In another email to other senior management, Mr. Lyon recognized that the income was ‘evil and horrible,’ Quicken certified the loan qualified for FHA insurance and endorsed this loan for FHA insurance, committing FHA to the risk of the borrower defaulting.” In one section of the lawsuit, prosecutors claim Quicken Loan VP of Mortgage Operations Mike Lyon approved a loan that was based on “bastard income.” The complaint says, “In an email discussing the borrower’s income used to approve an FHA insured loan, Quicken’s Operations Director, Mike Lyon, explained the loan was underwritten with ‘bastard income,’ which he defined as ‘trying to put some kind of income together that is plausible to the investor even though we know its creation comes from something evil and horrible.’ Even though Mr.

The government wants Quicken to pay tens of millions in fines and penalties.Īccording to prosecutors, Quicken ignored underwriting red flags, pushed appraisers to boost appraisal numbers and ignored government mortgage guidelines. Department of Justice sued Quicken Loans under the False Claims Act, a Civil War anti-fraud statute. They say he has defrauded taxpayers of millions of dollars. The government claims his company, Quicken Loans, bullied appraisers and underwriters to fudge numbers simply to close loans. How he got the money to fund his ambitious redevelopment plan and how he operates the mortgage company he founded is a different story. He has poured millions of dollars into the Motor City in the hopes that it can once again be a vibrant city. Dan Gilbert is a household name in Detroit. Justice Department Settles with Quicken Loans… Learn the Real Story

Sams quicken home and business 2019