By Christina Rexrode 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... Continue Reading »
Jul 10th 2012 11:30AM
Mark Calabria (pictured left) remembers drinking in one of the handful of bars "worth going to in the Capitol area" in 2005 when lobbyists with Countrywide Financial, then the largest mortgage lender in the country, struck up a conversation with him and his friends. At the time, Calabria was a staffer on the Senate... Continue Reading »
Dec 19th 2011 1:40PM
WASHINGTON -- Congressional investigators said Monday that four House members received VIP discounted loans from the former Countrywide Financial Corp., the lender whose subprime mortgages was largely responsible for the nation's foreclosure crisis. Rep. Darrell Issa (R-Calif.), chairman of the House Oversight and... Continue Reading »
Sep 14th 2011 5:30PM
The Labor Department ordered Bank of America to reinstate and pay $930,000 to a employee, who was fired after reporting instances of possible fraud among Countrywide Financial Corp. employees. The Labor Department's Occupational Safety and Health Administration division in San Francisco launched an investigation after a... Continue Reading »
May 24th 2010 2:00PM
Ever wish mortgage lenders could get a dose of the same bitter medicine they doled out to homeowners? Well, your dreams may soon be reality. Bond insurers, who guaranteed loan payments for mortgage-backed asset pools of home equity lines and loans, are seeking billions of dollars from Bank of America because of loans made... Continue Reading »
