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In 2008, Bank of America purchased Countrywide and inherited its mortgage program called the "hustle". This lawsuit claims that Bank of America continued to operate the hustle. It consisted of rubber-stamping risky home loans. And, then selling them to government-controlled Fannie Mae and Freddie Mac, throughout 2009 despite the program's poor performance.
In fact, Bank of America purchasing Countrywide, inheriting its program, and continuing to operate the hustle reminds us of one other lawsuit.
This new lawsuit is very similar to another recently filed; Bank of America settled for one billion dollars in an attempt to make right their past behavior of making poor loans and concealing the defect rates of loans that they sold to Fannie Mae and Freddie Mac. The two firms are also continuing to push banks to repurchase billions of dollars in bad mortgage loans. These lawsuits filed by the Justice Department and the Federal Housing Finance Agency against Bank of America and 17 other large banks in the past year are intended to send a message that the reckless lending practices of the past will not be tolerated.
If you have questions about foreclosure, loan modification, bankruptcy; or other alternatives, please feel free to call my office at 888-886-0020. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
Emil specializes in consumer bankruptcy, debt settlement, and mortgage modification, offering a holistic approach to solving mortgage and debt problems. Emil listens to clients, understands their circumstances and goals, and helps them make the right choices by presenting all options and contingencies.
He is dedicated to helping South Floridians regain their financial freedom from overwhelming debt caused by high interest credit cards, bad mortgage loans, and uninsured medical expenses.
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