Manhattan U.S. Attorney Sues Bank Of America For Over $1 Billion For Pgm. Designed to Sell Defective Loans to Fannie Mae and Freddie Mac

Bank of America Corporate Center

"...[T]hrough a program aptly named ‘the Hustle,’ Countrywide and Bank of America made disastrously bad loans and stuck taxpayers with the bill...Countrywide and Bank of America systematically removed every check in favor of its own balance – they cast aside underwriters, eliminated quality controls, incentivized unqualified personnel to cut corners, and concealed the resulting defects. These toxic products were then sold to the government sponsored enterprises as good loans..."  MORE...