Tuesday, September 27, 2011

Countrywide protected fraudsters by silencing whistleblowers

Excerpt:

"The mortgage market was struggling in March 2007 when Countrywide promoted Eileen Foster to executive vice president and tapped her to take over the company's mortgage fraud unit.""

"A former loan-underwriting manager in northern California, for example, claimed Countrywide retaliated against her after she sent an email to the company's founder and chief executive, Angelo Mozilo, about questionable lending practices. The ex-manager, Enid Thompson, warned Mozilo in March 2007 that "greedy unethical people" were pressuring workers to approve loans without regard for borrowers' ability to pay, according to a lawsuit in Contra Costa Superior Court."

"Within 12 hours, Thompson claimed, Countrywide executives began a campaign of reprisal, reducing her duties and transferring staffers off her team. Corporate minions, she charged, ransacked her desk, broke her computer and removed her printer and personal things. "

Click here to read part 1

Click here for part 2

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