Ben Hallman: Mortgage Fraud Lawsuits Fail To Deter Bank Cheating, Experts Say

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Ben Hallman: Mortgage Fraud Lawsuits Fail To Deter Bank Cheating, Experts Say

Ben Hallman: Mortgage Fraud Lawsuits Fail To Deter Bank Cheating, Experts Say

It’s an addiction for both sides and nothing will ever get done until the government breaks itself from settlements. If you can’t handle your business then step down and let someone competent do the job.

HuffPO-

Even in the movie version of the financial crisis, the giant mortgage company accused by the U.S. government of rampant fraud and abuse wouldn’t be so obvious as to nickname its mortgage lending program “the Hustle.”

The real-life Countrywide Financial, however, was not known for its subtlety. In 2007, as the mortgage market was collapsing, Countrywide, now part of Bank of America, used the hustle — officially, a program it called the “High Speed Swim Lane” — to eviscerate lending standards in order to keep pumping out home loans, even though many were fraudulent, according to a lawsuit filed by the U.S. government last month.

Despite the abuses alleged in this lawsuit, described as “spectacularly brazen in scope” by Manhattan U.S. Attorney Preet Bharara, the federal government accused no individual bank executives with wrongdoing in the case. Nor have authorities singled out individuals in recent civil lawsuits against Wells Fargo, JPMorgan Chase or Credit Suisse, the three other banks sued in the last two months by members of a high-profile task force created by President Barack Obama this year to investigate mortgage fraud.

[HUFFINGTON POST]

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