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Executive At Center Of Bank Of America Mortgage Fraud Case Now Working For JPMorgan Chase

news.firedoglake.com | October 27, 2013

By DSWright

The Bank of America executive at the center of the recent mortgage fraud case – for which Bank of America was found liable by a jury – is not only still working on Wall Street, she is still working in the housing market. Rebecca Mairone, the architect of the scam known as “the Hustle”, now works for JPMorgan Chase as the Managing Director of Home Lending, according to her LinkedIn profile and a report by the New York Times.

Federal lawyers claimed that Ms. Mairone, who now works at JPMorgan Chase, led a program nicknamed the “hustle,” derived from the initialism HSSL, or the “high-speed swim lane.” The program linked bonuses to how fast bankers could originate loans and as a result, the credit quality of the borrower was given short shrift, the government contended. When the loans were sold to mortgage giants like Fannie Mae and Freddie Mac, they failed, generating more than $1 billion in losses.

Marione was found liable by the jury of one count of fraud for her conduct as an executive at Bank of America’s Countrywide unit. Her penalty has yet to be determined.

So while JPMorgan Chase negotiates to lower its fines and escape prosecution for the firm’s own fraudulent activities in the mortgage market, it is employing executives involved in mortgage fraud. Leading their home lending department no less! Something tells me JPMorgan Chase might not be turning over a new leaf.

It is bad enough that because of weak regulations, a bailout culture, and poor enforcement Wall Street is incentivized to continue the kind of criminal behavior that led to the 2008 financial crisis. But now it seems the banksters have no trouble employing the very same people who caused that crisis.

What ever happened to people getting banned from the securities industry if they were caught breaking the law?

 

Back to October 2013 Archive

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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