The gal who wrote the article is a fan of Hillary. The Huffington Post likes her. This banker did nothing wrong as the problem was in the law and the CRA. Yes, the Community Readjustment Act and all the NINJA loans. We went over this some years back. This is nothing but an attempt to blast Corker and the Reps.
A federal jury has found Bank of America (and a current JPMorgan executive) liable for a Countrywide Financial program that knowingly sold piles of cruddy home loans to Fannie Mae and Freddie Mac, meaning the bank could face nearly $850 million more in penalties added to the $40 billion-plus court tab it has tallied since acquiring the cratering mortgage-lender in 2008.
The Justice Dept.’s lawsuit against BofA and former Countrywide exec Rebecca Mairone alleged that, through a program called the High Speed Swim Lane (or the “Hustle”), the lender deliberately removed the standard speed bumps and tollgates to loan approval. Doing away with these underwriting safeguards allowed Countrywide to quickly sign off on hundreds of millions of dollars in loans that should never have been made, all with the goal of selling these mortgages off to Fannie and Freddie as quickly as possible.
About 43% of loans sold by Countrywide to Fannie and Freddie while the Hustle was running turned out to be defective.
http://consumerist.com/2013/10/23/bank-of-america-found-liable-for-countrywides-hustle-scam/