U.S. District Attorney Preet Bharara just announced that he’s filed a complaint against Bank of America alleging that Countrywide, its mortgage unit, purposely defrauded mortgage holders.
According to Business Insider, it all centers around something called “The Hustle,” or (HSSL- High Speed Swim Lane) — a strategy started in August of 2007, which the D.A.’s office says Countrywide implemented in order to speed up the mortgage origination process.
The article published parts of the lawsuit that allege Countrywide eliminated nearly every underwriting checkpoint to push these mortgages through.
Be warned: Some of the examples are shocking.
