Today the United States filed a civil complaint for more than $1 billion against Bank of America, alleging that its component Countrywide engaged in a massive scheme to sell defective mortgage loans to Fannie Mae and Freddie Mac from 2007 to 2009. According to the lawsuit, "In order to increase the speed at which it originated and sold loans …
Countrywide eliminated every single checkpoint on loan quality and
compensated its employees solely based on the volume of loans originated."
Check out this AP report for more detail.
0 thoughts on “Government sues BoA for fradulent mortgage scheme”
Due Dilligence is only as good as those who review the findings.
Huge theatre for the benefit of the taxpayers who are footing the bill for this scam called “The GSE Business Model”. If you think that the GSEs were not fully complicit, I have a bridge for you in Brooklyn.
Richard Davet v Federal National Mortgage Association
What would you say to the skeptics that are out there that think that all players involved with the GSE Business Model are engaged in a simple criminal scheme, albeit of a dimension that we have never seen before, that a prosecutor would call “theft by deception” with the American taxpayer as the victim?