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Countrywide Financial

The Daily Show: Still No Accountability For The Big Banks

The Daily Show: Still No Accountability For The Big Banks

From this Thursday's The Daily Show, guest host John Oliver took Wall Street and the SEC to task for allowing one after the other of these big banks to avoid any real criminal or civil liability for crashing the global economy.

Feds Sue Bank Of America

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.”