Quicken Loans Founder Accuses DOJ of Shakedown in Mortgage Fight

Dan Gilbert: Happy Trump Will Take On ‘Crazy Regulation’

Quicken Loans Inc. founder Dan Gilbert, whose company has refused to settle a lawsuit with the Department of Justice, said he’s looking forward to new leadership under President-elect Donald Trump.

The Justice Department sued Quicken in 2015 following a three-year investigation, claiming the Detroit-based company approved hundreds of mortgages backed by the Federal Housing Administration that didn’t meet federal guidelines. Quicken ranks as the No. 2 U.S. mortgage provider behind Wells Fargo & Co.

“You have an out-of-control Department of Justice going after businesses and shaking them down,” Gilbert, 54, who also owns the Cleveland Cavaliers basketball team, said in a Bloomberg Television interview aired Monday. “Businesses or people, if you’re not wrong, then you shouldn’t settle because all you’re doing is feeding the monster.”

Gilbert, interviewed at North American International Auto Show in Detroit, said he has “hope” for the department under Trump’s attorney general nominee, Republican Senator Jeff Sessions of Alabama. Sessions’s Senate confirmation hearing is scheduled to begin Tuesday.

    Before it's here, it's on the Bloomberg Terminal.
    LEARN MORE