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Countrywide to pay $1.3bn to settle mortgage probe

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Mortgage Professional America | 30 Jul 2014, 02:10 PM Agree 0
Bank of America’s Countrywide unit has been ordered to pay a $1.3 billion settlement for shoddy mortgages sold to Fannie Mae and Freddie Mac
  • | | 30 Jul 2014, 03:34 PM Agree 0
    All that criminal fraud and no jail time. Very good!
  • William Matz | | 30 Jul 2014, 04:35 PM Agree 0
    Important to remember that this settlement is just for the covered, conforming mortgages. It does not include anything for the Pay Option ARMs, nor does it eliminate potential liability to borrowers and m.i. companies.
  • dawolph, (fee based due diligence) | | 30 Jul 2014, 11:02 PM Agree 0
    Not only that, this is just on the residential side. The commercial underwriting made the residential side look like a bunch of honor students at a monastery.
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