Gilbert Defends Quicken Loans as the 'Gold Standard' of FHA-Backed Lenders

April 25, 2015, 1:46 PM

Dan Gilbert

Billionaire Dan Gilbert continued to aggressively defend his company, Quicken Loans, one day after the Justice Department filed a lawsuit that alleged that his firm approved hundreds of FHA mortgage loans that didn't meet federal standards, which ultimately cost the government millions of dollars.

Gilbert tells The Detroit News that the Justice Department is on "a witch hunt," an allegation he previously made, and wants to squeeze the company unfairly so it pays a nine-figure settlement.

"It's admitting you committed fraud. It's untrue," said Gilbert, 53, said of a proposed settlement. "The bottom line is they went on a witch hunt."

Gilbert said Quicken Loans is the "gold standard" of FHA-insured lenders and said the government is building a case by "cherry picking" evidence. The cherry picking comment was one that he also made the day the lawsuit was filed.

Gilbert wouldn't say how much the government wanted as part of a settlement, but suggested it exceeds $100 million, according to The News.

Read more:  The Detroit News

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