Andrew L. Sandler Quoted in Law360 Article, "Quicken Loans Atty Says DOJ Lending Crusade Went Too Far"
May 4, 2015
Andrew L. Sandler was quoted in Evan Weinberger's Law360 article, "Quicken Loans Atty Says DOJ Lending Crusade Went Too Far," on Monday, May 4, 2015.
Quicken’s complaint comes as the Justice Department continues to wield the False Claims Act in cases against mortgage lenders alleged to have used faulty underwriting standards to defraud the FHA. The most recent settlement came in February, when MetLife Inc. agreed to a $123.5 million deal. In June, SunTrust Mortgage Inc. agreed to pay nearly $1 billion to settle claims similar to those MetLife later copped to. And talks between the DOJ and Wells Fargo & Co. over a similar settlement have broken down.
Quicken’s case will thus be watched closely by the mortgage industry, said Andrew L. Sandler, chairman of BuckleySandler LLP.
“Quicken has raised some very real and significant concerns about the current approach,” he said.
Quicken alleges that the Justice Department and HUD, which is also a defendant in the suit, told the firm that the investigation was based solely on the size of the firm’s lending operations and importance to the FHA when Quicken opened about three years ago.
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