It doesn't engage the newest factors we generated. It is a sheer Pr take action. Lender from The usa and wishes praise for having "stepped up" to get Nationwide, and you can asserts that in case they had not done this, the fresh "inability from [Countrywide] would-have-been disastrous with the economy, the newest places, and you can millions of property owners." You will find told me as to the reasons this was untrue out-of Countrywide or Lender out of The usa. Receiverships away from fraudulent financial institutions uphold, maybe not destroy, possessions. Nationwide and its other fraudulent loan providers and you may providers off toxic mortgage loans "devastat[ed] new benefit, this new avenues, and you will scores of home owners," since the Citicorp's response put it. A device will have discharged Countrywide's fake elder leadership. Financial regarding The united states, in comparison, put them inside leaders opportunities in significant surgery, including foreclosures, where they may commit persisted scams.

Exactly how many of the mortgages were fake throughout the very beginning: low docs, zero docs, liar finance, NINJA's (every specialization out-of Countrywide)?

Financial away from America don't buy Countrywide with the an excellent off the public. It bought a notorious financial to feed the brand new pride of the Ceo, which planned to manage the most significant lender in the us in lieu of the best bank in the us.