Relevant:
- Bank of America Sued for Alleged Countrywide "Hustle" Loans
- The Oddest Revelation From the Bank of America Fraud Suit
- Bank of America liable for Countrywide "Hustle" mortgages fraud
- Feds sue BofA for $1 billion over loans sold to Fannie, Freddie
- 'Massive fraud' at center of trial against BofA over U.S. mortgages
2012-10-25 — homepreservationnetwork.com
According to Mortgage Daily:
The suit alleges the from at least 2007 through 2009 implemented a new loan origination process called the "Hustle," which was intentionally designed to process loans at high speed and without quality checkpoints, and which generated thousands of fraudulent and otherwise defective residential mortgage loans sold to Fannie Mae and Freddie Mac (the GSEs) that later defaulted. The Hustle continued under the ownership of BOA.
Oddly enough the suit alleges that the GSE's relied on the lenders' to determine the legitimacy of the loans. A little like saying, "Why would I look in the box when you told me there were magic beans in it?"''
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