Justice Department sues Bank of America over mortgage fraud
Share Now on:
This final note today. Some news, first, and then a question.
The Justice Department sued Bank of America today. It wants a billion dollars in damages for what prosecutors call “brazen mortgage fraud.” This case stems from Bank of America’s purchase of Countrywide Financial back in 2008. Now prosecutors allege that the mortgage lender was cranking out bad home loans without proper checks to make sure they were legit, and then sold those mortgages to Fannie Mae and Freddie Mac. Plus, the Justice Department says Bank of America kept on doing it after it bought Countrywide.
Which gets us to this question:
Which was worse in the long history of mergers and acquisitions in this country — Bank of America Countrywide or AOL Time Warner?
Marketplace is on a mission.
We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.
Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?