Mortgage industry whistleblower wins case against Bank
September 15, 2011
Total Loss:
Millions
A high-level executive who reported corrupt lending practices at Countrywide Financial Corp. was improperly fired for leading internal investigations that "revealed widespread and pervasive wire, mail and bank fraud" at the lender, a federal agency ruled Wednesday.
The Labor Department ordered Bank of America Corp., which bought Countrywide, to pay the former executive roughly $930,000 and reinstate her.
Eileen Foster, who worked as a vice president at Countrywide and then at Bank of America after it acquired Countrywide in 2008, claimed that high-level executives at Countrywide covered up fraud within the company. She said whistleblowers who tried to report forged documents, faked data and other questionable activity inside the nation's largest mortgage lender were fired.
Source:
Huffington Post
Posted in:
Internal Fraud
ACH and Wire Fraud
Collusive Networks