Signatures were being cut off of one document and glued to another document, photocopied to look new. The loan officers doing this were well compensated with bonuses and commissions. What was going on in Boston was also going on all over America. After she found out what was going on the company began concealing evidence of fraud from her in violation of company policy and Countrywide’s internal financial control system.
She will not disclose his name but someone high up in the top levels of management told employees to circumvent her office and instead report suspicious activity to the personnel department who routinely fired whistleblowers and rewarded the highest earning loan officers. She took her information to the audit department but no actions were being taken.
Eileen has spent the last 3 years trying to clear her name. This fall she finally won a federal whistle blower complaint against Bank of America for wrongful termination and was awarded nearly 1 Million dollars in back pay and benefits. Yeah, she got some of her dignity back but it still does not solve the problem of the bad guys going to jail!
WHY? Has the Justice Department failed to go after Countrywide for mortgage fraud?
THERE HAS NOT BEEN A SINGLE PROSECUTION
Countrywide has gone out of business. It’s CFO settled out of court and paid a record 22 Million dollar fine which only represented 5% of the compensation he received between 2000 and 2008. He got no jail, forced to pay a relatively small amount of money compared to the millions he was able to take out of the company.
The Department of Justice CAN put people in jail however the Securities Exchange Commission cannot put someone in jail. So, being under the scrutiny of both agencies is a loophole that doesn’t require jail time. Our government will just take money too !