Federal prosecutors hit Bank of America with a $1 billion lawsuit Wedesday, accusing the bank of mortgage fraud that contributed to the housing crisis. Bank of America became entangled in the scheme -- known as “High-Speed Swim Lane” or “Hustle” -- when it purchased Countrywide Financial in July 2008, just as the economy was slipping into recession. Countrywide, a mortgage lending giant, was already known for approving risky loans when it introduced its “Hustle” program to churn out more loans, effectively eliminating a system that ensured the mortgages were being made to buyers who could afford them. A top U.S. attorney said the bank’s fraud was “spectacularly brazen in scope.”
Congratulations! You have your own bank, as in the Yes Men</a> strike again...
Thursday, March 8th, three female "CODEPINK" protesters stormed the stage in a Waldorf Astoria ballroom, stripped to their bras, and began yelling at a room full of bankers who just moments before had been listening to Bank of America CEO
The Obama Administration announced a $335 million settlement deal with Bank of America to settle charges of discriminatory lending practices. Here is, in ascending order of importance, the good, the bad, and the ugly. The Justice Department
Federal Reserve Headquarters (Eccles Building), Washington DC It took the journalists at Bloomberg News two years - and presumably lots of legal fees - to pry information out of the Federal Reserve that should have been made public long ago. We
Seems Bank of America's CEO Brian Moynihan is getting a little testy after weeks of Occupy Wall Street protests, and that has him on a mission to improve his corporation's tattered image. From Bloomberg News: Moynihan, 52, told employees