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View Full Version : Massive fraud at Countrywide...whistleblower wins



Qtec
09-23-2011, 06:25 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> In the summer of 2007, a team of corporate investigators sifted through mounds of paper pulled from shred bins at Countrywide Financial Corp. mortgage shops in and around Boston.

By intercepting the documents before they were sliced by the shredder, the investigators were able to uncover what they believed was <span style='font-size: 14pt'>evidence that branch employees had used scissors, tape and Wite-Out to create fake bank statements, inflated property appraisals and other phony paperwork.</span> Inside the heaps of paper, for example, <span style='font-size: 14pt'>they found mock-ups that indicated to investigators that workers had, as a matter of routine, literally cut and pasted the address for one home onto an appraisal for a completely different piece of property.</span>

Eileen Foster, the company’s new fraud investigations chief, had seen a lot of slippery behavior in her two-plus decades in the banking business. But she’d never seen anything like this.

“You’re looking at it and you’re going, Oh my God, how did it get to this point?” Foster recalls. “How do you get people to go to work every day and do these things and think it’s okay?”</div></div>

link (http://www.iwatchnews.org/2011/09/22/6687/countrywide-protected-fraudsters-silencing-whistleblowers-say-former-employees/?utm_source=iwatchnews&utm_medium=site-features&utm_campaign=most-active)

Still nobody in jail.

Q

Gayle in MD
09-23-2011, 07:42 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body"> <div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> In the summer of 2007, a team of corporate investigators sifted through mounds of paper pulled from shred bins at Countrywide Financial Corp. mortgage shops in and around Boston.

By intercepting the documents before they were sliced by the shredder, the investigators were able to uncover what they believed was <span style='font-size: 14pt'>evidence that branch employees had used scissors, tape and Wite-Out to create fake bank statements, inflated property appraisals and other phony paperwork.</span> Inside the heaps of paper, for example, <span style='font-size: 14pt'>they found mock-ups that indicated to investigators that workers had, as a matter of routine, literally cut and pasted the address for one home onto an appraisal for a completely different piece of property.</span>

Eileen Foster, the company’s new fraud investigations chief, had seen a lot of slippery behavior in her two-plus decades in the banking business. But she’d never seen anything like this.

“You’re looking at it and you’re going, Oh my God, how did it get to this point?” Foster recalls. “How do you get people to go to work every day and do these things and think it’s okay?”</div></div>

link (http://www.iwatchnews.org/2011/09/22/6687/countrywide-protected-fraudsters-silencing-whistleblowers-say-former-employees/?utm_source=iwatchnews&utm_medium=site-features&utm_campaign=most-active)

Still nobody in jail.

Q </div></div>

Notice the dates? A done deal, way bbefore Democrats won the majority.

Undeniably, the whole problem came about on Bush's watch, during the Repiglican majority, and their lovve of weakened oversight, and deregulation.

Greenspan, who flamed it into a major disaster, for the Bush "Ownership society" policies....


I had friends who workd for CountryWide, during the run up, who were constantly telling me about the outrageious predatory lending practice.

I don't think anything would give Americans as much of a boost, as seeing all of those billionaire CEO's in jail, would!
G.