Statement Of Manhattan U.S. Attorney Preet Bharara On The Countrywide, Bank Of America, And Rebecca Mairone Verdict

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Statement Of Manhattan U.S. Attorney Preet Bharara On The Countrywide, Bank Of America, And Rebecca Mairone Verdict

Statement Of Manhattan U.S. Attorney Preet Bharara On The Countrywide, Bank Of America, And Rebecca Mairone Verdict

FOR IMMEDIATE RELEASE

Wednesday, October 23, 2013

“Almost a year to the day after we brought suit, a unanimous jury has found Countrywide, Bank of America, and senior executive Rebecca Mairone liable for making disastrously bad loans and systematically removing quality checks in favor of its own balance. As demonstrated at trial, they adopted a program that they called “the Hustle,” which treated quality control and underwriting as a joke.

In a rush to feed at the trough of easy mortgage money on the eve of the financial crisis, Bank of America purchased Countrywide, thinking it had gobbled up a cash cow. That profit, however, was built on fraud, as the jury unanimously found.

In this case, Bank of America chose to defend Countrywide’s conduct with all its might and money, claiming there was no case here. The jury disagreed. This Office will never hesitate to go to trial to expose fraudulent corporate conduct and to hold companies accountable, particularly when it has caused such harm to the public.

I want to thank the members of the jury for their service in this important trial. And I commend the Assistant U.S. Attorneys in the Office’s Civil Division for their dedication, skill, and tireless efforts.”

13-319

source: http://www.justice.gov/usao/nys/pressreleases/October13/BoAVerdictStatement.php

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One Response to “Statement Of Manhattan U.S. Attorney Preet Bharara On The Countrywide, Bank Of America, And Rebecca Mairone Verdict”

  1. keepon says:

    Make me sick to my stomach!

    “Bank of America chose to defend with all of its might & money… claing “nothing to see here” and YOU, DOJ, allowed it to go on, chose to delay THIS finding to curry political favor in obeisance to Dimon, Blankfein, Holder, Obama. How many families were swallowed whole in your delay?

    “This office will never hesitate to go to trial to expose fraudulent corporate conduct and to hold corporations accountable….”

    But you did Mr. Bharara! You did for years and you are doing so now. Rebecca Mirone, Lorraine Brown, Bernie Madoff THEY (you would ask us to believe)THEY SINGLE HANDEDLY- these little people strayed from the straight & narrow ruining millions of Homeowners for such a protracted period?

    Where are the “Wise Guys” Mr. Bharara? Do you really think we could believe you? You too have the blood of American families on your hands. This is more Kabuki Mr. Bharara. Why aren’t Dimon, Blankfein and their big arrogant banker mouths IN JAIL? You don’t have the balls to do what needs to be done to protect American families. WHO…is REBECCA MAIRONE?

    Who is telling you that you may go this far, but NO FURTHER, Mr. Bharara. This is not the boldness of a maveirck crimestopper. This is play acting- Again.. And it’s on you.

    Rebecca Mairone.

    Really.

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