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Ex-Countrywide Employee Says Loan Cleared in 13 Minutes

A former official at Bank of America Corp.’s Countrywide unit who filed a whistle-blower suit testified that in mid-2007, a unit of the lender created a business model that approved a home mortgage loan in 13 minutes. Edward O’Donnell sued Bank of America under the False Claims Act, alleging it issued defective mortgages and sold them to Fannie Mae (FNMA) and Freddie Mac, and the U.S. later joined the case in Manhattan federal court.

via Ex-Countrywide Employee Says Loan Cleared in 13 Minutes – Bloomberg.

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