(frankieleon)

Bank Of America Found Liable For Countrywide’s “Hustle” Scam

A federal jury has found Bank of America (and a current JPMorgan executive) liable for a Countrywide Financial program that knowingly sold piles of cruddy home loans to Fannie Mae and Freddie Mac, meaning the bank could face nearly $850 million more in penalties added to the $40 billion-plus court tab it has tallied since acquiring the cratering mortgage-lender in 2008. [More]

(taberandrew)

U.S. Lawsuit Against Bank Of America Given Go-Ahead For Trial

It’s been nearly a year since the U.S. government sued Bank of America over Countrywide’s sale of billions of dollars worth of toxic loans to Fannie Mae and Freddie Mac. Predictably, BofA has attempted to have the case dismissed, but a federal judge has given the green light for the suit to finally head to trial next month. [More]

Whistleblower Involved In Outing Big Banks Says Keeping It Secret For 3 Years Wasn’t Easy

Whistleblower Involved In Outing Big Banks Says Keeping It Secret For 3 Years Wasn’t Easy

Not being able to tell your family why you were out of work and broke for three years would be something most of us couldn’t even imagine. One of the whistleblowers involved in the investigation that led to this year’s $25 billion mortgage settlement with some of the nation’s biggest banks says he had a pretty rough time waiting things out, while not being able to utter a word to his loved ones. [More]