does not deter Quicken Loans from exposing the truth about the DOJ's egregious attempts to coerce unjust 'settlements' from its victims including Quicken Loans by using the guise of the heavy hand and power of the federal government in doing so," said Emerson.

The DOJ offered no public comment on Judge Goldsmith’s ruling.

Published
Jan 04, 2016
Feds Reviewing Appraisal Standards, Qualifications

Appraisal Subcommittee said requirements are being reviewed to determine whether they ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and in the training and credentialing of appraisers.

Regulation and Compliance
Oct 20, 2021
​​​​​​​FHFA OK's Desktop Appraisals, Expands Refi Criteria

The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities. 

Regulation and Compliance
Oct 19, 2021
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021
Waterstone Mortgage Names VP Of Compliance

Waterstone Mortgage Corporation named Kris Barros as the company's vice president of compliance.

Community
Oct 08, 2021