The Bank of America executive at the center of the recent mortgage fraud case – for which Bank of America was found liable by a jury – is not only still working on Wall Street, she is still working in the housing market. Rebecca Mairone, the architect of the scam known as “the Hustle”, now works for JPMorgan Chase as the Managing Director of Home Lending.
|By: DSWright Friday October 25, 2013 1:00 pm|
|By: DSWright Thursday October 24, 2013 6:45 am|
Yesterday a jury found Bank of America liable for knowingly selling defective mortgages. Bank of America’s Countrywide unit was ground zero for the housing crash by degrading credit standards, creating horrendously unstable mortgages, then pushing their poisonous products onto the world.
|By: DSWright Thursday August 8, 2013 12:35 pm|
One of Wall Street’s Too Big To Fail banks is under criminal investigation for its practices in the mortgage market. JPMorgan Chase & Co. disclosed in a SEC filing that it was under criminal investigation and had already been notified by the Department of Justice’s civil division that it had violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during 2005 to 2007.
|By: DSWright Tuesday July 2, 2013 9:25 am|
A San Diego jury decided that a man should not face up to 13 years in jail for protesting Bank of America by writing in water-soluble chalk on the sidewalk in front of bank branch buildings. The man, Jeff Olson, said he was inspired by the Occupy Wall Street movement and was engaging in political protest.
|By: DSWright Wednesday June 19, 2013 6:35 am|
Another heartwarming Bank of America story. The latest story is courtesy of one of those much maligned whistle-blowers who saw something and said something. In this case the whistle-blower disclosed that the Too Big To Fail/Jail bank had a bonus system setup encouraging foreclosure on desperate homeowners.
|By: masaccio Sunday February 3, 2013 10:40 am|
Preet Bharara can’t figure out how to sue a Wall Street CEO, let alone investigate and indict one.
|By: DSWright Thursday January 31, 2013 10:28 am|
Elizabeth Warren is not wasting any time trying to get answers from Wall Street’s regulators. Warren asked for documents relating to the recent mortgage settlement.
|By: DSWright Wednesday January 23, 2013 6:51 am|
Last night Frontline aired a program on the Department of Justice’s failure to prosecute Wall Street executives over fraud in the mortgage market that caused the 2008 financial crisis. The program included compelling testimony from the “due diligence underwriters” those responsible for the integrity of the loans that were being originated from firms like Countrywide (now Bank of America) then chopped up into derivatives and sold by Wall Street to the world.
|By: DSWright Tuesday January 8, 2013 2:20 pm|
In what can only be described as a slap to the face of victims of the housing crisis and an insult to even the vaguest notion of the rule of law, the banks responsible for the mortgage meltdown and subsequent financial crisis and recession have once again escaped justice. After criminal cases were dropped despite massive evidence the civil cases are now settled with regulators and its a slam dunk for the banks. Total victory