BofA's Darling Countrywide Accused of Doing the Hustle

It’s taken them quite a long time to get around to this.

 

From DS News

 

Justice Department Sues BofA for Over $1B, Alleging Mortgage Fraud

Manhattan U.S. Attorney Preet Bharara announced a lawsuit against the bank in a release Wednesday over "defective" loans that were sold to Fannie Mae and Freddie Mac. The lawsuit stems from origination practices from Countrywide, which BofA acquired in 2008. According to the complaint, Countrywide implemented a loan process called the "Hustle," which pushed loans through the origination process by eliminating quality checkpoints. A spokesperson for Bank of America said the bank "has stepped up and acted responsibly to resolve legacy mortgage matters." » Read More

 

 

- sunil

 

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