Saturday, October 26, 2013
Pay a fine, walk away
"Bank of America was found liable for fraud Wednesday for a program — dubbed "the Hustle" — that caused millions in losses to federally backed mortgage finance firms Fannie Mae and Freddie Mac amid fallout from the financial crisis.
The civil verdict by a Manhattan federal court jury similarly found the bank's Countrywide Financial unit found liable, and also determined that former Countrywide executive Rebecca Mairone committed fraud while overseeing the loan-origination program."
The problem here is they walk away and all the millions of people who lost there homes still have never been compensated.