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Mortgage News Daily

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Bank of America Sued for Alleged Countrywide "Hustle"
Posted to: Daily Newsletter
Wednesday, October 24, 2012 5:52 PM

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Oct 24, 2012 3:09PM

Bank of America Sued for Alleged Countrywide "Hustle"

Bank of America (BOA) was sued in Federal Court today for civil mortgage fraud in a complaint seeking civil penalties as well as treble damages and penalties. The suit alleges that Fannie Mae and Freddie Mac lost over 280422 billion because of defaulted loans fraudulently sold them by Countrywide Mortgage and BOA. The suit alleges the from at least 2007 through 2009 implemented a new loan origination process called the "Hustle," which was intentionally designed to process loans at high speed and without...

Oct 24, 2012 1:43PM

Over 25 Percent of Home Price Depreciation Due to Proximity of Foreclosures: Study

The enormous numbers of foreclosures over the last six years have, of course, had immediate impacts on the families who lose their homes. The effects include physical displacement, drained savings and retirement accounts, and ruined credit. They also suffer longer-term financial impacts such as losing the ability to tap home equity for business or education purposes or retirement as well as losing the financial cushion home equity provides and the main vehicle for transferring wealth inter-generationally...

Micro News

4:17 PM:

Bond Markets Doing The Afternoon Leakage Routine. MBS At Lows

3:01 PM:

Almost Imperceptable Reaction To FOMC Leaves MBS Broadly Sideways

1:17 PM:

Stability Prevails Following Less-Than-Stellar 5-Year Auction

11:10 AM:

MBS Melting As Bond Markets Weaken. Negative reprice Risk Already

10:11 AM:

ECON: New Home Sales Roughly In Line With Expectations

9:47 AM:

Data And Headlines Arrive In A Flurry, Bond Markets Slightly Weaker

9:20 AM:

ADP Changing Private Payrolls Report To More Closely Match NFP

9:04 AM:

ECON: Manufacturing PMI 51.3 Vs. 51.5 Consensus - Markit

Around the Web

Video News

Bill Gross on the Fed

US Sues Bank of America

Will Housing Recovery Continue?

Today's Comments


"I believe the right to walking away from a bad investment so everyone should just start wrapping thier heads around that little fact. Homeowners are not..."


"As a homeowner doing my 1st refi in 2004 and my 2nd just this this mo., The appraiser is why I didn't go with my first lender. Who wants to be low..."

Vancellen Sturgeon

"Aren't we already proven to "meet character and fitness and criminal background standards" when NMLS was implemented a couple of years ago..."

Today's Q&A

"refinance non occupant co borrower?"

"If my home needs some basic repairs, how will it affect my fair market value appraisal?"

"Where Can I find lists or contact Info about Commercial REOs (not homes)"

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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.67%
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  • 15 Yr FRM 2.95%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
  • 30YR FNMA 4.5 108-28 (0-00)
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  • 30YR FNMA 5.0 110-17 (-0-04)
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  • 30YR FNMA 5.5 111-30 (0-02)
Recent Housing Data:
  • Mortgage Apps -4.95%
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  • Refinance Index -4.96%
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  • Purchase Index -4.75%