Thank god for whistleblowers! Countrywide Financial Corp’s former vice president decided to spill the beans about some shady lending practices. Thanks to his honesty, a federal judge recently imposed a penalty of $1.27 billion on Bank of America (owners of Countrywide).
The penalty came in response to shady loan practices from Countrywide. A company program, nicknamed “Hustle,” encouraged employees to hand out a large quantity of loans, with little emphasis being placed on ensuring the quality of the loan. According to Reuters, the Hustle program was “widely seen as a key factor in the recent U.S. housing crisis.” Read more here.
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