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Home | News | Government

DOJ Sues Quicken Loans for Alleged Improper Underwriting Practices

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Less than a week after Quicken Loans sued the Department of Justice and HUD, accusing them of coercing the Detroit-based lender into making false statements, the DOJ filed a lawsuit against Quicken accusing the lender of improperly originating and underwriting FHA-insured mortgages, according to an announcement from the DOJ on Thursday afternoon.

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White House Threatens to Veto Bill That Cuts CFPB Funding

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The bill calls for the establishment of advisory boards or councils within the CFPB of 15 to 20 members each for small businesses, credit unions, and community banks. The stated purpose of each advisory board or council is to "advise and consult" with the CFPB on issues that impact their respective groups.

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Quicken Loans Files Lawsuit Against Federal Agencies

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The Detroit-based lender claims the government has enjoyed “extraordinary profitability for FHA's insurance program” through its efforts, saying the company’s participation in FHA's program will proved the government more than $5.7 billion in net profits “from the insurance premiums collected above and beyond claims made from over $40 billion in FHA home loan volume closed by Quicken Loans during the 2007 to 2013 timeframe.”

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CFPB Amends Guidelines For Providing Lists of Housing Counseling Organizations

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Housing counselors‒‒which can be the lenders themselves‒‒can provide advice on buying a home, renting, defaults, foreclosures, and credit issues at little or no cost to consumers. The Dodd-Frank Act of 2010 included a requirement that mortgage lenders provide applicants with a list of local housing counselors, which consumers are to receive shortly after they apply for a mortgage.

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FHFA Launches Neighborhood Stabilization Pilot Program in Illinois

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The Neighborhood Stabilization Initiative is a set of strategies that aim to help delinquent borrowers avoid foreclosure and create a more efficient disposition path for foreclosed properties that will first be introduced in Cook County, Illinois. The housing market in the county, which contains Chicago, took a precipitous dive at the end of 2008 that took four years to reverse, according to data from DePaul University.

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