Temat: Bank of America 'Hustle' whistleblower earns $57 million...

Bank of America 'Hustle' whistleblower earns $57 million payout in second case

(Reuters) - A former executive of Countrywide Financial, who led a jury to find parent company Bank of America Corp liable for fraud over shoddy mortgages the company sold, will receive a $57 million award for another whistleblower case against his former employer, according to federal court documents.

Edward O'Donnell had filed a whistleblower lawsuit that accused Countrywide of defrauding government-backed mortgage finance companies Fannie Mae and Freddie Mac by selling them loans that were not as good as the company represented them to be. The case became known as the "Hustle" case due to the Countrywide process through which the loans were sold, which was technically referred to as HSSL.

Bank of America acquired Countrywide for $4 billion in 2008, but has spent tens of billions of dollars in litigation, loan buybacks and writedowns related to the purchase.

Full story: http://www.reuters.com/article/2014/12/18/us-bank-of-a...