If you are going to originate some shady mortgages, maybe you shouldn’t nickname the program the “hustle.” If you package up the mortgages and sell them as good mortgages, it would seem you are committing fraud. But maybe not. It may come as no surprise that the company running the “hustle” was Countrywide. According to … Read more »
Tag: Countrywide
Did Compliance Programs Fail During the Financial Industry Meltdown?
Most people would say yes to this question. I think the answer is more complex. A stand alone compliance program could not prevent the over-exuberance, excessive risk taking, and ethical lapses that lead to the meltdown. The inspiration for this post came from an article by David Hechler, Risky Business: Did compliance programs fail the … Read more »