From American Kabuki.
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Bank Of America Mortgage Fraud: Feds Sue For Over $1 Billion Alleging Multi-Year Scheme
Posted: 10/24/2012 12:20 pm EDT Updated: 10/24/2012 2:07 pm EDT
Ben Hallman
http://www.huffingtonpost.com/2012/10/24/bank-of-america-mortgage-fraud_n_2009791.html
Federal prosecutors sued Bank of America for $1 billion on Wednesday, alleging that the bank's former Countrywide unit concocted a mortgage scheme it called the "Hustle" in order to sell thousands of fraudulent and otherwise defective mortgage loans to Fannie Mae and Freddie Mac.
"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," the lawsuit, filed in Manhattan federal district court, alleges.
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