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Former Countrywide Whistleblower: Mortgage Fraud ‘Systemic’

Via: Huffington Post

With mortgage lenders now facing allegations of misconduct on several fronts, a former top ranking employee at a major home lender has come forward saying fraud at her firm wasn’t the exception, but the norm.

Eileen Foster, a former executive vice president in charge of fraud investigations at mortgage lender Countrywide Financial, told CBS 60 Minutes reporter Steve Kroft that mortgage fraud was a common occurrence at the firm. Foster goes on to say that she faced illegal retaliation for filing reports investigating the fraud, alleging Countrywide fired her when she refused to lie to federal regulators on Countrywide’s behalf.

“From what I saw, the types of things I saw, it was, it appeared systemic,” Foster said on 60 Minutes Sunday. “It wasn’t just one individual or two or three individuals, it was branches of individuals, it was regions of individuals.”

Countrywide Financial, acquired by Bank of America in 2008, was a central figure in the housing collapse and subsequent foreclosure crisis. Once America’s largest mortgage lender, the company has agreed to a litany of settlements since 2008, including a $600 million class-action settlement, an $108 million settlement with the Federal Trade Commission and the ousting of former CEO Angelo Mozilo, who paid $67.5 million in penalties to the Securities and Exchange Commission, the Wall Street Journal reports.

Still, NO top level finance executives have faced federal prosecution for actions related to the financial crisis, despite several reports, like Foster’s, that allege fraud was a common practice.

At the same time, as Federal prosecution of financial fraud falls to a 20-YEAR low, OVER TWO THOUSAND PEOPLE have been arrested in connection with the Occupy Wall Street protests.

Some are taking a stand against alleged abuses, with Massachusetts AG Martha Coakley last week annoucing a lawsuit against five major mortgage lenders, including Bank of America, the parent company of Countrywide Financial. According to the lawsuit, banks exacerbated the forecloser crisis by taking illegal shortcuts, while doing little to help homeowners in the process.

http://www.huffingtonpost.com/2011/12/05/countrywide-whistleblower-mortgage-fraud-systemic_n_1129637.html?ref=business

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December 6, 2011 Posted by | 2012, GOP morons, Occupy Wall Street | , , , , , , , , , , , , , , | Leave a comment

We Are the 99 Percent

I’ve felt powerless for many years, watching my country move towards 3rd World nation status.  The Occupy movement has given me and many others a voice!   Finally!  Together, let’s change the politics of this country!

Had Wall Street been properly regulated and big corporations both taxed and encouraged to keep jobs in the USA, most people in this country would be doing well today. The rich would still be rich, just not quite so much.  There would have been NO Recession/Depression.

My financial situation would be vastly different, as most of my savings were in real estate that is now worth less than when purchased.  Combine that with loss of union job due to injury and a divorce, it was a triple whammy.   The lack of single payer health care hit me first, when I left my union job.  Then the housing boom turned my “on paper” winnings in real estate into losses.

College costs for my daughter were over $130,000; shared with her Dad and my parents.  I dropped out out of the middle class in 2006, the year my daughter entered college.

Ten years ago I thought I’d be in semi-retirement at this age.  I had planned and worked hard— often 6 or 7 days/week.  Now I’ll be lucky to survive financially and stay healthy til Medicare kicks in.  And I have been lucky.

Today I feel empowered because I switched from Bank of America to a  local bank.  Let’s change the politics of this country!  Find a local bank or credit union and join.

Attend a local Occupy protest group. 

Support a candidate that supports the 99% and NOT corporations.

Occupytogether.org

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We are the 99 Percent.

We are getting kicked out of our homes.

We are forced to choose between groceries and rent.

We are denied quality medical care. We are suffering from environmental pollution.

We are working long hours for little pay and no rights, if we’re working at all.

We are getting nothing while the other 1 percent is getting everything.

We are the 99 percent.

Brought to you by the people who occupy wall street.

Why will YOU occupy?

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Please visit their website, and tell YOUR story.

http://wearethe99percent.tumblr.com/

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And, if you want to help out: The Occupy Wall St. protesters can always use food and warm clothing. You can send non-perishable food, warm clothing, batteries, etc., to this address:

The UPS Store

Re: Occupy Wall Street

118A Fulton St. #205

New York , NY 10038

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November 4, 2011 Posted by | Occupy Wall Street, We Are the 99 Percent | , , , , | Leave a comment