The Conservative Cave
Current Events => Politics => Topic started by: thundley4 on October 25, 2012, 04:22:47 PM
-
Bank of America sued for 'brazen' fraud at Countrywide
Bank of America sued for more than $1 billion as federal prosecutors charge Countrywide with mortgage fraud, such as the "Hustle." Bank of America sued because it bought Countrywide in 2008.
The latest federal lawsuit over alleged mortgage fraud paints an unflattering picture of a doomed lender: Executives at Countrywide Financial urged workers to churn out loans, accepted fudged applications and tried to hide ballooning defaults.
The suit, filed Wednesday by the top federal prosecutor in Manhattan, also underscored how Bank of America's purchase of Countrywide in July 2008, just before the financial crisis, backfired severely.
The prosecutor, Preet Bharara, said he was seeking more than $1 billion, but the suit could ultimately recover much more in damages.
"This lawsuit should send another clear message that reckless lending practices will not be tolerated," Bharara said in a statement. He described Countrywide's practices as "spectacularly brazen in scope."
http://www.csmonitor.com/Business/Latest-News-Wires/2012/1024/Bank-of-America-sued-for-brazen-fraud-at-Countrywide-video
Bank of America recently loaned $15m to Obama's Campaign. This seems suspicious to me.
Wasn't Countrywide the lender that made loans to politically connected people with very friendly terms?
Isn't Obama pushing banks to make loans easier to get for people that shouldn't be getting them, again. You know the sort of thing that caused the wole mortgage crisis in the first place?
I know this might belong in politics, but it fits with all the other shady actions by the Obama Regime.