Oct 25

US suit alleges ‘brazen’ fraud at Countrywide

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As the mortgage crisis continues to unfold, stories of illegal and unethical loan generation and the Department of Justice’s efforts at bringing suit against major players in the mortgage market become more commonplace. To the detriment of homeowners, and ultimately the country’s economy, Countrywide bank executives incentivized their employees to falsify documents and override internal checks on loans. This financial “Armageddon,” and efforts to hold banks accountable for their part in the crisis, will hopefully make the next generation of buyers more informed and banks more diligent.

Click here for more on the civil fraud lawsuit brought by the Justice Department against Countrywide/ Bank of America