Posted on 12/08/2011 6:34:35 AM PST by Wolfie
Ex-Countrywide Exec Blows The Lid Off The Systemic Fraud At The Company
Eileen Foster, a former senior executive at Countrywide Financial, told CBS's "60 Minutes" Steve Kroft that mortgage fraud was a way of business.
"From what I saw, the types of things I saw, it was it appeared systemic. It, it wasn't just one individual or two or three individuals, it was branches of individuals, it was regions of individuals," she told Kroft.
Foster, an ex-senior vice president at the mortgage lender tasked with monitoring and investigating possible fraud, said she found evidence of widespread mortgage fraud during an investigation in Boston.
"All of the the recycle bins, whenever we looked through those they were full of, you know, signatures that had been cut off of one document and put onto another and then photocopied, you know, or faxed and then the you know, the creation thrown thrown in the recycle bin," she said.
What's more is she told "60 Minutes" that Countrywide employees had a financial incentive to make these risky loans.
"The loan officers received bonuses, commissions. They were compensated regardless of the quality of the loan. There's no incentive for quality. The incentive was to fund the loan. And that's that's gonna drive that type of behavior."
In 2008, Bank of America agreed to acquire Countrywide for basically scrap change. Foster received a promotion at BofA.
Shortly after, the mortgage lender was being investigated for possible fraud and she was going to have to speak with government regulators. However, she was ousted by the company before she could answer regulators' questions.
(Excerpt) Read more at articles.businessinsider.com ...
This is the same liberal SeeBS that had a 60 Minutes program in the ‘90s about the evil banks “redlining” certain areas so that The Poor could not buy homes.
Naturally, the Cliintoons hopped right on to that bandwagon and passed legislation that enabled The Poor to buy homes with no down payment and no employment.
“60 Minutes” should also share in the blame for the housing crash because they helped get the ball rolling.
1.
Correction: Mozilo will not die in prison, something else will happen to him because:
“Obama’s Justice Department Lets Mozilo of Countrywide Notoriety Skate.”February 20, 2011
Holder saves himself the trouble of writing at least one Pardon letter for Obama. Mozilo must have a super packet of “TO BE OPENED IN CASE OF MY DEATH” info.
This is why orignal wet ink documents are required in some states and MUST be required in the rest.
cut and paste is criminal.
Where are the AGs? Florida’s is a HUGE dissapointment to the point of complicity.
State AG’s might get on it, but the Feds certainly won’t. Seek out the 60 minutes piece on the web. The Justice Dept. head wasn’t even interested in talking to the people like Aileen Foster. “They should call us”, were his exact words.
This was their plan all along.. give the homes to people that cannot afford them, then let the taxpayers bail them out in the end. It’s a Progressive “redistribution” plan from the get go and the ones who “have it” will soon “not” because of the socialists running this country (who are all getting rich off of it, btw).
Disgusting.
Blago may believe that, but Zer0 is more likely to leave hem stuffed under the bus. It’s the way of the 0ne.
I have seen more than one brokerage use rapid rescore to qualify the unqualified for a mortgage than give the grateful borrower a rate several points higher than that for which they would qualify after the Rapid Rescore, thereby taking those several points (1% of the total loan) on the back end for the broker
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The MSM did many reports about the housing bubble. What they did not report about was the systematic fraud in Freddie and Fannie and mortgage credit fraud.
The MSM consistently lied about that.
That is what I was wondering when I clicked on this thread and yes, she was very impressive.
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