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Countrywide verdict a major victory for US Justice Department

nytimes.com | October 27, 2013

According to a Reuters report, the verdict rendered by a New York federal jury which found the Countrywide unit of Bank of America Corp liable for mortgage fraud was a major victory for the US government. The US Justice Department had received criticism for its failure to bring banks and bank officials to trial for their role in the financial crisis.

Government regulators had continued their probe on lenders. The latest decision came in the wake of a USD 13 billion settlement that JPMorgan Chase & Co had offered to resolve claims brought against its mortgage business.

The crux in the case against Countrywide was the "High Speed Swim Lane" or "Hustle" which the unit began in 2007. The Justice Department said "Hustle" discarded loan-quality checks and paid employees based on the volume and speed with which they processed applications. This made "Hustle" fraudulent and defect-ridden.

The entire process was under the management of Rebecca Mairone who was the Chief Operating Officer of the Full Spectrum Lending Division of Countrywide. Mairone was also found by the federal jury to be liable for one charge of fraud.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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