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Talk about ironic endings....an executive who the Justice Department says facilitated a
scheme to defraud Fannie Mae and Freddie Mac is now spearheading JPMorgan
Chase's role in the government's program to compensate victims of the big
banks' abusive foreclosure practices.
The executive, Rebecca Mairone, worked at Countrywide and
Bank of America from 2006 until earlier this year, when she left for JPMorgan
Chase, according to her LinkedIn profile.
In a lawsuit filed last month in federal court in New York,
Justice Department attorneys allege that Countrywide, which was bought by Bank
of America in 2008, perpetrated a two-year scam to foist shoddy home loans on
Fannie and Freddie. Neither Mairone nor any other individuals are named as
defendants in the civil suit, and no criminal charges have been filed against
her or anyone else in connection with the alleged misconduct. But Mairone is
one of two bank officials cited in the suit as having repeatedly ignored warnings
about the "Hustle," as the alleged scheme was called inside the
company, and she prohibited employees from circulating some of those warnings
outside their division….
Read all about it at http://www.huffingtonpost.com/2012/11/09/rebecca-mairone-bofa-foreclosure-jpmorgan-chase_n_2103849.html
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