Tuesday, December 6, 2011

Ex-Countrywide Exec Blows the Lid Off the Systemic Fraud at the Company


Eileen Foster, a former senior executive at Countrywide Financial, told CBS's "60 Minutes" Steve Kroft that mortgage fraud was a way of business.

"From what I saw, the types of things I saw, it was — it appeared systemic. It, it wasn't just one individual or two or three individuals, it was branches of individuals, it was regions of individuals," she told Kroft.

Foster, an ex-senior vice president at the mortgage lender tasked with monitoring and investigating possible fraud, said she found evidence of widespread mortgage fraud during an investigation in Boston.
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