The United States filed a civil mortgage fraud lawsuit against Bank of America Corp, accusing it of selling thousands of toxic home loans that later defaulted to Fannie Mae and Freddie Mac, leading to more than $1 billion of losses. U.S. Attorney Preet Bharara in Manhattan said the scheme, known as the “Hustle” — a modification of “HSSL,” which stood for “High-Speed Swim Lane” — was invented in 2007 by Countrywide Financial Corp, which Bank of America bought the following year, and lasted through 2009. He said the scheme was deliberately designed to process loans at high speed without checks on their quality, and resulted in “countless” foreclosures. Bank of America did not immediately respond to requests for comment. READ ON: U.S. sues Bank of America over “Hustle” mortgage fraud
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The United States filed a civil mortgage fraud lawsuit against Bank of America Corp, accusing it of selling thousands of toxic home loans that later defaulted to Fannie Mae and Freddie Mac, leading to more than $1 billion of losses.

U.S. Attorney Preet Bharara in Manhattan said the scheme, known as the “Hustle” — a modification of “HSSL,” which stood for “High-Speed Swim Lane” — was invented in 2007 by Countrywide Financial Corp, which Bank of America bought the following year, and lasted through 2009.

He said the scheme was deliberately designed to process loans at high speed without checks on their quality, and resulted in “countless” foreclosures.

Bank of America did not immediately respond to requests for comment.

READ ON: U.S. sues Bank of America over “Hustle” mortgage fraud

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    well this is awkward
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    I was about to post this very article!
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    Credit Union. Too bad I love...travel. #luxuryproblems
  17. lamierdita reblogged this from reuters and added:
    BoA.. you are going DOWN. I so loathe your business practices...ethics. I can ans will...
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  19. yellowhammer-blurb said: imbeciles
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    lawsuit. All this time...one person has been brought up on criminal charges much less...
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