Jump to content
House Price Crash Forum
Sign in to follow this  
Saving For a Space Ship

Jury Finds Bank Of America Unit & Executive Liable For Mge Fraud

Recommended Posts

http://www.businessweek.com/articles/2013-10-23/jury-finds-bank-of-america-unit-and-an-executive-liable-for-mortgage-fraud

a jury found Bank of America’s (BAC) Countrywide unit liable for defrauding Fannie Mae and Freddie Mac with loans it should have known were substandard.

The penalty is yet to be determined. The government has requested a maximum of almost $850 million, Bloomberg News reported. Rebecca Mairone, a former executive at Countrywide, was also found liable, as the jury heard details of a program she oversaw called the High Speed Swim Lane—aka “the hustle”—that earned the lender at least $165 million.

The Justice Department is also on the verge of reaching a record $13 billion settlement with JPMorgan Chase (JPM) over faulty mortgage securities that the bank and two institutions it bought during the crisis, Bear Stearns and Washington Mutual, sold. Bank of America bought Countrywide in July 2008.

STORY: Hank Paulson: This Is What It Was Like to Face the Financial Crisis

During the four-week trial, prosecutors argued that HSSL processed nearly 30,000 loans with more regard for speed than quality. “Quality was no more than a distraction,” Assistant U.S. Attorney Jaimie Nawaday said ....

Edited by Saving For a Space Ship

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 406 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.