I'll tell you what.. from my experience, countrywide wasn't even the worst about loan fraud, but they were the biggest doing it on that scale.
It was standard practice to up the buyers stated income, falsely validate work history, forge signatures, and forge appraisals towards closing loans. Why? incentives.
Turn and burn was the name of the game in 2004-2007 mortgages, whether the people qualified or not, they were gonna get that home they couldn't afford so brokers could live the dream. As this story shows, the corruption went all the way to the top and whistle-blowers who warned executives about the widespread deception found themselves standing in the unemployment line...
How Bank of America Covered Up Fraud by Silencing Whistleblowers
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Monday, October 17, 2011
How Bank of America Covered Up Fraud by Silencing Whistleblowers
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