Link

Emails in Spotlight at Bank of America Trial

Emails in Spotlight at Bank of America Trial

In the summer of 2007, executives at Countrywide Financial Corp. were desperate to move away from the slumping market for subprime mortgages and into higher quality loans.

Their solution was to create a program called the “High Speed Swim Lane”—HSSL, or “hustle”—that pared back checks on loan quality so mortgages could be approved more quickly.

That prompted concerns from some employees. Ed O’Donnell, the former head of underwriting at Countrywide, sent an email that summer with a long list of questions from employees, including, “Does this mean we no longer care about quality?”

The unit’s chief operating officer, Rebecca Mairone, simply responded: “So it sounds like it may work. Is that what I’m hearing?”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s