CNBC | May 9, 2016 Quicken Loans CEO Bill Emerson said Monday that the Detroit-based housing lender won't settle with the government over allegations of filing false claims on federally insured mortgages.
"For us, that's not something we can even begin to stomach," he told CNBC's "Squawk Box," saying he welcomes a jury trial. "[To] look our 12,000 team members in the eye and say, 'guess what, we committed fraud against the United States government' … we didn't. We won't say it."
Last year in a complaint, the Justice Department accused Quicken Loans of submitting or causing the submission of claims for hundreds of improperly underwritten loans insured by the Federal Housing Administration from September 2007 to December 2011. On the same type of issues, the DOJ has gone after many other lenders, which resulted in more than $100 million in mortgage settlements. Read more here.