Quicken Loans fires back at US Justice Department over lawsuit

Posted at 6:28 PM, Mar 10, 2017
and last updated 2017-03-10 19:35:29-05

Quicken Loans CEO Bill Emerson is firing back at the feds who allege Quicken Loans knowingly violated FHA rules when it made bad loans from 2007 to 2011. 

Quicken has scored two victories - getting the case moved from Washington, DC to its hometown, Detroit, and getting a judge Thursday to dismiss part of the feds case.

The judge ruled that loans before April of 2009 can not be part of the case.

Emerson tells 7 Action News that the government is going after big lenders in a "money grab" to get them to settle rather than fight. 

The feds allege Quicken ignored red flags in hundreds of bad loans that taxpayers had to cover through FHA insurance. 

The Quicken case is set for trial in 2019. 

Company executives including Developer Dan Gilbert say they will fight it to the end no matter what the cost.