Bank of America’s trial: A case of note

Posted: September 27, 2013 in economy
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UK Only Article: 
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The new face of terror

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Bank of America’s trial


A Manhattan trial should shine needed light on the pre-crisis mortgage market


New York

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Bank examiner

Bank examiner

IT IS hardly controversial to say that Countrywide Financial, Fannie Mae and Freddie Mac were at the very centre of the financial crisis—Countrywide because it was a leading originator of subprime-mortgage loans, and the two government-sponsored housing-finance giants because they bought vast amounts of these mortgages. All three imploded.
That always made it likely that one or more of the troika would end up as targets for prosecutors. The case that finally kicked off in a lower Manhattan federal court on September 24th had all the elements you would have expected: accusations of greed, fraud and an obsession with extracting profits and sticking others with losses. But in one big …

via Economic Crisis


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