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 »
Dec 21st 2011 5:20PM
Attorney General Eric Holder announced one of the biggest fair-lending settlements in U.S. history with Bank of America agreeing to pay $335 million to settle complaints levied against Countrywide Financial Corp. by the Department of Justice. During a press conference Wednesday, Holder said that his office investigated... 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 »
